Article – Business Banking for SMEs – What should I be doing? 

Which bank you use can be a very divisive topic – some of us have had the same bank account since we were 16, some of us get tempted to switch banks often due to the incentives offered in their client wars, and some of us believe that a bank is just a bank. But when you are looking at commercial bank accounts there can be other things to think about. So, until the unexpected fees start to appear or your existing bank can’t help with a specific problem or issue that arises, it is worth remembering why choosing the right bank can make a significant difference to your business’ operations.  

How can I get the most out of my business banking? 

  • Have separate bank accounts – one for your business and another one for personal finances. If you are a Limited company and registered in Companies House, then you must have a separate bank account. This will help you avoid fees for each account. In some cases, fees can be claimed back (even if they are small), ask your accountant how much this can add up in a few years.  
  • FSCS Protection – double check that your bank is protected by the FSCS, the majority are but some are not. FSCS protects up to £85,000 of your cash savings in case the bank goes bust. Cashplus, one of AIMS’ partners, does have FSCS protection. 
  • Improving credit rating and unlocking financial potential – Having a poor credit history can acts against you similar to having no credit history. By separating your bank accounts, you can improve both your business credit rating and your personal finances. If you want to expand your business in the future and require a loan, it will help not to mix. 

Even though there is no such a thing as free business banking, banking should still be chosen wisely as each individual and business’ needs change with time. If you are planning to incorporate as a Limited Company and aiming at long-term success then having a separate bank account is the most sensible option – It also looks more professional and business-focused to clients.  

Henry Ejdelbaum, MD, comments “We all want to keep our business and personal lives separate and that should apply to your banking too. We have seen a growing trend in recent years that understands this, with clients ensuring that they have separate business and personal banking – it’s the right way to do it!” 


Johan Da Silva 

AIMS Accountants for Business 

020 7616 6634 

Notes to editors: 

About AIMS Accountants for Business 

Established in 1992 to provide SMEs a fixed fee service, free of any obligations, through franchised accountancy practices. For nearly 30 years our success has been driven by our singular client focus, our proven management systems and the ongoing support and training provided to all AIMS franchisees. 

By doing more than just crunching numbers, by providing business advice and creating a solid relationship with our clients, we provide the services that has seen us become the only nationwide network of qualified accountants in the UK.