Business Bank Account

Business banking costs you money- so get value in good rates and good advice.

A business bank account is rarely free, so get one that offers value- not just in good credit rates but also decent advice applied to the management of your specific industry. Consider the number of transactions you’ll make, the financial structure of your company, the size of funds moving around, and how you wish to expand. Only settle for an account deal which will cater for all these issues and a manager with sound advice. Oh- and feel free to haggle!

Your business bank account is nothing like your personal bank account. Depending on what you do, a different set of criteria come into play. For example, you may wish to take transactions in different currencies if you trade in more than one country. You may require a serious discussion about credit lines if you require capital expenditure before you even start trading. Since your business bank account will usually not be free to operate day-to-day (personal accounts usually are), you also need to have a fair idea of what your transaction throughput will be. If you do three big deals a year, that won’t cost much; but if you have hundreds of consumers and cheques, then your banking will suddenly become more expensive.

But put all these issues aside for a moment- the defining factor in choosing a business bank account must be the support you get from a dedicated advisor. In the past, banks have been unswervingly remiss- failing in their obligation to provide decent service to small businesses. Slowly, that’s changing, with Barclays and the Allied Irish Bank showing the way forward. Who is your bank manager, and do you like them? Do they understand your business, and what you need to succeed? Far more so than in personal banking, with a business your bank needs to be your partner not your enemy. If you find yourself begging for consideration, it’s time to find a new bank fast.