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Incisive Business Guide to Business Banking

Business Bank Accounts Summary

This guide from Incisive Business outlines the areas for consideration when choosing a business bank account.

When choosing a business bank account you must think of the needs of your business - the cost of transactions, borrowing rates; banking facilities on offer and what type of relationship you want business bank.

Whether you are opening a new business bank account, or perhaps transferring your current account, there are some important questions you should consider before making deciding on a new bank.

How to choose a business bank account?

Most businesses tend to the open a business bank account where they have their personal account.  Usually this is because you have the comfort factor; the banks knows you, it's convenient and you feel there's a time saving element because the bank already knows you.

When choosing a business bank account you must think of the needs of your business and before deciding you should consider the cost to your business of banking transactions, the rates for borrowing; the banking facilities on offer and what type of relationship you want from your business bank.

What questions should I consider when choosing a new business bank account?

Whether you are opening a new business account, or perhaps you're dissatisfied with your current business bank, there are some important questions you should ask yourself so that you know what you expect from your business bank.  Once you have the answers you can make an informed decision as to which bank is the best for your business.

  • How do you manage the majority of your business transactions - over the phone, in the bank or via the internet?
  • What volume of transactions will be going through the account?
  • How will you fund the business and do you believe that cash flow might be difficult and therefore you'll require overdraft facilities'?
  • How likely is it that your business bank account will be in credit every month?
  • What day-to-day contact do you want to have at the bank?
  • What other banking requirements do I need? (credit cards, charge cards etc)

Normally the most significant thing to consider when considering a new business bank account is the level of fees that will be charged.

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