There are a number of basic business bank accounts available which will be ideal if you have been declined by a high street bank, but which one will work best for your business?
With a high street bank you will often know exactly what facilities will be available to you but that might not be the case with any one of the basic business bank accounts.
However if you have been declined and that options is no longer available, you need to look for an alternative.
With a new wave of basic business bank accounts available you certainly have considerably more choice than before, but which one do you choose?
There are a number of considerations to consider, so we will try to spell them out to ensure what ever you decide, it is best for you business.
The first and most important thing is, will they accept you?
There is no point in picking one provider if it is obvious they will not accept your application.
So assuming they will accept you, the next consideration is, what banking facilities do they offer?
It is fair to say that all basic business bank accounts will offer online and often mobile banking, so take that as standard.
You should also expect all basic business bank accounts will be fully FCA regulated.
Plus they will all have a UK sort code & account number, essential to make & receive faster payments.
Do you need to pay in cash and cheques?
If so there are few basic business bank accounts that will allow this, so either only allow electronic transactions or find an appropriate provider.
Will you be making any International payments?
There are a number of new basic business bank accounts that will allow International payments but most do not, so pick wisely if that’s required.
How many transactions will you be making, as that too could make a difference as to where you apply.
Some Basic business bank accounts will charge an application and a monthly fee and others will not.
However there are those that charge separate transaction charges where some include them in their monthly fee.
For those needing International payments, looking at foreign exchange (FX) margins could also be important, as that could make a huge difference.
Often FX costs are hidden so worth taking more time in ensuring you have an account with a competitive provider if you intend to make International payments.
Opening times will vary, with some giving you almost an instant decision with others taking considerably longer.
However be aware, a same day account will often attract further checks once payments start appearing, so be aware all may not work well moving forward.
We have picked just a few examples here to help you understand that even if you find what appears to be the best account, might not be the best for you.
With a growing number of basic business bank accounts providers, it’s worth looking very closely at what options there are before applying.
For more information about opening a basic business bank accounts, please contact us on 020 3286 3929 or complete your details online and one of our specialist advisers will report back with your options – Apply Here