5 reasons why you should consider switching business bank accounts

28/02/2022

Many business owners open a business bank account when they first start out and then stick with it, even if they’re not entirely happy with the facility or service.

According to a new report from finder.com, seven in 10 (72%) UK business owners and directors have never switched business bank accounts before, while 64% of business account holders have no intention of switching in the next 12 months.

However, there can be a number of benefits of switching business bank accounts – and reviewing what’s available, at the very least.

So, here are 5 reasons why businesses change bank accounts. Could you also benefit?

1. Attraction

Could you be getting a better deal with regards to interest rates and charges? What overdraft limits are set on your account? How much are you charged for going into the red? Depending on how you use your account these could be important factors in your decision. Just remember that the value of a service is more important than the cost, so keep that in mind.

2. Proximity

Some businesses value the proximity of a provider because a more local bank could be able to offer a more personal service. How many branches are close to your business? What opening times do they have? Are they big enough to accommodate your needs?

3. Extra features

Whilst many accounts now offer additional useful features such as online and mobile banking, some are more superior than others. What is your current online banking service like? Is it easy to access and simple to use? Or could it be better?

4. Customer service

Not all banks offer the same customer service levels. If you value a bank that understands your business and sector, you might want to find a provider that reflects this. Likewise, if you prefer to speak to a human when you call, you could try calling a potential new bank to see how long you may have to wait on hold.

5. Incentives

Some bank accounts offer reward programs that give additional incentives for your custom. When comparing these schemes consider what’s important to your business and whether or not these rewards will be beneficial for your needs.

Could you benefit from switching?

Now that you know the benefits you could be missing out on, it’s time to look at what your current bank account gives you. Is it what you need? Or is there something missing?

Once you have an idea of what you want from your business bank account you can start comparing the various options for switching.

Just remember that cost isn’t always the most important factor. Sometimes the additional features and level of service can outweigh the cost savings, so be sure to make a complete comparison and don’t just focus on the numbers.

This benchmarking process is also important for any other suppliers you may be using.

As a commercial finance broker we could help you benchmark your existing funding to see if your facility is working optimally for your business, or whether there is an alternative option that could better serve your needs.

Contact us on 0800 9774833 or request a call back to see if we could help you find a more suitable facility for your business.