Business Banking Guide
If you're looking for the best small business banking accounts from the major banks, then our guides will point you in the right direction.
Many banks offer fee-free current accounts for the first 12-18 months for new businesses together with favourable rates for loans and overdrafts. After the introductory period finishes, you'll pay the standard charges, and you may be in for an unpleasant surprise!
To get the most from your banking here are some step-by-step guides on various topics covering checking and savings bank accounts from getting the best deal, opening a business bank account and getting the best savings rates.
Getting the Best Bank Accounts
This main article shows what the best bank accounts are. It compares the most popular account for new and existing small business owners including initial fee-free transactional periods. A small number of institutions provide this offer for the lifetime of the account.
Check out our free business banking guide to what's on offer including standard fees and charges.
Most banks offer minimal or no interest on deposits held within a current account. To make the most of any credit balances you hold it's prudent to maintain a deposit account in tandem with your daily current account.
There is a range of business deposit accounts available for short, medium or long-term investments.
Although termed differently, most business savings accounts attract similar rates of interest as deposit accounts. These usually offer instant access and the ability to transfer amounts in and out easily. Although interest rates are still at record lows, a business savings account could gain some additional income you wouldn't have.
If you have funds available not required to improve your business, then you may want to think about alternative investment strategies. Although interest rates are still at historically low levels, you can earn a little more via fixed rate bonds that tie your money up for a set time. You can't usually access your money during the term of the bond, but where the conditions allow, you'll forgo any premium received to date.