The Week’s Energy News – 09/12/2016
This week’s energy news covers an acquisition and a host of renewable energy stories. Drax buys Opus Energy ...Read More
Small businesses with an annual turnover and/or balance sheet that doesn’t exceed 2 million euros (or sterling equivalent) and with less than ten employees can use the seven-day switching service, as can personal current account holders.
The latest available figures from the Payments Council, the body in charge of the scheme, show that business switches made up just 2.1% of all current account switches in November 2014 up from the 0.4% recorded in September 2013. It’s easy to see that more firms could be looking for a better banking deal.
Charlotte Nelson, spokesperson at finance data provider Moneyfacts, says: “When looking for a business current account it is important to shop around, so customers would be wise to consider all aspects of the account to ensure which one best suits their needs.
“Selecting a business current account is more than just choosing the best introductory deal or interest rate on offer, the relationship that you will have with your bank is vital.
“Some providers may offer you a dedicated small business manager and by using this service the bank will better understand your business.”
A lot of banks will offer new business current account customers free banking for a set period. This could significantly reduce your costs if you are a new start-up.
“Norwich & Peterborough’s Gold account is great due to its low charging structure for over-the-counter deposits.
“However, this is not as widely reached to businesses when compared with high street banks such as Barclays, NatWest, Santander, Lloyds and HSBC.
“Out of those providers Lloyds Bank won best business bank in the Business Moneyfacts 2014 awards, with Barclays highly commended and Santander commended.
“Some of these banks will offer much lower charging structures depending on how the business operates. For example, Barclays and HSBC have accounts that encourage online banking.”
Business account best buys
Commissioned by Chancellor George Osborne and launched in May 2014, BBI was designed to allow businesses to make an informed choice about the banks they use by reading other businesses’ scores and comments.
"Many thanks to Anthony Pendleton, very courteous and polite, explained everything in right amount of detail and very helpful in sorting out the business utility switch. Would thoroughly recommend."This review was posted by Nicola on the 28th of November 2016
"Rachael Grindrod was excellent, very friendly and helpful."This review was posted by Maria Allen on the 29th of November 2016
"Thanks to Jonathon Burgess who was a great help switching electricity for a charitable organisation. The process was complicated and his patience was appreciated as well as his proffesional attitude. We would not have completed the process without his help. Thanks Dawn"This review was posted by Dawn Kerr on the 29th of November 2016
Great service from Rachel Grindrod. Thanks.
"Great service Rachel"This review was posted by Craig Hewett on the 30th of November 2016
Easy to Switch
"Using SwitchMyBusiness made changing electricity suppliers easy. Thank you Anthony Pendleton for your professional approach with advising on which supplier to use."This review was posted by Vanessa Gernat on the 01st of December 2016