What should I consider when choosing a business bank account?

Bank feeds – inniAccounts is able to connect to Barclays, Cashplus and HSBC via a direct, secure connection. With bank feeds your business bank transactions are automatically imported daily into inniAccounts. This saves you time and helps ensure accurate and complete records. You can read more here.

Bank Charges – business accounts normally have monthly fees and a charge per transaction. If you are likely to process a large number of transactions in a month then you need to pay particular attention to the charge per transaction. Most major banks provide an initial free banking period which is a nice bonus, but never be afraid to negotiate your ongoing charges.

Interest Rates – interest rates vary significantly between banks. Some banks may pay low interest rates, but they may also have low charges. Many contractors and freelancers look for banks that offer multiple accounts so money that is being set aside for tax payments can be put in an account that offers higher interest.

Online banking – most major banks now offer online banking facilities which are generally very convenient, and particularly helpful if you have your business bank account at the same bank as your personal account, as you’ll probably be able to make instantaneous tranfers.