UK Business Banking Guide
A good relationship with your bank is essential to the success of your business and this relationship has to be built up and managed.
Choosing the right bank in the first place is vital.
The services offered by banks differ a lot and so do the fees they charge. Some banks have special teams who deal with business accounts. They also have very useful information for start-up businesses.
Two out of every three people starting up a business decide to open their business account with the same bank that holds their personal bank accounts. Your own bank may be more supportive if you have a good financial track record and have built up a relationship with them.
However, banking services for businesses vary tremendously in the UK and it is a good idea to compare at least two banks before making a decision.
When comparing banks, check:
|Whether the bank has a dedicated small business team|
|What services they offer|
|How much those services cost|
|How charges are levied - is there a fee per transaction or a one-off charge?|
|Whether there are any hidden charges - some banks charge when they send out letters, for example.|
|Is there a free banking period? For example, the Alliance & Leicester Business Builder account is currently offering free banking for the first two years.|