Banking

Commercial banking has evolved greatly in recent years to offer a more diverse choice of services to help your business’ finances. Business loans, bank overdrafts and online banking have continued to adapt to the changing economic climate, with bank charges and interest differing from bank to bank and some even offering free business banking for the first few months.

These changes have led to banks offering additional benefits so, potentially, your business’ bank account may no longer be the best available.

Recent moves by the government have made the process of switching business bank accounts simpler, so perhaps now is the time to assess the range of corporate banking services that are available to your business.

What are the benefits of switching business bank accounts?

• By switching business bank accounts, your company can take advantage of additional business banking facilities and potentially better rates.
• When opening a bank account, it is sometimes possible to benefit from free business banking for a limited period.
• Savings can further be made through reduced overdraft charges as banks attempt to win new clients, while some banks may offer a larger business overdraft.
• By transferring business bank accounts you can ensure a more tailored bank relationship, specifying how much contact time and business support you expect with banking advice and your financial management.
• Online banking and 24-hour telephone banking has made commercial banking even simpler and readily-accessible.
• Some banks will offer additional funding solutions such as factoring, invoice discounting or asset based lending.

Should I switch my business’ bank account?

There is a range of cash flow benefits to changing your business’ bank account, provided you choose the bank that suits your business’ funding requirements.

It may be beneficial to use different banks for different services. For instance, while you could use a business overdraft with one bank, a bank loan could be secured with another and company credit cards from a third in order to make the most of the range of corporate banking services and competitive rates that are available across the market. Alternatively, it may suit your business better to have a single provider for all your banking needs.

With more than 12 years’ experience as a financial brokerage, Hilton-Baird can assess the entire commercial banking market and introduce the solutions that fit your business’ funding needs.

Call us today on 0800 9774833 or email info@hiltonbaird.co.uk to find out what commercial banking solutions are available to boost your business’ cash flow.