5 reasons why you should consider switching business bank accounts
With Royal Bank of Scotland (RBS) currently asking some of their business banking clients to switch to another bank, it’s a timely reminder for all businesses to consider their options.
RBS have recently written to their business banking clients with a turnover of less than £25 million asking them to switch to another bank.
Whilst this seems like a strange thing to do, the aim is to help increase competition in UK business banking and reduce RBS’s market share.
But it’s not just RBS customers that should be considering the benefits of switching business bank accounts.
Many business owners sign up to business banking when they first start out and then stick with them, even if they’re not entirely happy with the facility or service.
This could mean that they’re missing out on some of the advantages of changing bank accounts.
So, here are 5 reasons why businesses change bank accounts. Could you also benefit?
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.
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.
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.
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.