Business Bank Account FAQs

Business Bank Account FAQs

By Published On: 11 September 2023Categories: business banking

What’s the difference between my personal bank account and a business bank account?

When you set up a business it’s a great idea to get a separate business bank account set up. Your business and personal affairs, including finances, are kept completely separate, and having a business bank account allows this process to be much smoother. It also makes your accountant’s job much easier, as they’re able to distinguish business and personal transactions.

Can my current bank open a business bank account?

Most banks will be able to set up a business bank account. In the past we have found many of the high street banks take a very long time to open one. For this reason we have researched a number of banks that we know offer a very smooth bank account opening process.

How do you know which business bank account is right for you?

It depends on what you’re looking for, and what each bank can offer you. Some may offer free set up, no charges on transactions for X number of months, a cash back incentive for choosing them, or mobile and online banking.

Which bank accounts can you use with Vantage Accounting?

We have researched a number of banks for small businesses and have close working relationships with Tide, Mettle and Cashplus in order to make the application process easier…some are even able to offer preferential deals for new businesses. We’re also more than happy working with other banks, so if you’re already using a different bank, simply let us know. Many of our clients have more than one account, so speak to our team about how this can benefit you.

How do they work with FreeAgent or other software?

Tide, Mettle and CashPlus all integrate automatically with FreeAgent and many other software providers in real-time, meaning what you see is 100% up to date. The integration is seamless, so there’s no waiting around for updates, or unexpected mistakes. If you use a different business banking partner, simply ask us how they integrate with FreeAgent.

Why are two business accounts better than one?

Having two accounts allows you to keep your tax in one, and the rest of your day to day money in the other. It also allows you to have a back-up from an Financial Services Compensation Scheme point of view, should there be a problem, so you’ll never be left high and dry.

What’s the best way to get started?

Give our team a call on 01962 820375, and we’ll talk through your options with you. Whether setting up a new business or maybe you have a property portfolio, or are considering another type of investment, either way we’ll be able to discuss and give you some personalised advice based on our years of experience.

Have more questions? We’ll have the answers

If there’s anything else you want to ask or to simply chat through your options, please do get in touch or give us a call. We look forward to hearing from you!

Note: All the information and advice in this blog post was correct at the time of writing.

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