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Opening a Business Bank Account

What to look for in a business bank

At the time of writing there are four main high street banks their charges are similar and once you get past any initial period of free banking, there's not much difference.

Ask yourself:

1. Are you looking for a bank account to simply lodge and withdraw money, or are you looking for a bank where you will need to apply for overdrafts, loans etc?
2. Are you planning to take credit cards?
3. Will you be taking large amounts of cash?
4. Will you be buying you products from abroad?
5. Will you be hiring staff?

If you answer yes to most or all of the above questions then you're going to need a business bank as opposed to simply a business bank account.

Anyone who is considering future borrowings for their business, employing staff and taking large amounts of cash will need a bank where they can actually speak to a business bank advisor who will be sympathetic to the sort of problems you face.