Small business bank accounts

How to find a business bank account for a small business

When it comes to small businesses, setting up can be a bit of a minefield with many contracts to sort, be it finance, card processing or business banking. Our short guide will help you to choose business banking for your small business requirements.

Does small business banking differ from larger companies?

Bank accounts for SME’s operate in exactly the same way as those for larger companies. That said, when searching for a suitable account for your small or medium sized business pricing may be more important for smaller companies as profit margins tend to be smaller. Before applying for an account, we suggest you think about your business requirements in depth to ensure your needs are met long term.

What to expect when applying for a small business bank account?

If you are new to business, it’s important to understand what to expect prior to applying for your small business bank account. Application requirements and times will vary between each bank, as will the criteria of the types of businesses which will be accepted. Most banks will process applications online, however ordinarily you will need to provide;

  • ID
  • Proof of address
  • Business registration with companies house if limited company
  • If you are a Sole Trader, proof of trading such as invoicing or contracts

Finding a suitable business bank account for an SME

Each business has a unique set of requirements, especially when it comes to finance, opening a business bank account is no different. When reviewing and comparing costs of small business bank accounts it’s important to think about the transactions your business will be making regularly as this is where most of the costs will lie. For example, will you be depositing cash on a daily basis? Will you be sending money abroad?

 

Every transaction will have an associated cost. Most small business owners focus on monthly and set up costs, overseeing where the business will be long term, with what potentially will be the larger fees.

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Best business banking for small businesses

Some banks and building societies offer preferential terms for small businesses and start-ups. They often have flexibility when it comes to the monthly service fee, be it for an initial period. When applying for an account, it’s always worth asking for banking discounts for small businesses.

Switching small business bank account

If you are not happy with the service, you are experiencing from your current provider or feel like your small business is paying over the odds for business banking then it’s always worth shopping around and switching account. Most business owners start by applying to the bank they have their current accounts with; however, this might not always be the most suited solution for your business.

What to expect when applying for a SME business bank account

Most banking applications can now be carried out online, however you may still be required to provide documentation to support your request. If you can package your application correctly, not only will it increase your chances of getting accepted first time, it will increase the speed in which your account is agreed. Documents normally include;

  • ID
  • Proof of address
  • Company registration details
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How Merchant Advice Service can help

Merchant Advice Service are pleased to assist small businesses in finding suitable banking solutions. Our partnering banks accept applications from SME’s on a daily basis and offer minimum monthly service costs for new businesses.

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

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Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

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