Business Bank accounts

Quite a few of the high street banks now offer Business Bank Accounts. Business Bank Accounts are also available from a few independent banks.

Banks offer a variety of services for businesses from standard Business Current Accounts to Merchant Accounts and Commercial Mortgages.

Regardless of your business' other requirements, nearly every business WILL need a Current Account.

  • Debit card
  • Credit card
  • Cash card
  • Cheque book
  • Direct debit and standing order facility
  • Overdraft
  • Interest paid on money in the account, usually at a low rate
  • Phone and/or internet banking
  • BACS eletronic transfers

Most Business Bank Accounts will NOT come with:

  • High rate of interest on money in the account

You can use most Business Bank Accounts to:

  • Have wages, bonuses, invoices, VAT, corporate tax paid directly out of the account
  • Pay in cash
  • Pay in cheques
  • Pay in cheque
  • Set up direct debit or standing orders
  • Withdraw money from cash machines

Other Business Bank Accounts include:

  • Demand Deposit Account - works as an instant access savings account for cash that is not currently needed for the day to day running of the company, usually with a higher rate of interest. Funds can be moved into the current account as and when they are required.
  • Foreign Currency Account - may be useful for companies that trade overseas.
  • Loan Account
  • Merchant Account - allows you to accept and process debit and credit card transactions.
  • Term Deposit Account - works as an easy access savings account for cash that is not needed for the day to day running of the company, usually with a higher rate of interest. Funds can be moved if notice is given, details depend on the account.

Other Buiness Bank Product/Services include:

  • Asset Finance
  • Bank Business Loans
  • Business Angel Capital
  • Commercial Mortgages
  • Company Cards
  • Factoring
  • Fuel Cards
  • Invoice Discounting
  • Leasing
  • Venture Capital

See the links above for more detailed information on the variety of bank accounts available and see our bank directory to find out what types of accounts your local bank offers.

Always be sure you fully understand what is and is not included, the costs, restrictions and exactly who is offering it before signing up for a bank account or any financial product. For more information see the Financial Services Authority Consumer Information website

None of the information contained in this website constitutes, nor should be construed as Financial Advice.

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