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Bank Accounts Latest News Double-dip threat 'could pose risk for business accounts'
Bank Accounts Latest News Double-dip threat 'could pose risk for business accounts' Double-dip threat 'could pose risk for business accounts'
Date of Publication: Monday, 29 March 2010 00:00
The insolvency group R3 has discovered that 25 per cent of businesses are worried about the state of their UK accounts if the country experiences a double-dip downturn.
More than a quarter of the UK's small business account holders could become insolvent in the event of a double-dip recession.That is according to figures published by the insolvency group R3, which revealed that small firms are not confident of being able to continue operating from their business bank accounts if the economic recovery reverses.
However, those businesses working in the manufacturing industry were found to have the best accounts - with just 19 per cent worried about their finances if gross domestic product growth becomes negative again.
Peter Sargent, president of R3, believes that the results of the research are "to be expected".
He said: "Many struggling businesses drew heavily on their reserves in order to survive and their resources have now begun to run out."
Last week, the Confederation of British Industry claimed that chancellor Alistair Darling's Budget could provide a significant boost to small firms.
By Emma North
Monday, 29 March 2010 00:00
Top Business Credit Cards
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Card |
Balance Transfers |
Purchases |
Typical APR (variable) |
Apply |
|---|---|---|---|---|
| View Full Table > | ||||
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N/A
N/A
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N/A
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19.99%
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N/A
N/A
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0%
3 mths
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21.9%
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Advice
Get 3% Cash Back on office supplies & stationery, legal & accounting services, computer equipment and support, 1% cash back on fuel and 0.5% cash back on everything else.
| Introductory Offer | |
|---|---|
| Balance Transfer Rate: | N/A |
| Balance Transfer Fee: | N/A |
| Purchase Rate: | N/A |
| Representative APR | |
| Purchases: | 19.99% p.a. (variable) |
| Representative Example: | If you spend £1,500 at a purchase interest rate of 19.9% (variable) with a £32 annual Fee your Representative APR will be 25.1% (variable). |
| Annual Rates | |
| Balance Transfers: | 25.1% p.a. |
| Cash Advance: | 25.1% p.a. |
| Annual Fee: | £32 p.a. |
| Standard Features | |
| Credit Limit: | £10,000 Maximum (Subject to Status) |
| Interest Free Days: | Up to 56 days |
| On-Line Banking: | Yes |
| Cashback | |
| Standard Cashback Rate: | 0.50% |
Advice
Get up to 0% for 3 months on your business purchases.
| Introductory Offer | |
|---|---|
| Balance Transfer Rate: | N/A |
| Balance Transfer Fee: | N/A |
| Purchase Rate: | 0% for 3 mths |
| Representative APR | |
| Purchases: | 21.9% p.a. (variable) |
| Representative Example: | If you spend £1,500 at a purchase interest rate of 16.9% (variable) with a £32 annual Fee your Representative APR will be 21.9% (variable). |
| Annual Rates | |
| Balance Transfers: | 21.9% p.a. |
| Cash Advance: | 27.9% p.a. |
| Annual Fee: | £32 p.a. |
| Standard Features | |
| Credit Limit: | £10,000 Maximum (Subject to Status) |
| Interest Free Days: | Up to 56 days |
| On-Line Banking: | Yes |
| Approval Criteria | |
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Top Business Accounts
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Provider |
Account |
Free Banking Duration |
Interest Paid |
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Up to 2 years free banking (Ts&Cs apply) & free automated transactions
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for Up to 24 months
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Overdraft facility available up to £25k – T&Cs apply. Free automated transactions, plus a whole lot more.
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N/A
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N/A
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N/A
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Starting a business? Enjoy up to £1000 of free start-up benefits including 2 years’ free business banking
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0%
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for 24 months
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N/A
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Starting a business? Enjoy up to £850 of free start-up benefits, including 2 years’ free business banking
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0%
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for 24 months
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N/A
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Call RBS 0333 355 7969 |
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18 months FREE business banking
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0%
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for 18 months
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N/A
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Barclays Start-up Business 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 Switcher Business Current Account
- Overdraft facility available up to £25k – T&Cs apply
- Free Automated Transactions Tariff as standard
- Free online data back-up
- Free credit management service
- Free consultations with accountants and marketing professionals
- Free legal and tax advice
- Support from Barclays Business Managers
- 2% cashback on business loans over £10k – T&Cs apply
Natwest Business Start-up Account
- Two years' free Business Banking* - Free Business Banking is available for Businesses which are less than 12 months old with an annual turnover not exceeding £1 million
- Mentor Aware - help to manage your risks with our Employment Law and Health & Safety support tool
- No annual fee on your Business Credit Card – apply for a NatWest Business Credit Card in the first six months of opening your account and we’ll waive the annual fee for your first year.
- Free Start-up courses - help to get you started with our online courses
- Free unlimited transactions – no matter how many deposits or withdrawals you make, as long as your business turnover is less than £1 million
- £1 minimum balance – keep at least £1 in your account and you never need to worry about charges
- Free Online, Telephone and Mobile banking – pay bills and make transfers 24 hours a day, seven days a week (available to all business current account holders)
- Start your business with NatWest today!
- * = Free banking means that the charges for the day to day running of your account (known as your 'service charge') will not apply during the free banking period. At the end of this period, you will automatically move to the Standard Tariff. Charges for "Additional Services" and "Unarranged Borrowing" are not part of the free banking offer. Free banking applies to businesses that started trading within the past twelve months with projected or existing annual turnover not exceeding £1 million.
RBS Business Start-up Account
- Two years' free Business Banking* - Free Business Banking is available for Businesses which are less than 12 months old with an annual turnover not exceeding £1 million
- Mentor Aware - help to manage your risks with our free Employment Law and Health & Safety support tool
- No annual fee on your Business Credit Card – apply for a RBS Business Credit Card in the first six months of opening your account and we’ll waive the annual fee for your first year.
- Free Start-up courses - help to get you started with our online courses
- Free unlimited transactions – no matter how many deposits or withdrawals you make, as long as your business turnover is less than £1 million
- £1 minimum balance – keep at least £1 in your account and you never need to worry about charges
- Free Online, Telephone and Mobile banking – pay bills and make transfers 24 hours a day, seven days a week (available to all business current account holders)
- Start your business with RBS today!
- * = Free banking means that the charges for the day to day running of your account (known as your 'service charge') will not apply during the free banking period. At the end of this period, you will automatically move to the Standard Tariff. Charges for "Additional Services" and "Unarranged Borrowing" are not part of the free banking offer. Free banking applies to businesses that started trading within the past twelve months with projected or existing annual turnover not exceeding £1 million.
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'.
Santander Business Start-Up Current Account
- Get 12 months' free banking or 18 months free with the 'Santander Business Start-up Extra' if you have a personal Santander Bank Account. Non-standard account transactions such as CHAPs and Change Giving may be charged.
- 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
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