The BBA is the voice of the banking industry for all banks who operate within the uk
Banking for small business
08/01/2008
There is no such thing as a typical small business. One thing however that all small businesses have in common is the need for a bank account. Each business will have its own specific needs and each will want a different range of services from its bank. Shop around to see what the banks have on offer, how closely each matches your needs and how much they will charge for operating your account, but make sure you compare like with like. In this fact sheet we address some of the questions that are commonly asked by small business proprietors.
How do I choose a bank?
If you have a personal bank account already, your own bank is a good place to start, because they know you and can, hopefully, see how well you run your personal account. But check at least three other banks. To help you, identify what services you are most likely to want and compare their tariff of charges. The BBA offers a Business Account Finder service which gives details of all the accounts and terms offered by banks providing services to small businesses. Magazines and web sites like 'Business Money' or 'Business Money Facts' will also be helpful to you.. Don't forget to ask about telephone and PC/internet banking services if you think your business could benefit from them. That can give you a choice from banks who may not have branches in your area. Most banks have a lot of material to help small businesses plan their finances. Compare the services and prices of several banks before deciding.
Related Links
Business account finder (External Link)
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