Should I shop around before opening a business bank account?

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I have set up a limited company with a formation agent, and chosen a free business bank account with one of their partners. I didn’t have many to choose from when checking out, though. Do you think it’s worth shopping around even though I have already expressed an interest in one?

Answers

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Always! Whilst this free account is probably ideal, never take the first offer you see because there could be a much better deal out there. You don’t need to spend hours upon hours scouring the internet but you should at least compare a few different accounts to make sure you’re choosing the best one for your business. Informed decisions are vital in business, so get into the habit now.

A lot of business bank accounts are similar in their offerings, but there are some that are far better than others. It’s usually best to choose a bank account with one of the bigger banks because they usually offer a cash incentive, a free banking period, favourable introductory rates, free expert help and support, and lots of useful, additional features like accountancy software trials and small business seminars.

Check whether the bank has a good reputation in the industry. Check out the independent advice on MoneySuperMarket and MoneySavingExpert for a quick run-down of the best business bank accounts on offer. This will enable you to decide whether your chosen account is worth applying and will suit your needs.

a year ago
 

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