Deciding to change your business banking provider shouldn’t be a decision to take lightly.
Your choice of new banking provider might offer you better terms and better services in some areas, but you might end up sacrificing quality in others.
We explain what areas to be mindful of when changing business banking provider.
You might want to change to a banking provider who offers a better rate of interest than what you’re currently getting.
A better rate of interest means the money your business saves and holds in its accounts will increase, which should, in effect, earn you more.
This is just one of the factors you should consider when looking for the right bank account. It’s important to also consider what other features an account has, how they compare to what you currently have, and how changing accounts could help, or hinder, your business.
Changing banking provider might give you access to different products, such as loans and business credit cards. You might be attracted to a better business credit card, for example. However, that one service might be the only thing that the potential new account does better than your existing one.
The financial products you currently have access to might also not reflect the direction your business is moving in. For example, you might have set up a business bank account in order to help you get your business up and running, with a range of products and services designed to support start-ups. But as your business has grown, these services may no longer be as beneficial. It could therefore be worth switching to an account better suited to an established business, as opposed to one that is new to the market.
You might have an account that has a high charge for cashing cheques, for example. If a lot of your payments come in the form of cheques, such as customers paying for building work, it might be worth looking into an account which charges less for cashing cheques.
It’s a good idea to look at the different costs and fees that your business might have to incur when using a specific business bank account. It might be worthwhile looking for the account which has the fewest charges, or charges the least for specific services, in order to mitigate the impact this could have on your business’s finances.
If you’re looking to switch bank accounts, you should make sure you find the right mixture of services that will benefit your business. Research is key, but there are many different business bank accounts to choose from.
FSB provides members with a business bank account through The Co-operative Bank. This bank account is designed to help meet the day-to-day needs of a business and entitles members to a range of additional benefits. This includes:
If you’d like to find out more about how this service can help you, please visit the FSB Business Banking page. Access to our business banking services are included with our Business Essentials package. Please visit our package comparison page to compare benefits of our packages.
FSB members are entitled to a specially tailored bank account from the Co-operative Bank, giving you the freedom to focus on running your business.