The Benefits Of A Business Bank Account

If you run a company, you may be looking to open a business bank account online. A business bank account is similar to regular current accounts, but they give you the opportunity to keep your business transactions separate from your personal finances.

Business accounts simply offer a cheque book and a paying-in book. However, business bank accounts can come with a wide range of different features including free business banking, interest on in-credit balances, overdrafts, and -free transactions.

Benefits of a business bank account

By keeping your business banking apart from your personal banking, this can make it much easier for you to manage cash flow, and also work out your tax liability at the end of the year. Some business bank accounts also offer free or low-cost electronic transactions. Lots of business accounts offer introductory deals, for e.g.,. free banking for the first 12 or 18 months. However, you should check the rates charged once the initial period finishes to avoid nasty surprises because normal rates will apply.

Another great benefit offer by some business accounts is branch-based advisers, as well as advice over the phone or online. This service could prove very useful if you want face-to-face contact.

Who can apply for a business bank account?

If you have a set up as a partnership or limited company, you are required to have a business bank account. If you are a sole trader, you have the option of using your personal bank account or opening a separate business account. Most people choose to open a business account as it makes your financial affairs much more convenient.

Please take note; if you have a poor credit record, you may find it hard to open a business account.

How to apply for a business bank account

If you are looking to apply for a business current account, it is important to carry out a little research as there are many different types of accounts to choose from. Crucially, you shouldn’t just open a business account with your existing bank, as there may be more competitive offerings available elsewhere.

The easiest way to compare business bank accounts is by using a comparison site such as Likemoney. Click here to compare your options of different business bank accounts.

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