Current accounts which are specifically aimed at businesses are getting more competitive, according to the editor of Business Moneyfacts.

Lee Tillcock cites research by Standard Life Bank which states that 60 per cent of small and medium-sized enterprises (SMEs) are not satisfied with the level of interest they receive from their accounts.

He explains that in recent months there have been new offers by "challenger" banks such as Abbey, Alliance & Leicester Commercial Bank and Bank of Scotland which provide good deals for SMEs.

"Reports by Cruickshank and the Competition Commission have seen levels of public concern increase regarding the lack of competition in the supply of business banking services," he says.

"With the latest report from the Federation of Small Businesses showing a declining market share of the big four, down from 83 per cent in 2000 to 70 per cent, it is a positive sign that businesses are prepared to switch and that competitive deals are available outside the big four."

Moneyfacts provides data to companies and organisations throughout the financial industry.