Your choice of bank and bank account does have an impact on your business. If you are self-employed, a sole trader or a landlord, you should have a separate bank account for your business. All your invoices should be paid into this account and business expenses come out of it. This is much easier to manage than using your personal account where you will need to painstakingly separate your business and personal spend.
But which bank is the best for you? We have strong relationships with local bank managers and can introduce you and assist you with opening the best account for your business. It is our solid connections in the local business community which will help you achieve your goals.
A good relationship with your bank can help you reduce your banking fees, raise finance when needed and even assist you with business support. Many banks are now actively working with their customers to help them grow their business.
Some business owners feel that they need to be protected from banks. We have seen various cases where:
- Overdrafts have been suddenly removed and sole traders have been left with large fees for being over their new lower overdraft limit
- Much needed and agreed finance has been unexpectedly withdrawn
- High fees have suddenly been applied for no reason
- You just can’t get to speak to a manager and must talk to the call centre in another country
These things and the effects of the banking crises from 2008 mean that many people don’t trust their bank and, in many cases, are reluctant to speak to their bank manager.