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Although all Partnerships and Limited Companies need to have small business banking; your options are not overly limited. Besides which it generally makes financial and managerial sense to open a new banking system for your business, and keep your personal accounts separate. There are often particular benefits that come as standard with small business banking, so it would be a shame to miss out on them.

The following list outlines some important concerns for people in the UK dealing with small business banking.

Branch and helpline opening hours, Bank charges – for use in the UK and abroad, Online and telephone banking facilities, Borrowing facilities, Savings options, and interest rates, Introductory Offers, Merchant services – cash, free gifts etc.

All of the above are things to think about when you begin organising your small business banking. If you are still concerned about the account you are opening, don’t worry; you can normally change your business account without too much hassle, although with a little bit of committed research, there is no reason why you should need to make many changes later on.

There are some benefits that should ideally come as standard as part of your small business banking :

- Card misuse insurance
- Travel accident cover
- Purchase protection
- Extended warranty
- Fraud protection
- Discounts and special deals from other companies.

These benefits could really make a difference to the smooth running of your small business banking transactions. 

 


 

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