UK small businesses are following the pattern of consumers and falling to put money away for a rainy day, new research suggests.

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Just one in three small and medium businesses in the UK have a savings account, according to research from Aldermore published today.

Of those that do have a savings account, 90% do so with the same institution as their current account.

Around four in 10 said their savings account’s primary use was to hold on to surplus funds. A third use theirs for taxes and 34% said it helped fluctuations in cashflow.

Aldermore managing director of savings Simon Healy said: “While rates remain relatively low, it is easy to understand why many businesses are attracted to the convenience of keeping their savings with their current account provider.

“However, it is important to ensure that any surplus funds are working as hard as business owners do.

“There are significant differences in the interest rates available on deposit accounts and it is important that businesses do not lose out on maximising the return they get on their hard-earned surplus funds.”

In other findings from the research, more than 10% of businesses said they never review their savings, while 28% said they would be more likely to save should interest rates increase in the next 12 months.