Free Business Banking UK

One of the first things you will do when you set up a new business is to apply for a business bank account. Free business banking is something all business owners strive for, but what does "free" actually mean, and what should you look out for when opening a business account?

Free Business Banking

Ask the bank what happens when any initial free banking period ends. Will you be automatically switched to the standard banking rates, or will you have a chance to benefit from any further discounted banking period?

You should also expect to be provided with a central point of contact from day one - your own business relationship manager. For businesses of all size, it is crucial to have access to a designated relationship manager to handle any questions or needs you may have along the way.

These are some of the things you should think about when you begin organizing your small business banking: Online and telephone banking facilities, Borrowing facilities, Savings options, and interest rates. If you are still concerned about the account you are opening, you don’t have to worry; you can normally change your business account without too much hassle, although with a little bit of committed research, there is no reason why you should need to make many changes later on.

There are some benefits that should ideally come as standard as part of your small business banking :

• Card misuse insurance

• Travel accident cover

• Purchase protection

• Extended warranty

• Fraud protection

• Discounts and special deals from other companies

These benefits could really make a difference to the smooth running of your small business banking transactions.

Here are the list of some Banks and their offer

Barclays

• Fee free day to day banking for up to 2 years

• Free online internet banking and telephone banking

• Free &Credit Focus& to help recover bad debts and late payments

• Free advice from accountants, solicitors and marketing professionals

• Free secure business data backup service

• Apply online or over the telephone

Barclays have been running their fee free banking offer for many years now and this offer is available for new businesses and existing businesses wishing to switch their account.

Lloyds TSB

Alliance and Leicester

• No Fees - completely free and unlimited

• Free Cash Deposits

• Manage your account online, by telephone or even through mobile internet

• Competitive interest rates

Although all Partnerships and Limited Companies need to have small business banking; your options are not overly limited. Besides which it generally makes financial and managerial sense to open a new banking system for your business, and keep your personal accounts separate. There are often particular benefits that come as standard with small business banking.

Santander Free Banking Account

• Unlimited direct debits, standing orders and bill payments

• Unlimited debit card payments

• Unlimited automated BACS credit

• Unlimited transfers between linked Abbey accounts

• 100 cheque deposits per month

• 100 cash and cheque withdrawals per month

• £3,000 in cash deposited per month

• 5% AER interest on balances up to £2,500 per month

• Charges for non standard services such as overdrafts and stopped cheques

• HSBC - 18 months

• NatWest - 24 months

• Co-operative Bank - 18 months

• RBS - free if you don't need to use a branch (i.e.: operate your account via telephone or the internet)

Other Ways of getting Free Business Banking UK

• Federation of Small Businesses (FSB) - offers free business banking for life via the Cooperative bank - no fees at all as long as you are a FSB member and apply via their site. FSB membership costs from £170 per year for 1-4 employees and offers other great benefits as well so well worth a look.

• Operate online and via the telephone - if you never need to use the facilities of a branch network then HSBC and RBS offers free business banking uk if you interact with them via the phone or internet. There are no monthly charges either

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