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A guide to helping you understand business bank account options when bankrupt
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A guide to public limited company bank accounts
If you operate a public limited company (PLC), bank accounts are an essential aspect of successfully running your business. Whether you run a large PLC or are just starting your company, we can help you find the ideal public limited company bank account. Every business is different, yet the ideal business bank account can improve efficiency and reduce overheads. To help you find the ideal account, we will take you through the key aspects of public limited company bank accounts.
What is a public limited company?
One of the main advantages of a public limited company is its ability to raise capital through shares, especially through an exchange. Although other beneficial features include limited liability, a large number of shareholders and increased financial opportunities. These benefits can help a PLC pursue growth opportunities and increase profits. However, without sound financial management and a great bank account, this growth could be difficult to achieve.
If you are just starting your business, you may be considering using your personal bank account for business use. However, as you are a separate legal entity from your business, it is a legal requirement that your finances are separated. If you were not operating with limited liability you would legally be able to use your personal account. However, we always advise opening a business account as there are a variety of benefits.
Which is the best public limited company bank account?
There are numerous business accounts available on the market for businesses, including high-street banks and alternative online banks. Public limited company bank accounts operate in a similar way to the personal accounts you are familiar with. An account will allow you to receive payments, manage your account and pay your bills. The main differences are the availability and the cost to your business.
The majority of public limited company bank accounts will charge, however there are some great deals available.
Many of the online banks offer free banking, with fees for specific transactions. However, there are also accounts which charge a monthly fee in exchange for low cost transaction fees. Whichever option you choose, you are likely to benefit from a free introductory banking period.
With a variety of charges, features and benefits to consider, it is important to ensure your business gets the best deal. To help you find the ideal public limited company bank account, we offer our unique comparison service.
Initially, you will need to consider the features most important to your business. You will then be able to use our filters to find a list of potential accounts which match your unique requirements.
The list will make it quick to compare like for like accounts, with the cost, free periods and key features displayed. Once you know which account is right for your business, there is a useful link to the bank’s website.
How to open a public limited company bank account
The easiest accounts to open are the online accounts, as the application can be completed online, and the accounts are opened quickly. If you choose to open an account with traditional high-street bank, you will need to visit a branch to finalise your application.
To speed up the process you should have your proof of address and proof of identification to hand. You will also need to provide key details, including your name, estimated turnover and Company Registration Number.
If you are switching from another bank, you are likely to benefit from the switch guarantee scheme. This will ensure that your account will be switched within 7 days, with all payments and direct debits moved across.
If you would like to find out more about our range of comparison services, please contact our team today.