While High Street has been the target of its fair share of criticism over the last few years since the economic downturn, some of the UK’s best business bank accounts offer a high variety of choice in regards to serving the myriad needs of its consumers.
The needs of both personal and business banking customers are various, and many banks offer a wide range of different accounts, from very basic savings accounts to very sophisticated financial instruments.
Most UK banking institutions offer basic bank accounts, which are stripped-down bank accounts for low income individuals or those struggling with poor credit, things that might bar them from opening a more standard current accounts.
The average UK banking customer have standard current accounts, however, which carry an expanded suite of features that basic bank accounts lack; a common feature is the ability to set up a direct debit to facilitate paying bills, in addition to the capability of making money transfers, depositing funds to the account, or withdrawing cash.
Many banks and building societies also offer what’s called a packaged bank account, which are accounts that have inherent fees to offset the costs of additional benefits that come packaged with the account. Some such benefits include perks such as insurance cover for the realms of pet insurance, travelers’ insurance, coverage for motor breakdowns and mobile phone usage, among other offerings. There is a large amount of competition in the financial markets, however, so any consumers interested in the added benefits are cautioned by industry experts to ensure they are getting a good value for the fee expenditure inherent in the package.
The key to more easily and conveniently managing your finances lies in finding not only the right bank for you but also the bank account that fits your needs. Luckily for consumers the financial market is ripe with several different banking institutions, each with several different banking offerings, which would reduce the difficulties inherent in finding one that is ideal for your particular financial needs.