How to find the best business banking
Finding a suitable bank account for your business can feel a little overwhelming, with lots of different elements to consider. Before opening an account, it’s important that you do your research ensuring it will be fit for your business requirements now and in the future. Our short guide will help you to find the best business bank account for your needs, be it for a start-up company or a growing one.
What to look for in business banking?
Before applying for an account, make sure it’s suited to your needs which will differ from business to business. Here’s some things to consider which will help you find the best business account for your needs;
- Account management. Most business owners require a point of contact who will often assist with the ever-changing needs of the company.
- Fees and costs. Sounds simple but think about the transactions you’ll be making regularly; this is where most of your costs will lie. Most overlook the individual fees and focus on the set-up costs which as a rule of thumb isn’t where the majority of monthly banking fees apply.
- Do you require an overdraft facility?
- How will you manage your business finances? Do you want an app or telephone banking? Or would you prefer written communication which will be handled by accounting staff?
- Do you need to send and receive money abroad?
Once you’ve established your unique business requirements you can begin to search for the best businesses bank account for your needs.
Best business bank account for start-up business
Start-up businesses have specific requirements when it comes to finding the best banking for a new company. Most revolve around costs, so here’s the good news, some business banks offer a free trial period or waiver set up costs for new businesses. If it’s not openly advertised, then just ask!ENQUIRE TODAY
Best business banking for a Sole Trader
Although not legally required, most Sole Traders like to set up business banking to ensure personal and business expenses are separated. When searching for the best business bank account for a sole trader, the same rules apply as a limited company. Establish your requirements and make sure the provider ticks the boxes.
Making your application
Now that you have established your company banking requirements have been met, you can start your application with your chosen business banking provider. To ensure your application is processed quickly, you can prepare by having the following to hand;
- Proof of address
- Company registration documents
- Turnover figures (projected if you’re a start-up)
How Merchant Advice Service can help
Merchant Advice Service and partners can assist with finding suitable business banking solutions, be it for a start-up company, growing business or you want to switch to a more suitable account for your needs. To find out how our partners can work for you and your business, speak to our experts today.APPLY TODAY