Business Bank Accounts

Trade Finance Global - Business Banking

Trade Finance Global / Business Bank Accounts

Business Bank Accounts

Business banking incorporates many of the same features as personal bank accounts. At Trade Finance Global, we’ve put together an independent list of the best business bank accounts along with the features they offer. When choosing features for a business bank account, it’s important to look at the needs of your business, which could include the following:

Business Banking Features

 

Overdraft Facilities

An overdraft is a facility which lets you access funds through your business account, but using this will often incur fees. Many overdrafts don’t charge fees, but are often expensive to use if you’re looking to borrow a lot of money for a longer period of time.

Debit or Credit Cards

Many businesses will require assigned employees to have company debit or credit cards to make purchases for the company.

Online Banking Services

Many business bank accounts offer online banking as a service for employees to make payments such as bills, purchasing goods online, or make payments to end customers or suppliers online, which can also connect to accounting services.

Cheque Books

Business bank accounts might also allow customers to have cheque books to make one off payments to suppliers or customers.

Branch Banking

Business banking will often come with access to branch banking facilities to deposit or withdraw cash.

Interest

For those businesses which hold funds, interest might be payable on positive balances, which can be beneficial for a company.

Best Business Bank Accounts

Trade Finance Global have put together a list of the top 10 business bank accounts:

Clydesdale Bank

0€ per year
    • Free Setup
    • 10GB Storage
    • 100GB Bandwith
    • 5 Products
    • Basic Stats
    • Basic Customization

Yorkshire Bank

19$ per month
    • Free Setup
    • 20GB Storage
    • 200GB Bandwith
    • 25 Products
    • Basic Stats
    • Basic Customization

Tide

29$ per month
    • Free Setup
    • 40GB Storage
    • 500GB Bandwith
    • 100 Products
    • Complex Stats
    • Complex Customization

Santander

49$ month
    • Free Setup
    • 100GB Storage
    • 1000GB Bandwith
    • Unlimited Products
    • Complex Stats
    • Complex Customization

HSBC

0€ per year
    • Free Setup
    • 10GB Storage
    • 100GB Bandwith
    • 5 Products
    • Basic Stats
    • Basic Customization

HSBC UK

19$ per month
    • Free Setup
    • 20GB Storage
    • 200GB Bandwith
    • 25 Products
    • Basic Stats
    • Basic Customization

Acorn

29$ per month
    • Free Setup
    • 40GB Storage
    • 500GB Bandwith
    • 100 Products
    • Complex Stats
    • Complex Customization

Cashplus Business

49$ month
    • Free Setup
    • 100GB Storage
    • 1000GB Bandwith
    • Unlimited Products
    • Complex Stats
    • Complex Customization

What are the fees of business banking?

Unlike current accounts or personal bank accounts, business banking often incurs charges per transaction, as well as monthly fees. It’s always worth considering the bank accounts which charge the lowest on day-to-day transactions, as well as the lowest monthly fees, but it’s all determined on the turnover of the company.

It’s also worth watching out for administration charges such as unauthorised overdrafts, uncleared cheques which are charged for being returned to the customer, and CHAPS transfers.

What about Business Savings?

For those businesses fortunate to have cash which can be ‘stowed away’, it might be worth transferring over to a business savings account (in a similar way to how personal savings accounts work).

Business savings accounts will often offer a much higher interest rate than business current accounts, and for this reason, they’re often referred to as deposit, reserve, or investment accounts.

Small businesses are guaranteed ‘Savings Protection’, where the first £85k of savings are protected, according to the FSCS. If the turnover of a business is less than £6.5m, less than 50 employees, or has a £3.26m or less balance sheet, the £85k of savings are likely to be covered.

Get in touch with our Business Banking specialists

Our partners have lent over £300m in the last 2 years

Trade Finance is a non-bank funding solution .

Business Banking Providers that we work with

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Business Bank Accounts
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