Business bank account checklist

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 – 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.

See also:

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.

Related Topics

Business Bank Accounts

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