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Compare Business Bank Accounts - Which is the best business bank account?

Business Bank Accounts
Leading business bank account deals are offered by all of the major banks in the UK. Unlike personal bank accounts, business accounts normally have fees involved for the day-to-day banking activities typically involved in running a business, so it is worthwhile shopping around for the best deal on your new business bank account as there are plenty of great offers out there.

Many banks offer 12 months free banking, giving you a great incentive to set up your business banking with them, and whilst this is a great offer you should still check all the interest rates and charges your business will receive after the free period ends because it often becomes difficult and time-consuming to change over business banking facilities to another bank once you have everything set up with your suppliers. This is where the banks can then start to make their money from you. The 12 month fee-free period is also quite clever as the first 12 months of trading for new businesses often involves a much lower amount of transactions anyway whilst you are still establishing your business and customer base. Don't be afraid to call around the banks discussing what you have been offered in an attempt to see if they will match or beat the other banks offers for your new business.

Business Bank Account Compare - The typical charges for business banking
Once your business does begin to incur charges on its account for daily banking activities, there are a variety of charges that may apply. The most common banking charges are: transaction charges from using your business charge card or business debit card - these can range from a few pennies to 20p upwards per transaction depending on your type of business bank account. Top tip - if you don't use your card much, try to set up an online access business bank account, many of these do not charge for using your business debit card for standard transactions. Monthly fees are very standard and often depend on your size of business or turnover. Typically expect to pay anywhere from £5.00 to £15.00 per month if you are a new business still in the first few years of growth. Arrangment fees - these are normally charged when you are accepted for a business overdraft or business credit card. Arrangement fees can vary widely depending on the size of the facility you are putting in place, often 0.5% if not a set fee for a given amount. Bear in mind however that the bank can call in their facilities at any time if you become a high risk to them, so always make sure you can service your business debt before signing on the dotted line.

Compare Business Bank Account Facilities
You don't just want good account fees for your business bank account, you should also compare the best facilities and support for your business. Many business bank accounts come with local dedicated account managers rather than call centre staff, this gives you a much more personal service and also allows your account manager to get to know you and your business, rather than you just being another bank account number in the system to a random member of call centre staff who does not know or understand your business. This can often help your business grow if you ever require more support - a dedicated account manager will understand your requirements better. As more and more business go online it is also important that the bank you choose offers a very good online business banking portal - one that allows you to make payments online (faster payments is now the standard, ask for this), set up and cancel direct debits/standing orders, check and transfer balances between current accounts and business savings accounts, plus checking the next working days forecasted income - all of these are very important and useful tools to your business so make sure your bank offers them. Online security is also paramount in the current economic climate - make sure their internet banking is extremely secure and ask what measures the bank has put in place to make sure your details are secure and safe from hackers and phishers.

Compare Business Bank Account Credit Facilities
Some banks some with an automatic approval for a business credit card to help get you started. Very often the credit limit to begin with is very low - circa £1000, however it is better than nothing to get you started in business. Top tip - ensure that you know whether your account is set up to pay off the full amount or the minimum amount at the end of each month. Set it up to whatever best suits you, and that way you avoid any nasty surprises. Business credit cards are often a cheaper method of credit than arranging an overdraft or business loan. Compare your business bank account facilities to see what works best - you may find that after adding up all the arrangement fees and other fees associated with loans and overdrafts that it actually works out cheaper just to have a business credt card, if that gives you enough credit to cope with your requirements. Remember - it's not just the APR you need to consider, add in all the other fees too first to give you a real comparison of the actual cost of credit.


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