What are bank accounts?
Every business needs a bank account so that they can receive their income and pay expenses. They enable day to day transactional banking.
Why do I need a business account?
It is helpful to keep personal and business finances separate and provide some protections against any personal legal liabilities.
Who can have access to the business account?
Access and cards for business bank accounts can be made available for Directors and employees of the business.
What are the costs involved?
Some business accounts do require fees to set up an account, whilst others do not. Those that require fees often have additional benefits such as overdraft facilities and accounting software support.
Can I get an overdraft?
Like with personal bank accounts, it is often possible to arrange an overdraft. This can help support a business with working capital and cash flow requirements.
Is business banking available online?
Most business bank accounts have an online offering. If you can run you business online then this providers you with the largest selection of bank account providers. However if you deal with cash, it might important to ensure you have access to a local branch.
Want to learn more about picking the right bank account for you?