Banking Advice and Tips
Sometimes shopping for bank accounts can be a bit of a tricky day out – everyone is trying to convince you that they will be able to fulfil your every need, but they aren’t all right for you and your new start up business!
If you’re looking around for a business bank account for your business then read on for a few important tips that you should keep in mind – a bit of good advice should make your decision a little easier…
How do you know when you need a business account? If you’re starting up either a limited company, partnership or any other business then you will – the only situation you won’t need a business account is if you are setting up as a sole trader where you can get by using your personal account.
Don’t necessarily stay with the same bank you do your personal banking with – they won’t always be in a position to provide you with the best offers for your business. Instead do a bit of shopping around for other deals, however if you feel comfortable at your usual bank then stay put!
Don’t rush into a bank and sign up with them because they offer you a free pen and 5 CDs – do your research and chose a bank that has a proven track record of good, strong banking. Chose a bank that you have heard good things about or you are familiar with – ask friends and scour the Internet for real reviews to get a rounded idea of the banks around the country.
Find a number of banks you would like to bank with and then compare their offers against each other – each bank will offer different charges and costs so it’s a good idea to have a look at one against another to see which would suit your needs better.
You should quickly familiarise yourself with the costs involved with having a business bank account. Some banks might charge you monthly for the privilege, others might prefer a different charging structure that would suit your business needs better. A lot of banks will offer promotional offers that would be even more beneficial so once again do your research.
You should be aiming to go with a bank that has a specific small business service that is catered to helping you with your new business. Due to the fact that teams such as these deal with small business queries on a daily basis they will be able to help you along with little fuss compared to other generalised banking services.
The most important factor to think about when deciding on a bank account for your business is to choose a team that you feel comfortable with and with whom you would be prepared to bank with for years to come.
Banking On It?
Have you struggled to meet your banking needs in today’s economic climate? Do you have banking advice of your own for new small businesses? Leave us a comment…
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