What sort of incentives do banks offer for opening a business bank account?

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Morning

Most of the bank accounts I have seen for businesses seem to offer the same features, so I’m not terribly bothered. What will probably decide it will be incentives. What sort of incentives do these sort of accounts usually come with?

Many thanks

Answers

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Banks offer a variety of incentives to attract new customers. The most common ones include:

  • Cash back rewards
  • Introductory 0% interest rates
  • Free banking for a fixed period
  • Fee-free overdrafts
  • Interest on credit balances
  • No credit check requirements
  • Discounts on other products
  • Free additional products and accounting software trials
  • No transfer or deposit charges
  • Free text and email alerts
  • Simple online application process with no interview requirement

Whilst these sorts of incentives may seem great on the surface, always be sure to check the long-term particulars of the accounts as well. If the bank charges high monthly fees after a fee-free period, certain incentives may be counter-beneficial. However, this is not always the case. Just ensure you read all of the small print and compare different accounts before making a decision.

a year ago
 

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