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Finding the right business current bank account can become a little time consuming.
If you're just starting out, it's important to choose the right bank account from the beginning.
For a start-up, many banks will offer an introductory free banking period which means that you won't face a monthly account fee or charges for using the account! However, other fees may apply. What can you expect as standard from your new account for your day-to-day banking needs?
It important that you take the following into consideration when comparing;
It's not always the best option to go with your existing bank unless you have done the above and it fits into your businesses criteria!
If you are stuck when it comes to choosing the right business account, then speak to other business owners and learn about their experiences with branches in the area. Remember once you have the account, make sure you are reviewing it on an annual basis. Businesses are covered by the 7-day current account switch service guarantee.
Start-up business banks are similar to standard business accounts, as they all provide a way to manage your finances. However, there are some differences in terms of the account features, benefits and costs. Startup business banking accounts generally offer better incentives than accounts designed for an established business. Many banks will charge no fees for an initial period, as a way to support your business in its early stages. There are benefits designed to help you get your business off the ground, such as business advice and accounting software integration. Banks are keen for you to open startup business accounts, in the hope that you will become a long-term customer. This means that you can benefit from a variety of great perks.
There is no single bank which provides the best bank for start-up businesses, as each provides different features. The best start-up option will be the provider which offers the service benefits for your specific requirements. There are many high-street banks which provide startup business accounts, however 'challenger banks' are becoming a popular alternative.
These challenger banks are smaller than the traditional banks and usually specialise in providing an online alternative. Many of these accounts are designed specifically for start-ups, with features catering to the needs of a small operation. The following accounts are designed specifically for start-ups and include both high-street and online banking options:
If you are starting a business, one of the first things you will need to do is to open a bank account. A business account will save you time, simplify your accounts and help you organise your businesses finances. In some situations, opening a bank account is a legal requirement. If you are running a limited company or partnership, by law you will need to open a business account. As you and your business are considered to be separate legal entities, your finances must be separate. If you are a sole trader you can use a personal account, although in many cases this is not practical. As a sole trader, using your personal account could mean you are in breach of your bank's terms and conditions. By separating your business finances from your personal accounts, your bookkeeping will be streamlined and simple. You will be able to easily monitor your business expenses, which will ensure you pay the correct amount of tax. If you ever need a loan, being able to show accounts will help you gain approval for the credit you require.
As a new business, there are benefits to opening a specific account designed for businesses starting out. These benefits can be invaluable to young businesses, in terms of low-cost banking and the range of additional features. When you're searching for the best current account for your business, consider which features are most important. For example, your bank could provide benefits such as:
Perhaps your personal bank provides a great service, but they may not be ideal for a startup venture. Taking the time to complete a start-up business bank account comparison, will help to make sure you open the best account available.
Here at BusinessComparison, we can help you find exclusive deals for your startup account. Whether you are opening your first business account or switching to a new start-up account. To help you compare start-up business accounts, we have developed a free, no-obligation comparison service. This innovative tool is designed to help you compare bank accounts for business.
Simply use the refine search and our useful tool will compile a list of matching accounts. It is possible to filter by features such as:
Our comparison tool will provide you with a list of potential start up business accounts, which you will be able to easily compare. You will quickly be able to compare free banking periods, monthly costs and whether they provide accounts for start ups.
We have listed the product features and key facts, so you can see what each provider offers. Once you have found the right option for you, click the link which will take you to their website. From here you will be able to apply for a business account online and complete your application. Before you open your new current account, it is advisable to compare reviews from other businesses. There are reviews online, which will provide you with an insight into other customer experiences.