Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 292% (fixed). Total repayment amount £1351.20 and total interest is £601.20. 12 monthly payment of £112.60.** We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with
Business bank accounts are essential for helping companies manage the money that comes in and out of their business. Company bank accounts work very similarly to personal current accounts, because you get a debit card and the ability to make payments and receive bank transfers. There are a few added benefits too such as access to a bank manager, loans and advice if you need it.
Having a separate bank account for your business is a legal requirement if you run a limited company (and only optional if you are self-employed) and the main advantage is that it is allows you to keep your payments and expenses separate which make it easier when putting your tax return together for HMRC.
There are a lot of banks that offer business accounts for free provided that you make a minimum contribution into the account such as £200 or £500, otherwise a small monthly fee may apply. The average business bank account charges £5 to £6 per month, with some accounts charging up to £25. However, there are free banking periods usually for 12 or 24 months as an introductory offer or for new businesses and those under a certain level of turnover.
As part of an introductory offer, many of the business bank accounts we offer at My Financial Broker may come with cashback, vouchers or nectar points.
Depending on the bank and the type of company you run, you can receive a new business bank account between 24 hours to a week. The application can be completed online through the My Financial Broker website and you will be required to provide some basic information including your name, age, address, company details and proof of identification. Some bank accounts can be fully approved and started online, and some will require you to pop over to your local bank branch to provide verification. You can usually activate your account within a few days and start taking payments and making bank transfers. The only thing that may take a little longer is if you run a limited liability partnership or a private limited company, which just might require a little more documentation.
To be eligible, you to need to be the Director or founder of the company i.e you cannot apply if you are an employee. You will need to be a UK resident and provide your business address, Companies House registration number, business turnover and name of all UK directors. You can have business bank accounts with multiple banks and this is very common. However, the second bank may or may not approve your application knowing that you have a business bank account already elsewhere. To have access to free banking and no monthly fees, you will need to make a minimum contribution into the account each month or there may be certain requirements such as your company making a turnover of less than £2 million per year.
We help you compare business bank accounts so you can get the best deal for your business and run as efficiently as possible. The best way to compare is to look at things such as minimum contributions, monthly fees, introductory offers, vouchers and any other bonuses. Getting the right bank account for your business can be the first step to getting your company off the ground. With access to online banking, bank managers and other financial products, you can make the most of your account and grow your business successfully. Our comparison service is completely free to use and will not impact your credit score. Simply use our comparison table provided and find the best business account to suits your requirements.Apply Now