Businesses withdraw savings

first_imgSunday 14 November 2010 10:13 pm One in three businesses with an annual turnover of £1m or more have withdrawn £2.43bn from their savings to help pay the higher interest rates on their debt, according to research from Investec bank. The average withdrawal made by companies who have done this was £35,270, but some 4 per cent of businesses of this size have taken out £100,000 or more from their deposit accounts to help meet debt payments. Jack Jones of Investec said: “Many companies are receiving paltry returns on their savings, and some have clearly decided to use the money in their deposit accounts to pay the more expensive interest they owe on their debts.” Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp KCS-content Share Show Comments ▼ whatsapp Businesses withdraw savings Tags: NULLlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *