Although there is no legal requirement, all newly formed UK companies should separate personal and business transactions in their bank accounts. Various introductory products are available from the big high street banks for start-up enterprises and incentives for existing businesses switching their account. Below are the most popular services available.
All of the banks also offer additional services to help manage your day to day transactions, including:
(*) After the two year period, you're placed on the automated debit and credit tariff. Manual entries such as cash deposits in branch have additional charges. All automated transactions such as standing orders, direct debits and credits remain outside of the charging structure.
New accounts can be opened online directly via their website, via their customer service centre or over the telephone. Fees could be charged for services outside of normal automated transactions, such as cash deposits and stopped cheques. Please check directly for their terms and conditions.
If you've large credit balances, a money manager or deposit account could earn additional interest. These are discussed here although rates are still at historic lows.
If you're a high street shop and need to make regular cash deposits, you'll want a bank with a branch network near you. Most of the major banks offer this service and some use the extensive Post Office branch system. You're able to deposit cash if you're with the Bank of Ireland, Barclays, Clydesdale Bank, Halifax, Lloyds TSB, Santander and the Co-operative Bank. You can also withdraw cash for those banks and with HSBC, Ulster Bank, RBS, Natwest, Nationwide and Bank of Scotland.
When deciding which is suitable to your circumstances, ask yourself the following questions:
If you have a low turnover, or simply require an account to pay bills and receive payment for invoices, then Barclays Bank is the recommended option.