DCP228 and Business Electricity
What is DCP228? DCP228 is a regulation to be introduced by Ofgem in April 2018 which will change the way busin...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.
"Lorraine, the agent who attended to me, was extremely efficient and professional. The quotations obtained were very competitive and presented in an easily understandable format. All queries were attended to and replies forthcoming speedily. As a representative of the organisation, I could only present the proposals I obtained and, unfortunately, the committee elected to use another company. From my point of view, Lorraine made my task to gather all relevant details very easy and her attitude was professional and courteous throughout. I have no reservations in recommending SmB to other businesses who seek to change energy suppliers."This review was posted by Two Locks Church on the 20th of March 2018
Can not recommend highly enough
"Can not recommend highly enough. Pamwan was an absolute delight to deal with. Very thorough and patient which made the whole experience easy and straightforward."This review was posted by Kirby Marie on the 20th of March 2018
"Thank you Nicole for your efficient, friendly and patient service and returning paperwork so quickly to start the process."This review was posted by Rita Westwood on the 19th of March 2018
thanks Mr Pamwan Johnson excellent service
"thanks Mr Pamwan Johnson excellent service"This review was posted by kashif ahmad on the 19th of March 2018
Mark Weeks was very helpful
"Mark Weeks was very helpful, even though in the end the difference was so little that we decided not to switch, Would defiantly recommend Switch my Business."This review was posted by Ann Manson on the 19th of March 2018