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As an SME, finding the right bank account can be essential for achieving your growth goals. Business accounts aren’t just somewhere to store your money; they can open the door to smoother operations, increased growth and improved cost-efficiency.
But it’s not one size fits all when it comes to choosing your business account. So here are 7 things that every SME should look for in a business bank account.
Manage, receive and send in 8 major currencies while enjoying an interest rate of GBP 2.65% AER (variable)* on working capital. With iFAST Global Bank’s Multi-Currency Business account, you can get instant access to your money and enjoy FSCS protection on all 8 currencies.
*Interest rates are variable and subject to change. For up-to-date rates, please refer to https://www.ifastgb.com/en/commercial-banking.
If you’re a busy business owner, finding a business account that’s fast and easy to open can help buy back some precious time.
Look for an account which has an online sign-up process and minimal paperwork. For example, iFAST Global Bank has a completely digital onboarding process. All you need to do is provide your company name, and iFAST Global Bank will be able to bring up your Companies House information. Simply answer a few questions on what your company does, upload the required supporting documents, and you’re good to go.
As an SME, you’ll want to keep costs to a minimum. There are loads of “free” business bank accounts out there, but they don’t always offer real value for money. For example, there may not be a monthly fee, but you could get hit with charges for going above transaction limits or adding more employees to the account.
Instead of looking for a “free” account, look for an account which has low monthly fees but no additional charges. iFAST Global Bank’s SME Business Banking has no onboarding fees and a monthly fee of just £5 per month, which is waived for the coming month if your company has had a previous average monthly balance of over £10,000.
Think about the features that are really going to make a difference to the day-to-day running of your business. Here are a few capabilities that can supercharge your efficiency:
As mentioned, it’s also important to look at whether or not any of these features have additional fees. It’s all well and good having same-day payments, but not if the transaction limits are low. There are banks, like iFAST Global Bank, that don’t have transaction limits, so you don’t need to worry about being hit with an additional charge when making a payment.
Manage, receive and send in 8 major currencies while enjoying an interest rate of GBP 2.65% AER (variable)* on working capital. With iFAST Global Bank’s Multi-Currency Business account, you can get instant access to your money and enjoy FSCS protection on all 8 currencies.
*Interest rates are variable and subject to change. For up-to-date rates, please refer to https://www.ifastgb.com/en/commercial-banking.
When things go wrong, you want to know that you can get help quickly. It’s important to have 24/7 customer support, especially if your business operates in different countries. An added bonus is if that customer support is available in a mix of global languages. iFAST Global Bank has a 24/7 chatroom with AI. If this can’t solve your problem, its customer support team will get in touch and be able to offer support in 3 different languages.
Once your business grows, you can also look to get an account which has relationship managers to help you to manage your finances.
When starting out, you want to maximise every potential opportunity. A business account, like iFAST Global Bank’s Multi-Currency Business Account* that pays you 2.65% AER (variable) interest on your GBP balance^, can help boost your profits without any effort. iFAST Global Bank even pays interest on the different currencies held in your account. For example, you can earn 2.55% AER (variable) on USD and 0.75% AER (variable) on EUR^- as well as others – which is rare for a business account.
This feature is particularly helpful if your business has healthy cash reserves or seasonal income fluctuations. Earning interest on the capital that’s just sat in your account can help offset the impact of inflation and encourage better cash flow management, as you’ll want to maintain a buffer to really feel the benefits of earning interest.
*The iFAST Multi-Currency Business Account and debit card are available only to businesses registered in the UK.
^ Interest rates are variable and subject to change. For up-to-date rates, please refer to https://www.ifastgb.com/en/commercial-banking.
Expense tracking, receipt capture, spending analysis and budgeting tools can all help to level up your business operations. Features like multiple users and alerts for low balances or suspicious activities can streamline your processes and improve your efficiency.
“Expense tracking, receipt capture, spending analysis and budgeting tools can all help to level up your business operations.”
Having the right tools for the job is a must and, in this instance, we’re talking about accounting tools. Business bank accounts can integrate with software like Xero, QuickBooks or Sage, which reduce admin and improve cash flow visibility. You’ll be able to feel the benefit of automatic transaction syncing and categorisation, all through your business account. Keep your eye out, as iFAST Global Bank is due to launch accounting integrations soon!
iFAST Global Bank: The UK digital bank that bridges you to the world.
Apply and get a Multi-Currency Business account with access to GBP, USD, EUR, HKD, SGD, CNY, AED and JPY. All in one place, no more hassle!
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