Whether you are a multinational Car shipping company or a one man band cutting hedges, it is important that you have the right type of bank account which is most suitable for your business model.
Many people in the process of setting up their own business pay scant attention when they set up their business account, believing that most accounts offer more or less the same services, which could not be further from the truth.
This is shown in the charges which are associated with business bank accounts. Some banks charge per cheque whereas others charge per the overall amount of transactions going through your account in a given period. If you have lots of low value cheques, the first type of charging could mean that you are paying through the nose for your banking.
It is also important to compare the charges for electronic banking and international banking if this is applicable to your business as well as the crucial lending rates if you go overdrawn.
Many banks will offer a start up period of free banking, such as a year or eighteen months and this can be very helpful when you are starting up your business. However, you must remember to review the account before the free period ends otherwise you could end up paying more in charges than with other banks.