Business Bank
Accounts

What are Business Bank Accounts?

One objective that all businesses share is the need to manage finances effectively. Business bank accounts are tailored to accommodate all businesses' financial needs, offering a range of helpful and convenient features for both savings and transactions.

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 enabling you to spend less time worrying about your banking and more time building your business.

Many businesses also require funding at some stage in their development, so it may be wise to consider choosing a provider that offers not only great business banking, but also business loans.

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 on finance matters and beyond.

What 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 for funds required on a day-to-day basis, while business savings accounts allow profits made from the business to accumulate interest.

There are a number of business savings products to choose from. Whether you require instant access to your reserve funds, or you are able to lock your cash away in a fixed-rate bond 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 offer an introductory free period, generally ranging from 6–24 months. With the right provider, you can get free business banking for life. Why not reduce your outgoings while still benefiting from a great account?

Features available include unlimited free direct debits, standing orders, bill payments, debit card transactions and transfers. Some accounts might limit the amount of free deposits that can be made per month, but there tends to only be a small fee when exceeding this.

You may also be given access to free business, tax, and legal advice. In some cases you will be allocated 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', a facility which allows businesses to check the credit rating of potential customers. This allows businesses to avoid defaults and bad debts.

Additionally, Barclays offers free, secure data back-up, online skills training for employees, and advice in law, tax, accountancy and marketing from its pool of specialists. All of this is offered for up to 24 months without charge.

Many banks now provide customers with unique business accountancy software to make managing accounts, staff salary payments and administration much easier. 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?

The internet has made it very simple to manage your business finances online, 24/7. Through online banking facility, you can perform tasks such as paying bills, transferring funds and viewing balances at your convenience. Most banks also offer telephone, in-branch, and postal banking options.

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 a number of factors.

If you are a relatively new company, and are looking for credit facilities such as overdrafts, business credit cards, and loans, some banks may ask you to provide some details about your business, including forecasts and a detailed business plan.

What will the bank want to know?

If you are an existing company, you will likely be required to provide details of how you have previously managed your finances. 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.