Opening a UK bank account for your company is the best way to make your business grow rapidly. You can use this account for managing the money gained through the company and keeping track of all transactions. It helps to maintain financial records, prevent overspending, and file taxes correctly. Also, having a UK business bank account would make your company look more professional to customers and business partners.
- You can pay your UK suppliers easily by wire transfer or cheque. Similarly, you can receive payments from your UK clients via wire transfer, direct deposit, or check into your UK bank account.
- Many business bank accounts offer useful tools, including invoicing and expense tracking, to help in managing your funds.
- You may require assistance in managing cash flow, investing, and raising capital as your company expands. This service is included in several UK business bank accounts.
- Many banks provide services like mobile alerts and app features that let you know your balance. This will help you in keeping track of your usage and inform you of the steps you may take to avoid interest and fees.
- UK business bank accounts have the protection of the Financial Services Compensation Scheme. This indicates that you will be protected by the scheme for up to £85,000 per financial institution, or £170,000 for joint accounts if anything happens to your bank.
- To make regular payments, you can set up Direct Debits or standing orders from your account. Additionally, your current account will typically come with a debit card that can be used to make payments in person, online, or over the phone.