Business Banking – Getting The Right Account For Your Business

By:Joseph Kenny

While many people turn to their usual bank when opening a business account, it’s advisable to shop around. There can be some advantages to using the same bank for personal and business accounts – your manager may be more supportive if you are known to the bank and have a sound financial track record. However, each bank offers different services and has different bank charges.

Many banks are currently offering free business banking for a set period – six months or a year – as an incentive. There are also a variety of support packages, such as free business software and dedicated advisers to help with your business plan. Choose a bank that will give the best all round deal for your particular business – you may also want to consider corporate ethos and ethical banking when deciding which bank to take your business to.

Choosing Your Accounts

Depending on your business type and size, you may need different accounts. If you are likely to be making frequent transactions, for example, you may be better off with an account that charges a fixed monthly fee, rather than a fee per transaction. If you need to process debit and credit card payments, you will need a merchant account.

For overseas trading, you may want a foreign currency account. As with personal accounts, it may be worthwhile to hold more than one type of account – for example, a current account for day-to-day banking and a deposit account for investing profits. There’s nothing to stop you having different accounts with different banks – although you might get a better deal if you hold all your accounts with one.

Opening Your Account

You will need to set up a meeting with a business advisor to open an account. In order to prevent money laundering, you will need to provide certain information at this point – including proof of identity such as driving license or passport, plus proof of your address and signature. The advisor will want to see a business plan and details of your financial planning. There are many schemes that offer help with putting together a business plan. Make sure you have as detailed a plan as possible when presenting it to your advisor – this will help him or her to offer the best services for your needs.
You will also need an account opening mandate – the bank will provide this.

For limited companies you will need a certificate of incorporation.

Digg del.icio.us Blink Stumble Spurl Reddit Netscape Furl

Article keywords: banking, business, bank, account, interest, charge, loan, finance, open, close, manager

Article Source: http://www.articles2k.com

Joe Kenny writes for the Credit Card Guide, offering views on credit cards in the UK, visit them today for some great 0% balance transfer offers and start clearing credit card debt today.

Top Banking Articles
1). How to Safely Use The Online/Internet Banking And Also Protect Yourself Against Tricksters? By : Nazir Hussain Online banking is much safer now. Familiarity with the internet technology means that there are more and more users of online banking. You can make online banking ever safer by implementing some simple security procedures.
2). How to Choose the Right Bank By : Joseph Kenny Financial institutions are located all around the world. If you are looking to open a bank account, whether that bank account is a checking account or a savings account, you have a number of banking options.
3). How to Protect Yourself While Internet Banking By : Joseph Kenny There is no doubt about the fact that identity theft is on the increase. More and more people are losing their identities and money each year due to the efforts of a select few individuals who know how to use the Internet to their advantage.
4). How to Choose a Good Small Business Bank By : Timothy Rea Be sure you enter into a relationship with the right bank to support your small business needs. The right banker can help your business grow and save you time and money throughout the year.
5). Internet Banking - Which Web Bank is Right For You By : Joseph Kenny Finding information online seems like the proverbial search for the needle in the haystack – with so many sites and adverts vying for attention just thinking about searching for an internet bank is enough to bring on a headache.
6). Take Interest In Your Savings Account By : Mike Eggert Today it seems most all of us use some type of bank, most often we will have a savings account along with our checking account.
7). Accumulating Credit Card Points In Exchange For Travel Miles By : Nicky Pilkington The convenience of using credit cards for everyday purchases has allowed a lot of people in the US to get the services offered by credit cards. Credit cards these days are used in almost everyday purchases as it offers more security because people won’t have to walk the streets anymore carrying bundles of cash in order for them to go an appliance store to buy a brand new HDTV that may cost thousands of dollars.
8). Is Banking Account Online Really Safe? By : Dave Poon The history of banking dates back to the ancient times; in fact, the earliest banks were the ancient religious temples.
9). Bad Credit Cash Advance Services By : Ryan Arsendatama Bad credit cash advance services fulfill the needs of people who need quick emergency cash but their bad credit history disqualifies them for getting a loan. These bad credit fast cash loan lenders do not worry about the bad credit history. They provide cash loan with guaranteed approval as quick as 24 hours.
10). Business Banking – Getting The Right Account For Your Business By : Joseph Kenny While many people turn to their usual bank when opening a business account, it’s advisable to shop around. There can be some advantages to using the same bank for personal and business accounts

New Banking Articles
1). Low Apr Credit Card The Greatest Bait By : Jeff Moynihan One of the greatest baits used by card companies to attract more customers is through low APR rate cards.
2). The Benefits of Banking By : Joseph Kenny Do you have a bank account? If you do then you are one of the billions of individuals that do. If you do not have a bank account, you are missing out on the many benefits of banking.
3). How to Choose the Right Bank By : Joseph Kenny Financial institutions are located all around the world. If you are looking to open a bank account, whether that bank account is a checking account or a savings account, you have a number of banking options.
4). How to Protect Yourself While Internet Banking By : Joseph Kenny There is no doubt about the fact that identity theft is on the increase. More and more people are losing their identities and money each year due to the efforts of a select few individuals who know how to use the Internet to their advantage.
5). Take Interest In Your Savings Account By : Mike Eggert Today it seems most all of us use some type of bank, most often we will have a savings account along with our checking account.
6). Business Banking – Getting The Right Account For Your Business By : Joseph Kenny While many people turn to their usual bank when opening a business account, it’s advisable to shop around. There can be some advantages to using the same bank for personal and business accounts
7). Interest Rate Determination Three Key Factors By : Mika Hamilton There are several factors which influence how much money you will pay in interest for a loan. However there are three major influences.
8). Business Banking - An Overview By : Joseph Kenny Making a success of your business depends on planning and judgement. ‘The bottom line’ is all about managing your finances wisely, whether that means sourcing the funding you need to start up or keeping on top of your accounts.
9). Savings Accounts - Professional Advice By : Joseph Kenny When it comes to savings, you may well find yourself daunted by the sheer variety of ways to invest your money.
10). Internet Banking - Which Web Bank is Right For You By : Joseph Kenny Finding information online seems like the proverbial search for the needle in the haystack – with so many sites and adverts vying for attention just thinking about searching for an internet bank is enough to bring on a headache.