The top 5 most recommended financial product providers for SMEs

The results are in. Business Banking Insight (BBI) has recently interviewed thousands of SMEs to understand which providers are the most recommended for current accounts, loans, asset finance, invoice finance, insurance and many more business financial products.

You’ll find the top 5 providers for just 4 of the products they cover below. And even more on their website. BBI sells no products of its own but instead exists to help the UK’s SMEs make better informed financial product purchases. It’s a partnership between HM Treasury, the British Chambers of Commerce and the Federation of Small Businesses.

The top 5 most recommended providers for business current accounts

While some of the biggest business banking providers feature in the top 5 for other product categories on the website, not one appears in the current account top 5. Proof perhaps that it’s hard to offer a top in category offering across all products. On the website you’ll also see how all 80 current account providers rate for service, fees and more.

The top 5 most recommended providers for business insurance

The big banks lead the way here but all with the lowest level of SME recommendations percentages in relation to other products. Perhaps because it’s a product which often involves little ‘human’ interaction between customer and provider. Or perhaps because satisfaction is low overall for all providers. Find out how yours – and all 38 insurance providers – compare in the insurance section of the BBI website.

The top 5 most recommended providers for business loans

Within loans, Handelsbanken tops the list with a very high recommendation rating of 69.7%. With Yorkshire and Ulster Bank also featuring here but not in other top 5s, a picture of how different banks specialise and excel in specific products builds. On the BBI website you can review SME recommendation levels for 47 banks, credit unions and specialist online loan providers, helping you create better shortlists for your business financing needs.

The top 5 most recommended providers for invoice finance

Invoice finance is a service where banks and wider specialists release the cash to you that’s tied up in your unpaid invoices. In the research, the large banks enjoy the highest satisfaction levels, but it’s worth saying that we’ve excluded some small but highly rated providers as answers were too small to be robust. You’ll find details on 35 invoice finance providers on the Business Banking Insight website.

 

Cookies

We use cookies on this site to enhance your user experience.

By navigating this site you are giving your consent for us to set cookies.