When you choose a bank for your business you'll need to consider their services and charges - and whether you set it up a separate business account. It's important to choose the right option for your business needs. A sympathetic bank can go a long way to easing you through any problems you may encounter.
Once your business is registered you'll need a business bank account.
Some sole traders use their personal bank account for their business, making full use of any perks available with these accounts. This approach isn't for everyone. You may find having a separate dedicated account makes it far easier when it comes to record keeping.
The most basic account will offer a cheque and paying-in book. Many banks will offer extras to startups like free banking or interest on in-credit balances so it is worth shopping around. Here are some of the common services available.
A current account is probably the most important account you will have, as it enables you to make all the day-to-day banking transactions that you need to for your business.Find out more
Business savings accounts (deposit accounts)
Business Deposit accounts (or investment accounts) are a type of savings account that allow your business to earn interest on lump sums or regular amounts of money paid into the account.Find out more
Most banks offer business loans.Find out more
Business credit cards are a convenient way for staff that need to spend during the course of their work to do so.Find out more
It varies. Many banks offer a free banking period, usually between 12 and 18 months to encourage businesses to use their services. Most accounts usually have a monthly fee plus a variable charge for different types of activity. Other accounts charge a higher fixed fee per month but the variable charges are lower and in some cases nil. It is recommended to look around and see which bank account suits your business. As your business grows, it is likely you will need to revise your account to ensure it is still working for you.
When growing your business there are a number of professionals that you can turn to for a variety of advice. This page gives you an overview of some of the advisers that may be able to support you.Read more
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