Everything you need to know about business bank accounts

If you run a company or organisation, a business bank account is a type of current account that lets you carry out, and keep track of, everyday transactions. Whether it's buying goods from suppliers, or paying for services, a business bank account is essential.

This type of bank account is separate from your personal bank account, and usually comes with different features and services. Some banks set specific conditions on your business bank account depending on the size of your business, or the amount of turnover.

It's a good idea to check the fees for the transactions your business uses the most. Doing this can help you pick the best business account for your needs.

The features of a business bank account include -

An overdraft, which lets you borrow money through your business account - but watch out for expensive fees.

Debit cards, so you and your employees can spend money in person, online or by phone.

Online banking, so you can manage your business account through the lender's website or app.

Post Office banking service, so you can conveniently pay cash into your account wherever there's a Post Office.

A cheque book, which comes with most business bank accounts and lets you pay bills or one-off payments.

Branch banking, so you can pay in cash or cheques and convert notes into coins.

Interest, which you earn on a positive balance in your business bank account.

Accounting software integration, so it's easier to run your business.