How to make a million
Whether you’re happy keeping your business small but perfectly formed or have your sights set on the sta...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.
I couldn't be more satisfied!
"I couldn't be more satisfied with the service provided by Bhavni on behalf of Switchmybusiness.com. Her professional, helpful and friendly service was truly exceptional."This review was posted by Gosia Stelmaszczyk on the 20th of October 2017
"Ian was very helpful throughout the process, and we have been able to set up a three year contract with a new provider at very little extra cost to our previous supplier. David Brogden Milton Malsor Village Hall"This review was posted by David Brogden on the 20th of October 2017
Bhavni Manek helped me today and I was …
"Bhavni Manek helped me today and I was very happy with the service. Than you"This review was posted by Jonathon Holdsworth on the 20th of October 2017
Ian Howell was absolutely brilliant …
"Ian Howell was absolutely brilliant this morning helping me switch gas provider for my micro business He explained everything really simply, gave what seemed good advice, and did the switch-over for me. He even gave me a template email to send to my current provider. Brilliant! Thanks, Lisa - owner of St Davids Wellbeing."This review was posted by Lisa Smith on the 19th of October 2017
Excellent service and very helpful staff
"Excellent service and very helpful staff"This review was posted by Susan Westbury on the 18th of October 2017