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How to reduce your business banking costs

Our top tips on how to reduce your banking costs:

  • Reduce the number of pay-ins. Try to accumulate cheques and cash and pay them all in at once
  • Reduce the number of withdrawals. Try to use a cash machine rather than drawing money direct from the branch
  • Recycle cash. Try not to pay in cash if you are likely to need to withdraw some the next day
  • Use automated payment wherever possible. Charges for BACS payments (direct credits and direct debits) are lower than those for cheque payments
  • Get interest. Use a bank that pays interest on its current account if possible. Place reserve funds in a deposit account
  • Use the internet. Internet banking avoids the need to order costly extra statements and often cuts out the need to actually visit your bank
  • Stay in credit. Overdrafts, even if they are authorised, can be costly. Staying in the black will reduce your charges
  • Use a personal account. Consider setting up a personal current account, which has free banking, to deal with petty cash payments

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