smallbusiness.co.uk: Helping your business think big

Are you working too hard?

News that UK entrepreneurs are clocking up 50-hour weeks will...
Have your say »

RSS

Moving bank accounts

Mar 07 2006

in association with Abbey

Are you still getting a good deal, and just as importantly, good support from your bank? If not, it could benefit your business to switch banks. The money your business spends on banking can add up over the year – all money better off helping your business. You could pay for a business mobile phone, buy new software or even a new PC with the money saved.

Make sure you do some homework on the choices open to you and compare like with like – in recent years there has been increasing competition between banks which has improved deals available to customers.

Reasons for wanting to switch your account may include:

Less bank charges
More interest on in-credit balances
Unhappy with relationship at current bank
No convenient access to your account at the moment.

11 per cent of customers in a recent survey said their bank gave poor customer service and 12 per cent rated the service poor due to high charges and/or low interest rates (TNS Small Business Banking Survey 2005). If you’re going to switch, make sure your new bank doesn’t have the same failings as the old one.

Fact: 24% of small firms have changed their account provider at some stage
Mintel Small Business Banking – UK – Sept 04

Comments

There are currently no comments on this article

Prize Draw

Enter our prize draw!!

You've probably noticed smallbusiness.co.uk has a brand new look. You can personalise the homepage to suit your needs and there's lots of new content including video, blogs and the small business resource centre.

We're interested to know what you think about the new small business site, so we'd like you to take this opportunity to have your say. All entrants will be entered into our free prize draw to win a bottle of champagne provided by our partners at Laithwaites! Enter here

Polls

Latest Don't Miss

Paying your employees

If you have an employee who does not have a bank account, and insists on being paid in cash, what are your options? As a first step, speak to the employee and ascertain why he cannot open a bank account.

Opening a foreign currency account

If your business has a strong hold in the overseas market, or you regularly receive and make payments in a foreign currency, then you may benefit from opening a foreign currency account. By having foreign currency, you will save money as you will not be paying conversion costs.

Use credit cards safely

Business owners are increasingly using personal credit cards to fund their businesses, particularly when it comes to major purchases such as vehicles and equipment.

Setting up Switch payments on your website

How you set up website payments for customers depends on how many transactions you’re processing and whether you have an existing card processing relationship with a bank.

Writing a business plan

You’ll need a comprehensive business plan to focus on exactly where you want to go and how you’re going to get there. A good plan will help you secure support and finance for your venture, prove it has a business case and can therefore work.

Find an accountant

When you run a business, you are legally required to keep certain financial records, like tax returns and VAT details. You might decide to do some of this yourself, but you need to weigh up the cost of a professional accountant against the time and potential headaches it could cause you.

Moving into your own business premises | property

It can be an exciting milestone for your business if you decide on buying your own property. Cost will obviously play a part in your final decision.

Data Protection Act

The Data Protection Act (1998) covers personal data (including audio and video) which identifies living, individual persons. It covers information held about customers and employees on both paper-based records and on a computer.

How to trade online

Many small businesses in the UK currently don’t take enough advantage of trading online. Plenty of businesses have websites, but as few as ten per cent of these allow customers to buy goods or services online. It’s a little like having a corner shop without putting in a cash register.

Choose your trading type

The way you decide to trade will depend on your situation. Of course you can change your trading type when you’re up and running but it takes time and money so it’s best to get it right first time.

Working away from home

Leasing is a popular option for many small businesses, but as the contracts are often packed with legal terminology, get a solicitor to check them over.

News

MPC decision understandable, business group says

The decision made by the Bank of England's monetary policy committee (MPC) to hold interest rates at five per cent was 'understandable', the British Chambers of Commerce (BCC) comments.

SMEs in danger of funding drought, trade body says

Small and medium-sized businesses may face a funding drought as banks begin to make accessing finance more difficult, the Forum of Private Businesses (FPB) claims.

FSB: Authorities should highlight SME tax savings

The government needs to ensure small businesses are aware of the tax saving opportunities available to them, according to the Federation of Small Businesses (FSB).

Store

FT Guide to Personal Tax

Formerly the Lloyds TSB Tax Guide, the FT Guide to Personal Tax is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and Jonquil Lowe, this unique guide gives step-by-step advice to completing your tax return as well as 100 tax-saving tips.

FT Guide to Business Start Up

Formerly the Lloyds TSB Small Business Guide, the FT Guide to Business Start Up is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc, this unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.