smallbusiness.co.uk: Helping your business think big

Charges and services vary a great deal from bank to bank so it pays to do your homework and find out what suits you and your business.

Here’s a checklist of some of the things you should think about when you’re opening a business bank account:

• Do they offer free day to day banking â“ and if so for how long?
• What’s included and what are the monthly transaction limits?
• Do you have to keep a minimum balance in the account?
• Is there a monthly charge for the account?
• How can you access the account and pay money in â“ internet, telephone, cash machines or post?
• Will you get a dedicated relationship manager when you need one?

• Is it possible to add additional users to the account?
• Will you be offered a business debit card?
• Do you get an overdraft facility and if so what’s the cost?
• Are there any hidden charges?

Fact: At least 80% of small businesses open a business current account. Four out of five small business owners say that keeping their business and personal funds separate is a primary motivation for having a business bank account and around half of small firms have a business bank account because they feel it looks more professional when dealing with customers and suppliers.

There are currently no comments on this article