subject: Business Bank Account [print this page] Business Bank Account Business Bank Account
It's simple, if you form a company, then you will need a business bank account. There's no two ways about it. Your business simply won't survive without one. It's the centre point of your finances, the point through which your money flows in and out of your business.
Tempting as it may be to simply open a business account with your existing bank, you could be missing out on lower charges and higher interest on a balance in credit.
A business bank account is where you deposit payments, pay suppliers and staff, draw out petty cash and complete all of the other fundamental financial transactions involved in running a business.
Bank facilities
Deposits: Paying in cash and cheques
Withdrawals: Taking out cash through an ATM or at a branch
Payment by cheque: Use of a business chequebook, which can sometimes be personalised with your company logo
Automatic money transfers: Direct debits and direct credits
Balance enquiry and statements: For keeping track of your finances.
Does the account offer telephone and online banking? These facilities are now so common that they are more or less a given. If an account doesn't offer at least this level of access, it may prove to be a serious inconvenience to your day-to-day business.
Payment cards
Company debit card: This will debit an amount immediately from your business account. In most cases the transactions are free and there is no annual fee.
Company credit card: A charge card that can be issued to key members of staff. Repayment made monthly from your business current account (usually interest free credit). There is usually a fee per transactions, an annual fee or both.
Applying
Save yourself the hassle of filling in lengthy forms and increase your chances of your account being accepted, apply with Wimpole House Company Services now and you can be up and running with the highly rated HSBC Business Bank Account for a very competitive price.
Business Bank Account
By: James Ash
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