FREE Business Current Account
The offer of a free business current account may be a very attractive prospect for customers who wish to set up a bank account for business transactions. Generally speaking, a free account will mean that account holders will not be charged interest for transactions.
A current account may be used for a variety of different day-today businesses transactions, with money constantly going in and out. As such, the interest rates on this type of account with generally be quite low, in fact it is not uncommon for banks to pay no interest whatsoever on this type of account.
It is worth remembering that most banks will begin to charge customers a rate of interest for these transactions after a certain period of time even if the agreement was initially free. However, there are some that offer completely free business current accounts in the right circumstances.
You and your business should carry out a comparison of current accounts so that you can be sure that you have got the best business current account deal possible and the table on this page should be a great starting point.
|Account||Interest (AER)||Account Charge||Cheque Charge||Debit Card||Features||Apply|
Card One Banking
|Card One Banking Small Business Account||n/a||From £12.50 pm, £55 set up fee||0.5% of cheque value||No credit checks, pay in at Barclays branches and at the Post Office , pay bills using Faster Payments from your smart-phone, UK call centre.||Call Now >|
When searching for a suitable business current account, it should be remembered that although many banks will offer a free agreement, they may still subject account holders to certain rules and conditions that will mean a charge if agreed limits are broken.
In order to reduce the risk of these bank charges hurting your business, there are several steps that can be taken, including:
- Negotiating with the bank for lower rates and charges
- Automate transactions using electronic methods, direct debits, standing orders etc
- Use online banking
- Take steps to avoid the risk of an unauthorised overdraft
In order to find the most suitable business current account deal to fit with your needs, it is recommended to shop around compare policies from several different banks wherever possible. Our business current account comparisons table is designed to help you do just that.