Moving bank accounts

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


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