Business bank accounts are rarely free – but that doesn’t mean you can’t get an excellent deal, if you know what you need from a business bank account. So what are the benefits of reviewing your business bank account?
Many businesses never change their bank account because they don’t want potential problems in receiving or making payments. However, we recommend that business owners or their financial managers review their accounts at least once a year to make sure they are still getting that they want.
Benefits of reviewing your business bank account
Initial incentives. These may have long expired and you’re paying over the odds for your bank account. There’s no limit to how many times you switch providers, so you could benefit from free introductory banking each time you change accounts.
Rewards for switching. Depending on your situation, there can be great financial rewards in switching accounts. You can check the comparison sites for some ideas on the current offers and rewards.
Interest rates. If you’re keeping cash in a bank account, keep an eye on the interest rates you are attracting.
Monthly account fees. These can creep up over time so review these and compare them against other banks offering similar services.
Online banking apps. Some banks are still quite limited in their online banking services while others are entirely online. Pick a bank that fits your needs, depending on whether you need a branch or not. Some apps will allow you to scan cheques, for example. That could save a lot of time, if you still receive cheques.
Client relationship managers. If you want active support from a bank, then look for one with a team of people there to help you manage or grow your business. Many run networking events or programmes to boost your business performance.
Help switching banks. To make life easier for businesses, most banks use a free switching service which really does take all the pain out the process. It normally takes no more than 7 days to switch banks.
AIMS accountants work with businesses for all shapes and sizes, and with lots of banking and software requirements. If you’d like help with making your business more efficient, talk to us first. You can find your nearest AIMS accountant here.