Best bank account for your startup
Choosing the right bank for your business or startup is crucial for the success of your company. Although there are many choices, which is the best for your business?
There are a few things to consider.
All banks offer internet and telephone banking as well as a mobile app, and they have competitive rates and points.
You may choose to stay with the bank you already use for your personal accounts, but another bank may offer better conditions for your business.
Check out our top 6 list to find which is the best for you.
The Top 6 Banks
- 18 months free banking
- £5.50 per month after that
- Guidance on trading overseas and access to business tools and knowledge centre
- free Visa debit card
- More information about HSBC’s offer here
- 12 months for free
- after that it’s £7.50 per month
- earn 0.25% gross/AER
- free Visa debit card
- More information about Santander’s offer here
- 18 months for free
- After that change to Standard tariff charges (£6 per month)
- Annual turnover must be below £1m to apply for free acount
- free Visa debit card
- ambassador for entrepreneurial-spark.com
- More information about NatWest’s offer here
- 18 months for free
- after that it’s £6.50 per month
- free Visa debit card
- Business toolbox collection offers free trials to business tools
- More information about Lloyd’s offer here
- 12 months for free
- after that it’s £6.50 per month
- free Visa debit card
- free marketing and business consultations and seminars
- access to Barclays Cloud IT — secure online document storage and management
- More information about Barclay’s offer here
- £5 per month, reduced to £0 if balance is over £5,000
- Turnover must be below £2m per year
- free MasterCard debit card
- open 7 days a week, 362 days a year
- fast account opening
- Free transactions in Europe
- More information about Metro Bank’s offer here
- 18 months free banking
- after that choose from one of their accounts, starting from £5 per month
- free Visa debit card
- More information about TSB’s offer here
Choosing the right fit for your business
HSBC, NatWest, Lloyds and Barclays all offer free services and business tools for their new customers.
Depending on your business knowledge and needs, these free add-ons might be more or less attractive to you when choosing a bank account for your business.
All banks offer similar deals, it really depends on your business needs.
HSBC is an internationally-recognised bank with ties all around the world which might be of advantage when looking into exploring Asian and international markets.
Metro Bank is the new kid on the block with same-day printing of your debit card and an incredibly fast account opening process. However, it’s still early days for the bank and they might not offer all the conveniences their competitors offer.
If you’re thinking about dealing a lot with European companies though, it might make sense to go for Metro Bank as they offer free payments within the SEPA area.
Many options to choose from
The best bank account for your small business or startup is going to mostly depend on what you need from your bank, what your actual or potential market will be, and the rates and conditions of each bank.
This post was first published on the InvoiceBerry blog. Please don’t forget to recommend the post if you liked it!
Uwe is the CEO & founder of InvoiceBerry.com, an online billing software for small businesses and freelancers. He loves Entrepreneurship, business and technology. Follow him on Twitter: @uwedreiss
