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 – 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 – 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.
– How to assess your bank – a list of key issues to consider when assessing your business bank’s service.
– Maximising your business banking – A little relationship building can go a long way.