The UK Retail Landscape
The UK retail landscape is in constant flux. The high street evolves to accommodate changing trends, and as a ...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.
Kay was extremely helpful and…
"Kay was extremely helpful and efficient, in terms of both advice and setting up our account. Would recommend 100%."This review was posted by customer on the 24th of November 2020
After Scottish Power changed our…
"After Scottish Power changed our business rates half way through the contract we were in set up by Switch My Business, we spoke to Natalja and she helped us sort this issue. Unfortunately, Scottish Power wouldn't play ball and were not agreeing to let us out the contract. Natalja worked extremely hard to sort this out for us and even put a claim in with them for the out of contract rates they put us on as one advisor at Scottish Power said they would refund the difference then another said they would not, along with plenty of other issues and broken promises along the way. It was a long and pretty painful process but Natalja did not give up and we have won the claim against Scottish Power. Very happy with the service Natalja provided."This review was posted by Sara on the 19th of November 2020
Prompt & efficient service from Stephen…
"Prompt & efficient service from Stephen who really went into all the details in a very short period of time. I would definitely use SMB again. Thank you Stephen!"This review was posted by Jackie on the 18th of November 2020
"Dealt with Bhavni, she was also extremely helpful, patient and dealt with my case in a very professional way. Answered all my questions promptly and got the best rate for our business. Highly recommended!"This review was posted by S. Amin on the 17th of November 2020
Pleased with switch my business
"Pleased with switch my business, Arron was very helpful, found the best tariff and always responded quickly to emails."This review was posted by Eve Gallagher on the 16th of November 2020