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Is Your Business Getting a Fair Banking Deal?
 It
has been well documented that many small
businesses feel ripped off by the major
banks when it comes to charges and interest
rates. Yet the majority of business owners
are still happy to pay these charges without
even looking at the benefits of switching.
Now the Federation of Small Businesses (FSB)
has estimated that their average member
business spends around £347 a year on bank
charges; while businesses with one of the
banks could average charges of £480 a year.
The Cooperative bank have also revealed that
up to 40% of small business owners feel that
the uncertainty and confusion over bank
charges are one of the biggest problems they
face.
Now the bank and FSB have got together to
offer the vast majority of the FSB’s 185,000
small business members genuine free banking.
The FSB Business Banking package has no
limit on cheques, standard non-cash deposits
or withdrawals. Deposits of over £4000 have
a small charge, but this only affects a tiny
percentage of eligible businesses.
For small businesses that are not FSB
members, deals around at the moment include
Abbey, whose business banking is free for
over 95% of their customers; and the
Alliance and Leicester, who are offering 18
months free banking to businesses with a
turnover under £500,000, and very low
charges after that period.
If your business is paying out for business
banking, then why not see whether you can
get a better deal elsewhere; compare the
services and prices, it wont cost you
anything to find out and could save you
hundreds of pounds a year.
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