Choosing the Right Bank Account

Although you may not need a business account if you are operating as a self-employed sole trader, you will almost certainly need one if you are going to borrow money. Shop around for the business account that will give you the most flexibility and the lowest charges.

Online Banks

Internet banking may be attractive for the various added-value services it offers, such as allowing you to conduct credit enquiries online, receive regular updates of statements, and find new suppliers on the bank's database, as well as make all the usual banking transactions. Online banking can save time, but if you will be banking cash regularly you need to choose a bank that has a branch nearby.

Keeping and Checking Records

As with all banking, it's vital to keep good records. On bank statements, check that bank charges haven't been changed without warning; that all transactions are included and correct; that all payments into your account have been cleared; and that the balance is correct.