08 August, 2017

Choosing a business bank account

As you get started with a new business, having a bank account that you can receive and make payments from will be vital. We’re pretty sure you already realise this, but did you know there are different types of bank accounts that would be more suitable for you depending on what type of business you have. And did you know that some will charge you more or less bank fees for the account you choose? In fact these days some of the more progressive app based bank accounts will help make doing your accounts really easy too.

That being the case it’s really worth making sure you pick the account that’s right for your stage of and approach to business. If you’re starting out as a freelancer/sole trader it might be possible to have a standard current account without banking charges. But if you’ve set up a company with additional directors and plan to seek seed-funding before getting started you’ll almost certainly need a business account in your company name.

Things to consider:

  • What business charges are there? Is there a charge for making or receiving payments?
  • Is there a grace period where you can have all the services without the charges?
  • Do they provide access to high street branches and is this important to you?
  • Do you want to be at the cutting edge?
  • Are the ethics of your bank important to you?
  • Do you need multiple currency?
  • Have you got a business address?

Talking of pushing the boundaries, a supplementary option to a business bank account could be a single credit card that can act as any other credit card from your selection at the push of a button…

One Card to Rule Them All.

If like us you’re often frustrated by how many cards you have to hold in your oversized wallet due to carrying around both your personal cards as well as business cards you could consider the Curve Card. A number of us in the office were early adopters of this particular card and speaking personally, there’s been no looking back!

In essence, through the use of an associated app you have one card which can then be made to act as another one from any of your cards (once set up) at the touch of a button. Need to make a biz spend? Just choose the right card in the app and away you go. Got to buy some flowers on the way home? Just choose your personal card in the app and now your card functions as per your choice. You can now literally leave all your other cards at home and have one card to rule them all!

As with all the options we’ve discussed, you must do your research. Costs, percentages, rates and fees are often in a state of flux and what might be true one week might not necessarily be true the next week. Make sure you get all the information you need. Run the maths so you know how it looks when all the different layers of cost add up and then choose the best option for you and the stage you are in business.

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