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Choose from our range of business bank accounts and compare the features and benefits on offer, from high interest rates and no admin fees, to valuable support and advice from financial specialists, helping your business to grow.
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Barclays Business Start-up Account
Get FREE business banking for 2 years (and even get free automated transactions after this point). Also, benefit from a comprehensive range of business support services again completely free!..
Business Current Accounts
|
Provider |
Account |
Free Banking Duration |
Interest Paid |
Apply |
|
|---|---|---|---|---|---|
 |
Up to 2 years free banking (Ts&Cs apply) & free automated transactions
|
N/A
|
for up to 24mths
|
N/A
|
|
|
|
Get free automated transactions, plus a whole lot more
|
N/A
|
N/A
|
N/A
|
|
 |
Get 12 months' free banking or 18 months free with the 'Santander Business Start-up Extra' if you have a personal Santander Bank Account
|
N/A
|
for 12 months
|
N/A
|
|
|
|
Choose a simple, fixed monthly fee based on how much cash you deposit each month - the rest of your day-to-day banking is unlimited.
|
0.25%
|
for N/A
|
N/A
|
|
 |
18 months FREE business banking
|
0%
|
for 18 mths
|
N/A
|
|
|
|
Move your existing Account & Get 6 months FREE banking. Smooth move guaranteed or £50 back!!
|
0%
|
for 6 mths
|
N/A
|
|
 |
18 Months FREE Business Banking (providing turnover is less than £2m) 2% off Small Business Loan rates & £50 off £100 Arrangement Fee for Business Overdraft up to £5,000.
|
0%
|
for 18 mths
|
N/A
|
|
|
|
Switch to HSBC and get 18 months free business banking (providing turnover is less £2m) Up to 1% off your current business overdraft interest rate margin. Move your loan and HSBC will match your Loan Rate for the remainder of the term. Switch your card processing and get 6 months free terminal rental with no set up costs
|
0%
|
for 18 mths
|
N/A
|
|
Barclays Business Start-up account
- Up to 2 years free banking* (Ts&Cs apply)
- Free Automated Transactions Tariff as standard (at the end of the Free Banking Period)
- Your own Barclays Business Manager – backed up by an Award Winning Telephony Team**
- Bank in branch, online or by phone
- We offer more than you’d expect from a bank…
- Free CREDITFOCUS Classic - an award wining credit management tool***
- We offer up to 45 minutes’ free consultation with local professional experts in accountancy, marketing and law.
- Free Local Business seminars
- Free - Securely back up 2GB of your business data
- Access to unique business management software so that you can spend less time on admin and more time on what you love doing
- * There is no charge for standard transactions for two years if the Barclays Business Essentials and CREDITFOCUS Pro or Barclays Business Essentials Plus and CREDITFOCUS Pro or Barclays Business Manager and CREDITFOCUS Pro are purchased at the time of opening the account. This is only applicable for new businesses opening their account with Barclays. This applies to everyday Sterling, debit and credit transactions and the maintenance fee. Please note: accounts must be active.
- **Best Large Call Centre in 2007 European Call Centre Awards
- ***Available to small businesses with a turnover below £1m
Barclays Business Current Account
- Free Automated Transactions Tariff as standard
- Your own Barclays Business Manager – backed up by an Award Winning Telephony Team**
- Bank in branch, online or by phone
- We offer more than you’d expect from a bank…
- Free CREDITFOCUS Classic our award winning service to help cut out late payers and the risk of bad debt until 31st December 2009 *
- Free advice from a local solicitor
- Free Local Business seminars
- Free - Securely back up 2GB of your business data
- Free online skills training
- Free advice from our Legal & Tax helpline
- Plus, access to unique business management software so that you can spend less time on admin and more time on what you love doing
- **Best Large Call Centre in 2007 European Call Centre Awards
- *Available to small businesses with a turnover below £1m
Santander Business Start-Up Current Account
- ***CALL 0800 015 8409 TO APPLY***
- Get 12 months' free banking or 18 months free with the 'Santander Business Start-up Extra' if you have a personal Santander Bank Account
- The Santander Start Up Business Current Account is open to businesses with a turnover of up to £250k.
- Free Unlimited Day to Day Transactions - No charge to deposit or withdraw cash, cheques, BACS, debit card payments, standing orders, etc.
- You'll only pay for non-standard transactions, such as CHAPS and change-giving
- After 12 month free period (or 18 month if previous personal banking customer) you will be placed on a monthly tariff ranging from £7.50 per month to £20.00 depending on the amount of cash you wish to deposit
- Deposit £1 - £1000 in cash = £7.50 per month
- Deposit £1000 - £3000 in cash = £12.50 per month
- Deposit £3000 - £5000 in cash = £20 per month
- Deposit £5000+ in cash = £0.50 per £100 after £5k
- Get a Post Office® Cash Deposit Card - Lets you authorise other people to deposit cash at participating Post Office® branches
- Get a personalised service through our network of small business advisers
- The convenience to manage your account online, by telephone or through our 1,400 branches
- The flexibility to authorise others to operate the account on your behalf
- Link your business current account to a Santander business savings account for easy transfer of funds
- Earn interest on credit balances. Currently 0.01% gross/AER (variable)
- Access to business overdraft facilities
- Cheque book, paying in book, debit card and regular statements
Santander Business Current Account
- ***CALL 0800 015 8409 TO APPLY***
- As a standard Santander Business Account customer you will be placed on a monthly tariff ranging from £7.50 per month to £20.00 depending on the amount of cash you wish to deposit
- Deposit £1 - £1000 in cash = £7.50 per month
- Deposit £1000 - £3000 in cash = £12.50 per month
- Deposit £3000 - £5000 in cash = £20 per month
- Deposit £5000+ in cash = £0.50 per £100 after £5k
- Get a Post Office® Cash Deposit Card - Lets you authorise other people to deposit cash at participating Post Office® branches
- Get a personalised service through our network of small business advisers
- The convenience to manage your account online, by telephone or through our 1,400 branches
- The flexibility to authorise others to operate the account on your behalf
- Link your business current account to a Santander business savings account for easy transfer of funds
- Earn interest on credit balances. Currently 0.01% gross/AER (variable)
- Access to business overdraft facilities
- Cheque book, paying in book, debit card and regular statements
Lloyds TSB New Business Start up Account
- 18 months free day-to-day banking and support from your own business manager.
- During the first 18 months you will not be charged for:
- - Paying in or taking out cash
- - Paying in or issuing cheques
- - Paying standing orders and direct debits
- There is no limit on the number of deposits or withdrawals, and you do not need to keep a minimum balance in your account to qualify.
- When your free banking period ends choose either 'Business Extra Tariff' or 'Electronic Business Tariff'.
Lloyds TSB Established Business Switch A/C
- Smooth move from your old business account to new Lloyds business account guaranteed or get £50 cash back!!
- Interest free overdraft of up to £5,000 while moving
- During the first 6 months you will not be charged for:
- - Paying in or taking out cash
- - Paying in or issuing cheques
- - Paying standing orders and direct debits
- There is no limit on the number of deposits or withdrawals, and you do not need to keep a minimum balance in your account to qualify.
- When your free banking period ends choose either 'Business Extra Tariff' or 'Electronic Business Tariff'.
HSBC Business Start-Up Current Account
- Get 18 months free banking - providing annual turnover is below £2m
- Free banking period continues after first 18 months providing turnover is below £500k.
- 2% off Small Business Loan rates - Normally from 7.9% Annual Interest Rate (if you already bank with HSBC), now starting from 5.9%. Fixed rate loans between £1,000 and £25,000.
- 50% off Arrangement Fee from £100 to £50 for Business Overdrafts up to and including £5,000
- 6 months free terminal rental for businesses new to card processing
- Zero monthly tariff fee on a new International Bank Account for 3 months - Save at least £120 per terminal plus VAT
HSBC Business Current Account (Existing Businesses)
- Get 18 months free banking - providing annual turnover is below £2m
- Free banking period continues after first 18 months providing turnover is below £500k.
- Get up to 1% off your current business overdraft interest rate margin
- Move your loan and we'll match your Loan Rate for the remainder of the term
- Switch your card processing service and you'll get 6 months free terminal rental on up to 3 terminals and pay no set up fees - Save at least £120 per terminal, plus VAT and pay no set up fees, normally £150
- 2% off Small Business Loan rates for loans up to £25,000 - Normally from 7.9% Annual Interest Rate (if you already bank with HSBC), now starting from 5.9% - offer ends 31st Jan 2012.
Business Savings Accounts
|
Provider |
Account |
Deposit |
Interest Paid |
Apply |
||
|---|---|---|---|---|---|---|
 |
Year 1 = 3.04% AER, Year 2 = 5.12% AER, Year 3 = 6.17% AER. Average over 3 years = 4.77% AER. After the first year termination is permitted with 90 days’ written notice and will incur an Early Closure Fee. Offer ends 15th Feb 2012
|
4.77%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
Year 1 = 3.04% AER, Year 2 = 5.12% AER. Average over 2 years = 4.08% AER. After the first year termination is permitted with 90 days’ written notice and will incur an Early Closure Fee. Offer ends 15th Feb 2012
|
4.08%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
3.47% AER on Business Savings from £5k over 18 months. No withdrawals or early terminations are permitted. Offer ends 15th Feb 2012
|
3.47%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
 |
3.10% AER on Business Savings from £10k for 3 Years
|
3.10%
|
Min
£10,000
|
Max
£5,000,000
|
On Maturity
|
|
|
|
3.0% AER on Business Savings from £5k over 12 months. No withdrawals or early terminations are permitted. Offer ends 15th Feb 2012
|
3.00%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
3.0% AER on Business Savings from £25k for 12 months
|
3.00%
|
Min
£25,000
|
Max
£5,000,000
|
On Maturity
|
Call Santander 0800 121 4472 |
 |
3.0% AER on Business Savings from £5k for 2 Years
|
3.00%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
2.96% AER on Business Savings from £10k for 2 Years
|
2.96%
|
Min
£10,000
|
Max
£5,000,000
|
On Maturity
|
|
|
|
2.65% AER on Business Savings from £10k for 12 months
|
2.65%
|
Min
£10,000
|
Max
£5,000,000
|
On Maturity
|
|
|
|
2.45% AER on Business Savings from £5k for 1 Year
|
2.45%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
2.26% AER on Business Savings from £25k for 6 months
|
2.26%
|
Min
£25,000
|
Max
£5,000,000
|
On Maturity
|
Call Santander 0800 389 7133 |
|
|
2.25% AER on Business Savings from £5k over 12 months. Early termination of the General Fixed Rate Deposit is permitted with 90 days’ written notice and will incur an Early Closure Fee. Offer ends 15th Feb 2012
|
2.25%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
2.0% AER on Business Savings from £5k for 6 Months
|
2.00%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
1.81% AER on Business Savings from £5k over 6 months. Early termination of the General Fixed Rate Deposit is permitted with 90 days’ written notice and will incur an Early Closure Fee. Offer ends 15th Feb 2012
|
1.81%
|
Min
£5,000
|
Max
£2,000,000
|
On Maturity
|
|
|
|
1.76% AER on Business Savings from £10k for 6 months
|
1.76%
|
Min
£10,000
|
Max
£5,000,000
|
On Maturity
|
|
|
|
1.75% AER on your Business Savings from £5k
|
1.75%
|
Min
£5,000
|
Max
£2,000,000
|
Annually
|
|
|
|
1.50% AER on Business Savings from £10k with 30 days notice to access cash
|
1.50%
|
Min
£10,000
|
Max
£5,000,000
|
Annually
|
|
Principality 3 Year Business Bond
- Choose from a term of 6 months, 1 year, 2 years or 3 years to suit your business needs.
- Invest between £10,000 and £5 million
- Interest is calculated daily and paid on Maturity.
- Available to sole traders, partnerships, LLPs, limited companies, registered charities and some trusts, subject to our acceptance criteria. All depositors must be based in Wales or England; businesses based in Scotland or Northern Ireland are excluded.
- Easy Bond opening and management, by post - simply complete the downloadable application form.
- Withdrawal only upon Bond Maturity. Closure is permitted subject to loss of 90 days’ gross interest on the 6 Month Bond, 180 days’ gross interest on the 1 Year and 2 Year Bonds, and 270 days’ gross interest on the 3 Year Bond.
Principality 2 Year Business Bond
- Choose from a term of 6 months, 1 year, 2 years or 3 years to suit your business needs.
- Invest between £10,000 and £5 million
- Interest is calculated daily and paid on Maturity.
- Available to sole traders, partnerships, LLPs, limited companies, registered charities and some trusts, subject to our acceptance criteria. All depositors must be based in Wales or England; businesses based in Scotland or Northern Ireland are excluded.
- Easy Bond opening and management, by post - simply complete the downloadable application form.
- Withdrawal only upon Bond Maturity. Closure is permitted subject to loss of 90 days’ gross interest on the 6 Month Bond, 180 days’ gross interest on the 1 Year and 2 Year Bonds, and 270 days’ gross interest on the 3 Year Bond.
Principality 12 Month Business Bond
- Choose from a term of 6 months, 1 year, 2 years or 3 years to suit your business needs.
- Invest between £10,000 and £5 million
- Interest is calculated daily and paid on Maturity.
- Available to sole traders, partnerships, LLPs, limited companies, registered charities and some trusts, subject to our acceptance criteria. All depositors must be based in Wales or England; businesses based in Scotland or Northern Ireland are excluded.
- Easy Bond opening and management, by post - simply complete the downloadable application form.
- Withdrawal only upon Bond Maturity. Closure is permitted subject to loss of 90 days’ gross interest on the 6 Month Bond, 180 days’ gross interest on the 1 Year and 2 Year Bonds, and 270 days’ gross interest on the 3 Year Bond.
Santander 12 Month Business Bond
- **Call 0800 121 4472 to find out more**
- Enjoy the certainty of a guaranteed rate of interest on your surplus cash
- Bond details:
- - Length of term = 1 year
- - Rate = 3.00% Gross/AER (fixed)
- - Min. deposit = £25k & Max. deposit = £5m
- Interest is paid on maturity 1 February 2013
- No withdrawals, additional deposits or early closures are allowed during the 12 month term.
- *Lines are open Monday to Friday 9am to 5pm. Telephone calls may be recorded and monitored.
Principality 6 Month Business Bond
- Choose from a term of 6 months, 1 year, 2 years or 3 years to suit your business needs.
- Invest between £10,000 and £5 million
- Interest is calculated daily and paid on Maturity.
- Available to sole traders, partnerships, LLPs, limited companies, registered charities and some trusts, subject to our acceptance criteria. All depositors must be based in Wales or England; businesses based in Scotland or Northern Ireland are excluded.
- Easy Bond opening and management, by post - simply complete the downloadable application form.
- Withdrawal only upon Bond Maturity. Closure is permitted subject to loss of 90 days’ gross interest on the 6 Month Bond, 180 days’ gross interest on the 1 Year and 2 Year Bonds, and 270 days’ gross interest on the 3 Year Bond.
Principality Business 30 Day Notice Account
- Invest between £10,000 and £5 million and make further deposits (minimum £5,000), up to the £5 million maximum
- You cannot make withdrawals from this Account. You can close your Account, subject to 30 days’ notice or loss of 30 days’ gross Interest.
- Interest is calculated daily and paid on 1st January.
- Easy Account opening and management, by post. Simply complete the downloadable application form.
- Available to sole traders, partnerships, LLPs, limited companies, registered charities and some trusts, subject to our acceptance criteria.
- You/your organisation may not be covered by the Financial Services Compensation Scheme. Please refer to the potential eligibility information set out in the Financial Services Compensation Scheme guidelines.
The Cambridge 6 Month Business Bond
- Available to sole traders, partnerships, limited companies, registered charities, housing associations, societies, clubs or associations
- Minimum investment is £5,000
- Allows you to invest your savings for a fixed term at an interest rate that will not change
- Once opened you cannot add to your account, but you may open more than one bond
- Withdrawals are not permitted during the fixed rate term
- Interest is paid on the maturity date
- This is a limited issue - the bond will be withdrawn when fully subscribed
The Cambridge 1 Year Business Bond
- Available to sole traders, partnerships, limited companies, registered charities, housing associations, societies, clubs or associations
- Minimum investment is £5,000
- Allows you to invest your savings for a fixed term at an interest rate that will not change
- Your bond will mature one year after the date of opening
- Once opened you cannot add to your account, but you may open more than one bond
- Withdrawals are not permitted during the fixed rate term
- Interest is paid on the maturity date
- This is a limited issue - the bond will be withdrawn when fully subscribed
The Cambridge 2 Year Business Bond
- Available to sole traders, partnerships, limited companies, registered charities, housing associations, societies, clubs or associations
- Minimum investment is £5,000
- Allows you to invest your savings for a fixed term at an interest rate that will not change
- Your bond will mature two years after the date of opening
- Once opened you cannot add to your account, but you may open more than one bond
- Withdrawals are not permitted during the fixed rate term
- Interest is paid on the maturity date
- This is a limited issue - the bond will be withdrawn when fully subscribed
The Cambridge 90 Day Notice Business Saver
- Get 1.75% AER on your business savings providing you give 90 days notice prior to withdrawing funds.
- Funds can be accessed instantly if need be, but subject to a 90 day interest penalty.
- Available to sole traders, partnerships, limited companies, registered charities, housing associations, societies, clubs or associations
- Minimum investment is £5,000
- You choose between giving us 90 days' notice of withdrawal or instant access with 90 days' interest penalty
- Interest paid annually on 31st December
- You can pay in one cheque per day
- You can pay in up to £1,000 in cash per day (notes only)
Natwest Business 12 Month General Fixed Rate Deposit
- Partial withdrawals are not permitted.
- Early termination of the General Fixed Rate Deposit is permitted with 90 days’ written notice and will incur an Early Closure Fee.
- The Fixed Rate Deposits offer a fixed interest rate for the full term
- There is a minimum deposit of £5,000 for each Fixed Rate Deposit
- You may only hold one of each Fixed Rate Deposit, unless it will be used to hold client Monies, in which case you may hold one of each Fixed Rate Deposit per client
- Only available for customers with a maximum turnover of £25 million (the consolidated annual turnover of the group for the 12 months immediately preceding the application date)
- The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Net is the interest paid after the deduction of tax
- If you do not hold a suitable NatWest instant access account for settlement purposes we will open one as part of your Fixed Rate Deposit application
Natwest Business 2 Year Stepped Fixed Rate Deposit
- Partial withdrawals are not permitted for the Stepped Fixed Rate Deposit.
- No withdrawals or early terminations are permitted for the first year.
- After the first year termination is permitted with 90 days’ written notice and will incur an Early Closure Fee.
- The overall AER rate for the 2 year term is 4.08%
- The Fixed Rate Deposits offer a fixed interest rate for the full term
- There is a minimum deposit of £5,000 for each Fixed Rate Deposit
- You may only hold one of each Fixed Rate Deposit, unless it will be used to hold client Monies, in which case you may hold one of each Fixed Rate Deposit per client
- Only available for customers with a maximum turnover of £25 million (the consolidated annual turnover of the group for the 12 months immediately preceding the application date)
- The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Net is the interest paid after the deduction of tax
- If you do not hold a suitable NatWest instant access account for settlement purposes we will open one as part of your Fixed Rate Deposit application
Natwest Business 3 Year Stepped Fixed Rate Deposit
- Partial withdrawals are not permitted for the Stepped Fixed Rate Deposit.
- No withdrawals or early terminations are permitted for the first year.
- After the first year termination is permitted with 90 days’ written notice and will incur an Early Closure Fee.
- The overall AER rate for the 3 year term is 4.77%
- The Fixed Rate Deposits offer a fixed interest rate for the full term
- There is a minimum deposit of £5,000 for each Fixed Rate Deposit
- You may only hold one of each Fixed Rate Deposit, unless it will be used to hold client Monies, in which case you may hold one of each Fixed Rate Deposit per client
- Only available for customers with a maximum turnover of £25 million (the consolidated annual turnover of the group for the 12 months immediately preceding the application date)
- The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Net is the interest paid after the deduction of tax
- If you do not hold a suitable NatWest instant access account for settlement purposes we will open one as part of your Fixed Rate Deposit application
Natwest Business 6 Month General Fixed Rate Deposit
- Partial withdrawals are not permitted.
- Early termination of the General Fixed Rate Deposit is permitted with 90 days’ written notice and will incur an Early Closure Fee.
- The Fixed Rate Deposits offer a fixed interest rate for the full term
- There is a minimum deposit of £5,000 for each Fixed Rate Deposit
- You may only hold one of each Fixed Rate Deposit, unless it will be used to hold client Monies, in which case you may hold one of each Fixed Rate Deposit per client
- Only available for customers with a maximum turnover of £25 million (the consolidated annual turnover of the group for the 12 months immediately preceding the application date)
- The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Net is the interest paid after the deduction of tax
- If you do not hold a suitable NatWest instant access account for settlement purposes we will open one as part of your Fixed Rate Deposit application
Santander 6 Month Business Bond
- **Call 0800 121 4472 to find out more**
- Open as many 6 Month Fixed Rate Business Bonds as you want - just make sure you deposit a minimum amount of £25,000 in any one account
- Enjoy the certainty of a guaranteed rate of 2.26% AER/2.25% gross interest for the six month term
- Bond details:
- - Length of term = 6 months
- - Rate 2.26% AER/2.25% gross (fixed)
- - Min. deposit = £25k & Max. deposit = £2m
- Interest is paid on the day of maturity, which will be 6 months from date of deposit
Natwest Business 18 Month Enhanced Fixed Rate Deposit
- No withdrawals or early terminations are permitted
- The Fixed Rate Deposits offer a fixed interest rate for the full term
- There is a minimum deposit of £5,000 for each Fixed Rate Deposit
- You may only hold one of each Fixed Rate Deposit, unless it will be used to hold client Monies, in which case you may hold one of each Fixed Rate Deposit per client
- Only available for customers with a maximum turnover of £25 million (the consolidated annual turnover of the group for the 12 months immediately preceding the application date)
- The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Net is the interest paid after the deduction of tax
- If you do not hold a suitable NatWest instant access account for settlement purposes we will open one as part of your Fixed Rate Deposit application
Natwest Business 12 Month Enhanced Fixed Rate Deposit
- No withdrawals or early terminations are permitted
- The Fixed Rate Deposits offer a fixed interest rate for the full term
- There is a minimum deposit of £5,000 for each Fixed Rate Deposit
- You may only hold one of each Fixed Rate Deposit, unless it will be used to hold client Monies, in which case you may hold one of each Fixed Rate Deposit per client
- Only available for customers with a maximum turnover of £25 million (the consolidated annual turnover of the group for the 12 months immediately preceding the application date)
- The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Net is the interest paid after the deduction of tax
- If you do not hold a suitable NatWest instant access account for settlement purposes we will open one as part of your Fixed Rate Deposit application
Business Loans
|
Loan |
Business Loan Offer |
Min Loan |
Max Loan |
Min Term |
Max Term |
Apply |
|---|---|---|---|---|---|---|
 |
Borrow from £25,001 up to £250,000 fee-free for up to 10 years, until 5th February 2012. No early repayment charges. Interest Rate depends on business circumstances.
|
£25,000
|
£250,000
|
1 Year
|
7 Years
|
Call NatWest 0800 084 3772 Apply > |
Latest Business Bank Account News 
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Andrew Haldane, executive director of financial stability at the Bank of England, has called for a relaxation of rules that tighten lending to ...Mon 14th Nov, 2011 -
As if small businesses weren't facing enough difficulties trying to survive and prosper in a struggling British economy, late and unpaid bills ...Wed 2nd Nov, 2011 -
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Businesses are eager to pay off debts rather than continue lending, figures have shown. Business account holders are more interested in paying ...Mon 26th Sep, 2011 -
Changes have been made to the UK's business banking system Business banking customers are set to find it easier to access finance options such as ...Mon 1st Aug, 2011
Business Bank Accounts Explained
- What are Business Bank Accounts?
Business bank accounts are tailored to accommodate all businesses financial needs, offering a range of helpful and convenient features for both savings and transactional purposes to help you to manage your business finances with ease.
All businesses have their differences, but the one thing they all share is the need to manage finances effectively. Many businesses also require funding at some stage in their progression, so it may be wise to consider choosing a provider that not only offers great business banking, but also gives access to business loans.
Whether you're looking to set up a new business, or you simply wish to find a new account, there are a number of options available to match your business needs, each offering assistance to help you spend less time worrying about your banking and more time building your business.
Business banking provides you with more than just a place to store your funds, but a full business package that can help you to make your business a success. Many providers have business specialists on hand, allowing you to get professional advice in a number of areas, not just finance. - What type of accounts are available with Business Banking?
The two main accounts that most businesses require are current accounts and savings accounts. Business current accounts can be used to house funds required on a day-to-day basis, and business savings accounts provide an effective place to keep the profits made from the business, while also accumulating interest.
There are a number of business savings products to choose from, so whether you require instant access to your reserve funds, or you are in a position to be able to lock your cash away in a fixed rate business bond for an extended period of time in order to earn higher interest rates, Which4U can help you to find the right account for your business. - What features are offered with Business Bank Accounts?
Most business current accounts come with an introductory free period, generally ranging from 6 – 24 months, but if you choose the right provider you can get free business banking for life. This means that you can reduce your outgoings while still benefiting from a great account.
Santander offers a business current account with a number of useful features at no charge, so you never have to pay a penny. Some areas of the account are limited, for example up to 100 cash withdrawals per months and you are also limited to £3,000 in cash deposits per month.
Other features available from a range of providers include free unlimited direct debits, standing orders, bill payments, debit card transactions and transfers. Some accounts limit the amount of free deposits that can be made per month, but there tends to only be a small fee when exceeding this, for example Alliance & Leicester allows £3,000 in free cash deposits per month, then charges 50p for every £100 above this.
You may also be given access to free advice, from business to legal & tax advice, and in some cases a local business manager to provide a more personal level of assistance throughout the life of your account.
Barclays offers its business banking customers an award winning service – 'CREDITFOCUS', which provides the facility to check out potential customers to see whether they have a sound credit score. This allows businesses to steer clear of people who have a history of late payments, or other unattractive qualities. On top of this, Barclays offers free secure data back-up, online skills training for employees and helpful legal & tax advice using its specialist helpline, and law, accountancy and marketing advice from it's pool of specialists. Barclays offers all this for up to 24 months at no charge.
Many banks now provide customers with unique business accountancy software to make managing accounts, staff salary payments and administration easy. These packages can draw data from your online statements and insert them into the system, allowing you to manage your accounts with ease.
- How easy is it to manage a Business Bank Account?
Nowadays, the internet has made it very simple to manage you business finances online, 24 hours a day, 7 days a week. By gaining access to your providers online banking facility, at click of a button you can achieve a number of tasks, such as paying bills, transfer funds between accounts and viewing balances & statements. Most banks also offer telephone banking, as well as at ATM's, in branch and by post. - Will I be approved for a Business Account?
If you own a business you are eligible for a business bank account, but it is down to your bank to make the final decision, which will be based on your a number of factors.
If you are a relatively new company, some banks may ask you to provide some details and statistics regarding your business, such as financial forecasts together with a detailed business plan. However this is only usually required when you require some kind of credit facility, such as overdrafts, business credit cards and loans. - What will the bank want to know?
If you are an existing company then you are likely to be required to provide details of how you have managed your finances up until now. The bank you apply to may wish to carry out a credit check based on your previous banking history in order to assess various criteria, such as outstanding debts or any other potential problems that could accompany risk.
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