As such it is important to evaluate your business and project the volume of transactions you are likely to carry. This information is vital and will help you make the right choice when you compare the different products offered by different banks.

Some types of business accounts on offer include:

• Small business checking accounts / business checking accounts
• Fixed rate interest business savings accounts
• High yield business money market accounts
• Offshore business accounts
• Small business credit accounts
• Business deposit accounts
• Small business capital accounts

Business banking accounts can become very expensive if this initial research is not done. Generally, most small business accounts products do not differ much from bank to bank, however, the extra services attached do. For instance, some banks offer free or discounted software to help with filing your accounts with the taxman. Others provide you with online business bank accounts which you can easily manage cutting out unnecessary trips to your local bank.

Others offer you free business advisory services and although there have been complaints regarding their sales tactics, some banks are leading the way in offering genuine help if you are in a certain niche like construction, real-estate or technology.

Some of the things to look out for when finding the best business bank account include:

• What credit facilities are available – Will they offer you a loan, overdraft, credit card?
• Online business banking facilities – Will you be able to access your accounts remotely? Most banks should offer business banking services online.
• Free business banking – You should expect at least one year free
• Extras – Free software and business advice

See also:

Offshore Bank Accounts Considerations

High Yield Savings Accounts