What features should you look for in a business bank account?
All banks offer benefits and incentives for you to choose their accounts over competitors. You need to research which banks will offer you the most bang for your bucks. Many banks charge for taking out a business account with them. In a nutshell, look for a business account that’s easy to use online, is transparent with its fee structure and offers the best deals for your business. Consider:
- How do you want to use your account? Will you use it mainly online? Does the bank have a user-friendly app? Can you make and take payments quickly and easily?
- What is the bank’s customer support like? Does it offer support 24-7?
- Can you scan cheques, so you don’t have to waste time visiting a branch?
- How much will you get charged by the account fees? Will you get charged for overseas transactions? Using an ATM — how much are the monthly charges?
- Does it have an overdraft facility, and if so, how much will you be charged?
- Does the bank limit how many transactions or withdrawals you can make?
- Will the bank pay you with an incentive to join or waiver the first year’s fees?
- Will you get deposit protection if the bank itself goes belly-up?
- Can the business account work with accounting software? Streamlining accounts and financial workflows makes life a lot simpler
- Ensure the bank meets FCA approval, if they don’t, avoid them