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Small business take advantage of high interest online accounts

Research by Market Intelligence Strategy Centre (MISC) has found that small businesses are utilising high interest-earning online savings accounts as a source of spare cash.

The MISC report found 155,000 small businesses used high interest online savings accounts for their day-to-day banking, pumping $1.9 billion into these accounts in the six months to March 09.

The growth in online deposits has occurred despite the effects of the financial crisis and the difficulties it has brought for small businesses in managing cash flow.

A MISC spokesperson said the deposit statistics illustrated that many small businesses are weathering the economic storm well as the return to deposits has occurred despite the reduction in interest rates.

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Veronica Joseph

Veronica Joseph

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