There is a variety of reasons why every company needs to hold a business bank account. For starters, it enables you to keep your business transactions and finances separate from your personal ones. A business bank account will also give you credibility and help with accountability, making transactions easier and entitling you to special bonuses and rates depending on the bank with which you hold your business account.

The bank you choose for your business bank account should depend upon your needs and what you are looking for in a business bank account. Many people choose to open a business bank account with their regular personal bank, as they know the staff and workings of that particular bank and may have already built up a good rapport and a reputation as a good customer. However, you should certainly not be worried about shopping around for your business bank account. Contact other mainstream banks and see what they offer in a business bank account. Many banks will offer free business advice as well as a free introductory business bank account.

When opening a business bank account you will need to make an appointment with the manager of your chosen bank to discuss the options and details. The details you should provide in order to open a business bank account include: a business plan; details of your initial collateral; personal ID with proof of your address and premises; and information about signatories. Once you have set up a business bank account you will be able to monitor and control your business finances far more effectively.

With a business bank account you can benefit from provisions such as company cheque book and paying in books, company credit cards, deposits, night safe facility, the ability to receive foreign payments, direct debit and standing order facilities, overdraft and loan facilities, and company payment card