A Co-operative Bank can provide you with several business accounts for different types of businesses. This includes nonprofit and community businesses. If your bank gives importance to ethical values, it has been committed to its Ethical Policy for more than 25 years.
What types of business bank accounts does a Co-operative bank offer?
A Cooperative bank provides 5 different types of business accounts - Business Directplus, FSB Business Banking Account, Standard Tariff, Cash Tariff and Community Directplus.
This is a regular business account with a 30-month free banking period in the beginning. This is significantly more than what other banks provide.
There are no fees for cash withdrawals or automated credit after the introductory period. There is also no monthly service charge if you keep your account balance of £1,000 or higher.
A Business Directplus account can be managed easily through online banking, and also you will get access to a business savings account and other merchant services.
FSB Business Banking Account
This business account is designed for members of the Federation of Small Businesses (FSB). It comes with a slew of perks, like free everyday business banking (within specified restrictions) and a £25 annual bonus for keeping an active account.
Choose the Co-operative Bank's Standard Tariff account if you want a simple billing structure. There are no transaction limits, and you'll be charged the same fees regardless of your balance.
You may manage your account via phone and internet banking, just like any other Co-operative Bank account.
Do you have a high cash turnover in your company?
The Co-operative Cash Tariff account offers the lowest cash deposit fees on the market. It has a clear structure of all the charges, and you can manage your money through online and telephone banking.
This business banking account is mainly used for community interest companies (CICs) such as registered charities, co-operatives, and credit unions. With free everyday banking, Community Directplus helps these organisations in making the most of their funds. Other benefits include the opportunity to apply for funds from the Co-op Customer Donation Fund for specific initiatives.
Does a Co-operative bank offer a business debit/credit card?
You will get a 48-day interest-free period (subject to circumstances) if your application is approved, and you can have multiple cards. For everyday spending, all Cooperative business bank accounts come with a business debit card. You have to pay a small monthly fee for this business charge card. If you require one, you can apply for a business charge card. You can use your charge card to make payments and withdraw cash from any ATM with the Visa symbol.
Can you make international payments with your Co-operative bank account?
If your company sends or receives money worldwide, you can use your Co-operative business bank account to make international transfers. However, you may need to contact your online banking provider and request to add the international payments feature to your account.