Business banking has evolved greatly in recent years to offer a more diverse choice of banking services. Business loans, business overdrafts and online banking have continued to adapt with the changing economic climate, with charges and interest differing between banks 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 it simpler to switch bank accounts, so perhaps now is the time to compare business bank accounts to assess the range of services that are available to your business.
Why would I want to switch bank accounts?
- If you choose to switch bank accounts, your company can take advantage of additional business banking services and potentially better rates.
- When opening a new business bank account, it is sometimes possible to benefit from free business banking for a limited period.
- Savings can further be made through reduced business overdraft charges as banks attempt to win new clients, while some banks may offer a larger business overdraft.
- By switching 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 business banking even simpler and readily-accessible.
- Some banks will offer additional funding solutions such as invoice finance.
How can I compare business bank accounts?
There can be a variety of cash flow benefits if you opt to switch bank accounts, provided you select the bank that suits your business’ funding requirements. It may even be beneficial to use different banks for different business banking services.
For instance, while you could use a business overdraft with one bank, a bank loan could be secured with another and business credit cards from a third in order to make the most of the range of business 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 requirements.
With more than 13 years’ experience as a commercial finance broker, Hilton-Baird can compare business bank accounts on the market to assess whether your company is currently benefiting from the most suitable provider, according to your individual requirements and expectations. Should we believe it would be beneficial for you to switch bank accounts, we can then introduce you to the right bank.
Call our team of funding consultants on 0800 9774833 to explore the range of business banking services at your fingertips, or email info@hiltonbaird.co.uk today.
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