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Best Business Bank Accounts - Which is the Best Bank Account for Business? Open a Business Bank Account

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Best Business Bank Accounts

Many people who set up a small business for the first time begin their venture with very little room for error at the margins. Viability is often achieved and maintained by a whisker. The business survives, often barely, on very tight accounting and the promise that things will be better sometime soon.

When one is operating in this way the existence, or conversely the absence, of small debits on the balance sheet are significant, and keeping them to a minimum can quite literally make the difference between business success and failure.

Opening a business account at the bank is not a formality, at least it isn’t if the object of the exercise is to achieve the best deal and to sustain the lowest costs whilst managing the account. Contrary to the widely held view that all current bank accounts are pretty much the same, there is in fact a considerable amount of difference from one business account to another in terms of which services are provided and at what cost. And of course all the seemingly small charges that are appended to your account for one service or another do add up and between them can present a potentially crippling obstacle to the viability of your fledgling business.

It is therefore worth spending some time interrogating some reliable comparison sites in order to ascertain what are the best business bank accounts in the market and what incentives they might offer which would be of particular interest to you as a business customer.

Obviously what is most important is the knowledge that the bank with which you decide to go with manages your account effectively. There is little point in having an account that doesn’t make charges if the service is so poor that you will need to spend valuable business time trying to sort out problems and misunderstandings. Good customer service and efficient day to day account management have to be your first priorities.

Beyond that you will need first to establish whether bank charges apply or whether such services as processing direct debits are free of charge. Some banks will offer these services for free to new customers for a fixed period of time, often one year.

Is there in-credit interest, as if so what is the rate? What charges are applied for overdrafts, both authorised and unauthorised? Does the bank offer telephone banking services? Do you have access to a named business manager who will be able to help you with advice?

The best business bank accounts will be keen to offer a service that is in harmony with your need and requirements. It is in your bank’s interest, almost as much as your own, that you succeed. Compare best business accounts online with the above websites.

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