The Week’s Top Energy News – Halloween edition
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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.
Competent and courteous service.
"Marie was knowledgeable and helpful. I feel able to recommend the service given without reservation. David Slesenger"This review was posted by David Slesenger on the 16th of August 2016
"Nadia was very helpful"This review was posted by Robin on the 16th of August 2016
Excellent Customer Service *****
"Jonathan Burgess is an asset to Switch My Business. He made me feel at ease and was more than helpful at all times. He made regular contact and guided me through the whole process which made switching a breeze. I just wish there were more customer service advisers like Jonathon whose friendly and happy demeanour make your day a much nicer one. Well done Switch my business and more importantly thank you Jonathon for all your hard work! Maria Owen Lodgecrest"This review was posted by Maria Owen on the 17th of August 2016
EXCELLENT CUSTOMER SERVICE
"I totally agree with a customer maria owen,Jonathan Burgess was such a pleasure dealing with and is truly a asset to the company, he made it very easy to switch my electricity companies, Jonathan Burgess was very helpful, easy to talk to it was like talking to a friend not just a customer adviser. I would definitely recommend switchmybusiness and try get hold off Jonathan Burgess if possible and have the same excellent service as I did. Rajan Shanan"This review was posted by Rajan Shanan on the 19th of August 2016
Excellent and very helpful
"Arron who dealt with my switch of energy and gas has been a huge help and extremely efficienct and easy to deal with. Despite British Gas throwing obstacles in the way at every turn he has doggedly stuck to his task and saved the day. Thanks Arron."This review was posted by Rod Pryce-Jones on the 19th of August 2016