Tips for Choosing Business Bank Account 1. You must set up a business account if you are beginning up as a limited company, partnership or any other key business structure. Sole traders can use their own personal accounts (or by a new business account - John Smith trading as XYZ). 2. Don't necessarily select a business bank account because you are a personal banking customer. You may well feel more comfortable with a bank you already know personally, but they may not offer the best deal for your business. 3. Make sure you compare several business banking offerings, & compare the costs & charges associated with each one. 4. Naturally, only go for banks that have a powerful background - names you will have heard of, or even net banking brands which are owned & operated by the huge players. 5. Bank Charges - a key point to think about is how much it will cost you to have a business bank account. You may have a giant number of every month transactions to method, for example, so be sure you know exactly what charges will be levied on your account before signing up. Lots of major banks provide "free" banking for set periods to new businesses, so this may even be of interest. 6. Online Business Banking - this is an increasingly important service, & most banks now provide a web service so you can check the status of your account day or night. At Byte start, & with our earlier businesses, this is an essential service. Than ringing the bank to check if a payment has been made to your account, you can do this yourself in a fraction of the time. 7. Interest - For obvious reasons, you should not hold out for great returns on your business savings income in the work of the current economic climate, but you can definitely select a bank which offers either free banking, or zero transaction costs. 8. Tiny Business Team - go for a bank which has a specialized tiny business banking unit. The set up method ought to be simpler, & dedicated teams will be used to dealing with all types of tiny business & their specific needs. Some businesses will need regular contact with their bankers, so you ought to go with a team you feel you can build a nice personal relationship with.
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