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Finding the right business current bank account can become a little time consuming.
For a start-up, many banks will offer an introductory free banking period which means that you won't face monthly charges for using the account! However, other fees may apply.
If you are stuck when it comes to choosing the right business bank account, our comparison service will help you find the best current account. Remember once you have opened it, make sure you are reviewing it on an annual basis. Just like a personal account, you'll be covered by the 7-day current account switch guarantee.
It's a fact that people are more likely to divorce their other half than switch their account. If you are worried about switching, then you shouldn't be as all accounts are covered by a 7-day current account switch guarantee. Just make sure your bank is registered with this scheme!
Completing your application and switching providers is straight forward and your new bank will do most of the work for you - so you have no need to worry and can get back to what you do best. Standards of online banking vary and no one wants to go backwards when they are trying to move forward.
If you are having trouble setting up an account or switching from your current one, then there are still options available where you can avoid credit checks.
What they offer:
Fees on the account can be paid monthly or annually. Our bad credit bank account facilities are simple, easy to use and it can also be cheaper than a standard business bank account! Use our comparison service to see what's available for you.
We help businesses secure the best business bank account UK wide. Are you just starting out and need to get a business current account for the first time? Or, are you simply looking to compare deals and switch to the most suitable provider? Whatever the reason, we can help you compare and save!
Whether you are a small start-up or a large organisation, a current account is almost always essential. As a limited company, you will need a banking facility, this is because the business is a separate legal entity. It is not a legal requirement if you are self-employed, although it will help organise your finances.
There are many types of current accounts for businesses, such as those with overdrafts, online account management, free business accounts to mobile apps and balance text alerts. If you hold a business account, you will be able to keep your personal and business finances separate. Having a business bank account will make applying for a business credit card or loan more straight forward in the future.
Deciding which business account is the best, is exactly the same as comparing personal accounts, it is important to find the best fit for your requirements.
Business banking options are different to personal accounts, as they often charge a monthly account fee and transaction fees. Although, by comparing the available accounts you may be able to reduce or completely avoid charges in the early days.
The main advantage of a dedicated business current account is that you can easily track the finances of your limited company. Whether you are looking to calculate business spending, your earnings or your expenses, it is much quicker with a dedicated business account. It is also much quicker to calculate any taxes which you owe when you submit your tax return.
There are a variety of banks which offer free banking introductory periods, such as 18 months free banking. This is their way of supporting you in the early days,
although many offer support teams and 24-hour account access. It is also possible to benefit from low-interest rates on balances, which is ideal if your account is rarely using its overdraft.
Although you are likely to pay for your service eventually once your free banking period ends, there are some features which you will benefit from. There are some banks which provide free extras as part of their paid accounts, such as free accounting software.
If you are a start-up, one of your first steps will need to be opening your business account. There are a variety of options available, including business bank accounts with no minimum balances and free introductory banking offers.
Your business account bank may offer a great service; however, they may not offer the same benefits. When opening your first bank account for business, think about how you will use it and what you need.
There are many banks that offer business accounts to those with a poor or no credit history. If you have been turned down in the past, there are still some good banks for business accounts available. There are banks with no credit check, yet they still offer many of the benefits you may require. For example:
Although a sole trader or partnership does not legally require a business account, it can be useful. A personal account can be used for business transactions, but it can make it difficult to organise taxes. There are many benefits to opening a business account, such as being able to make deposits using your business name. The account will also provide detailed transactions, which will make it much quicker to understand your businesses finances. If you prefer, there are some banks which will allow you to use your personal account for business banking. However, you should check with your bank beforehand.
Charging structures for business accounts can be complex and time-consuming to compare, with limited comparison tools reviewing them like for like. We understand that it can be difficult to compare the options available, so we have created a free, no-obligation comparison service. Our service is designed to help you find the ideal bank account, whether you are a contractor seeking a contractor bank account, have bad credit or you are a small business. Whether it is your first account or you'd like to switch your business banking.
It may seem easy to open an account with your personal bank, but they may not offer the features required. There are a variety of account requirements, so we have split the available options into different sections. You will be able to compare:
There are many offers and benefits which banks offer as a way to attract new business customers. Although you may be tempted by a free initial banking period, consider the cost of the account once the free period ends. You should also consider the various fees charged by the bank. Some banks may charge you for each transaction that is processed through your account. The best business bank is the one that works for your specific needs. Whether it's via your online banking or business bank card.
The best account will match the way you prefer to bank, and the number of transactions processed through your account. For example, if you will be paying electronically, look for an account with a low fee for electronic transactions. If you receive lots of cash and cheques, you should look for an account that offers low fees to pay in cash or even free business banking options.
We recommend that you compare the following when searching for business bank accounts:
It is always worth comparing business bank accounts reviews, as they will give an honest insight into the service. If you regularly use apps, the design and ease of use can vary significantly between banks. By understanding the individual reviews, you may find that it is worth paying slightly more for an account. Especially if it means you benefit from great online business bank account management.
There are a variety of business current accounts available, even a business account for small businesses. If you decide an account fits your business requirements, it is possible to switch in just 7 days.
Comparing and switching personal current accounts has led to an increase in competition, which has encouraged more people to compare. However, there is less publicity relating to switching business accounts. Although the process is designed to be simple, so you will be free to concentrate on running your business. Simply make sure that the businesses you work with are aware of your new account details.
If you decide to switch your business account, you will be covered by a 7-day switch guarantee. This means you can quickly close the account without any expensive charges.
To speed up the process, it can help to have the following information to hand:
If you have found a great business current account, it is still important to compare other options each year. The benefits, charges and types of accounts offered change regularly, so it is worth comparing your business banking on an annual basis.