Are you paying your bank too much?

Business bank accounts have free banking for between one and two years after you set them up but once that honeymoon period is over do you check what you are paying charges for?  

Banks often have two levels of charging - one which is beneficial for businesses who do most of their banking via the internet and the other for businesses who pay suppliers by cheque and bank a lot of cheques.  

If you pay the majority of your suppliers online and your customers mostly pay you online then you should ensure you are on the correct bank tariff for this - you will be amazed how much money you could save.  It will cost you more than the more traditional tariff when you write a cheque or bank a cheque from a customer (around £1 for each) but if this type of transaction is rare it is definitely the more cost effective option.

If you bank cash take a look and see what this is costing you.  It makes sense to use cash to pay for things - obviously keeping a record so your accounts are accurate - and then bank the remainder so your charges are less.

Check your bank charges now and see if you are on the best tariff for your business.

This is always something we check for the businesses we work with to ensure they are saving money where they can.