If you run a small business, you are bound to have a business bank account of some kind. Since you set up this current account when you started your business, have you taken a look at it to see if the account adequately meets the needs of your business?

Not many business owners take the time to properly assess the effectiveness of their bank accounts, but it is important to do so on a regular basis. You need to have a bank and an account which suits the business and its needs.

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The following are a few tips to bear in mind to help you assess your bank account and work out whether it’s time to switch.

  • Draw up a list of your requirements, ticking off how many of these your current bank account and provider actually offers your business. If it’s less than half, it’s time to switch bank accounts.
  • Weigh up costs versus services. Compared to how much you spend on your business bank account, how much do you actually get for your money? Would it be worth paying a little more for a bank account which gives you access to bespoke services which suit your business better?
  • Take a closer look at your bank manager. Many small banks have a manager to look after business account holders and these specialists often have the expertise and the time to look after your business needs properly. Larger banks may rely on call centres to provide customer service to their business customers.