SMEs are frustrated by the lack of independent information when choosing a business current account
While a fair few SMEs are unhappy with their business bank account, a lack of independent sources of information to help make their choice of new provider is adding to their frustrations. In fact recent research found that one in five SMEs found that this was a major barrier to finding a new business bank account.*
A further 21% of businesses* said they didn’t know where to start. Not surprising perhaps, as the choice is vast. There are hundreds of banks and providers, some online only, others who are business specialists – and more that just focus on start-ups. All with different charging structures. And while it might be convenient to give your business banking account to the same people your personal account is with, it doesn’t follow that the one bank will excel at two quite different types of banking.
Business banking comparison sites exist… but don’t expect independence
Sites like Moneysupermarket.com compare business banking accounts and detail features of the providers they include, but a good deal upfront is no indicator of quality of service going forward.
The independent search engine for SMEs
Business Banking Insight (BBI) provides a free, independent solution for SMEs. Its website features search engines showing which business banking providers are currently the most recommended in the UK. This information is gathered via telephone interviews with over 20,000 SME decision-makers and is updated quarterly. The quality of BBI’s data is high, it is not published anywhere else and is popular with SMEs, with over 100,000 new users in the last year alone.
Business Banking Insight is an initiative from the Federation of Small Businesses, the British Chambers of Commerce and HM Treasury. It’s free, independent and receives no commission. It’s been set up to help Britain’s SMEs make better-informed decisions on financial products for businesses.
Search by sector, size of business and even region
Better still, British Banking Insight’s search engine allows to tailor your search to your business’s specific make-up. You can tailor your search by industry sector, size of business and where you’re based, so you can view recommendations from SMEs just like yours.
Another neat function of BBI’s current account section is that it also shows how each bank is scored by small businesses against 12 key criteria. These include levels of charges and fees, ease of contact and fair treatment – helping you make a more-educated decision on whether you should stay or move. It’ll also give you a shortlist of business banking providers recommended by your peers for you to take a second look at.
* Source: Facts International, January 2018