Business bank accounts offer you the capability to separate your personal finances with your business finances. The bank accounts for business offer a cash card and if you request you can get a cheque book, to save money on banking charges opt to pay suppliers online.
How to choose the best business bank account.
With so many to choose from see who is offering you free business banking for a period of time as some companies will offer you 12 months free banking with no monthly fees allowing new starters to concentrate on their business and not what its going to cost them.
Most business bank accounts require you to be credit worthy and offer no interest credit rate facilities so it best to set up a high interest accountant the same time.
Banks have planned a multi-million pound fund to rejuvenate small business. The project is being handled by Britain’s biggest banks. Chief Executives from six British banks are planning on setting up the capital fund which would provide expansion equity for small term businesses and companies. The banks will own a stake in each of the companies in which the fund will be invested. This equity boost should comfort small term businesses and companies a bit and put them on a stronger position to apply for loans. Each bank is expected to put in at least ten million pounds into the fund, with some suggesting that the figure could reach a 200 million pounds mark. The total should not be anything less than a billion pounds. The announcement of this fund came at a time when banks were under pressure from the government as well as the taxpayers to lend to small scale businesses and companies.
This taskforce was formed by top bankers of Llyods, RBS, HSBC, Barclays, Santander UK and Standard Chartered. This project was being overseen by British Bankers Association in association with Treasury and Department of Business. The new fund is subject to approval from the banks’ boards and the Financial Services Authority. This is similar to the 3i Group model, which was formed by major British banks in 1945 to provide funding for small scale companies and firms. Only about a dozen firms are expected to qualify for the funding with an expected turnover of 250 million pounds. Businesses with a turnover of less than 20 million pounds are least likely to qualify. The news comes just a fortnight before the Chancellor declares open his deficit busting spending review, which hopefully will introduce significant reductions across the public sector.
The taskforce will also be required to recommend a guiding and mentoring program for the companies. A new review process for loan applications will be introduced and new data will also be provided to companies dealing with lending. The report which will be presented to the Chancellor will be detailed and will contain recommendations focusing on banks.
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