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Business Banking in the UK

Business Banking

See Natwest page for info on getting 18 months free banking for your business

If you need some beginners advice about banking then you should try these links. If you're not happy with your current business bank then there is no reason not to change. Most banks will offer you lots of help and advice about how to change over a bank account with minimal disruption to your business.

Maybe you're looking at opening a business bank account for the first time, whether you're starting a new business or planning to take your existing business more seriously in the step from sole trader to a limited company.

Reasons for using a business bank account:

• You have more credibility as a company - not to say there is anything wrong with being sole trader - but being a limited company implies a bigger turnover which can help bring in more clients and custom.
• You make your accounts easier to keep track of.
• For a limited company you must have a separate bank account for your business.
• You will usually be offered free banking - well worth checking out.

Switching bank accounts

When you decide to change banks don't go mad and burn your bridges! Don't try to close the old account immediately as there are bound to be cheques and payments coming in and out of the old bank account which you need to make sure don't get lost.

Keep the old account open for a couple of months. If you have charges they will be minimal if you write all cheques from your new account.
You'll make sure you don't miss anyone who has payments set up into your account too.

Once you see all your transactions happening through your new account then its probably safe to close the old one.

Keep all records of the old account for your accounts still.

Consider Internet Banking

• It is safe and secure unless you go mad and reply to emails asking for your bank account details. Your bank will NEVER NEVER NEVER ask for your details in an email like this.
• It is quick and convenient - no queueing in the bank to put cheques in.
• You can make and arrange regular payments whilst sat at your desk.
• You don't get stuck on the phone talking to someone whilst they sort out payments.
• You can usually download statements as well as get them through the post.
• You can see what money has just come out of the bank, as well as look at past statements.
• You don't get parking tickets going to the bank!
• It is loads quicker!