Things your bank manager is unlikely to tell you

You’re looking for a new financial product for your start-up. It could be a business bank account, a loan or asset finance to boost your cash flow. So, you go to your bank to see if they’re the right financial partner for your company. They want your business, and so, understandably, won’t share every home truth with you.

Here are four important things they’re unlikely to tell you – but every start-up should be aware of.

1. It’s not always best to ‘business bank’ with the provider you have your personal account with

Because a bank is good for personal banking, it doesn’t follow it will be for business banking too. These products are very different animals and come with distinct features (like overseas payments functionality and business managers), as they’re designed for different needs.

The same applies to cost. While you may not pay for your personal account, almost all business accounts will charge you a monthly fee, for transactions – and often even for paying in cash.

Finding out SMEs’ most recommended providers is easy. You can compare providers effortlessly in minutes at 

2. It’s best not to get all your financial products and services from the same bank
Not rocket science perhaps, but too many small companies do – and pay a hefty price for convenience. Business credit cards, for example, can cost your business up to 39.9% APR. A little research could lead you to 12 months (or more) of interest-free purchases. You can find out which business credit cards are most recommended by small businesses at 

In the same way, the value of insurance offered by banks varies dramatically. Not just in terms of cost but also in terms of what’s included as standard, with some including important features such as cybercrime cover free of charge. You can compare insurance providers effortlessly for yourself free of charge at

3. There are banks with offerings designed just for start-ups

While all banks would love to have your business, few will tell you there are competitors who specialise in start-ups. These competitors often recognise two things. Firstly, that in your first years, cash is tight. They often offer perks such as advantageous overdraft rates, free banking (for extended periods) and even interest on credit balances.

Secondly, some banks offer really valuable advice and support when you most need it – in the shape of free financial health checks, in-branch business advisers and events designed to help you network and grow. How do you compare which business bank accounts are best suited for start-ups? Use our easy-to-use search engine today at 

4. It’s easy to find out which providers of business financial products are most recommended by SMEs

Despite what you might think, finding out who are the most recommended providers of business financial products takes a matter of minutes. There’s an independent website called Business Banking Insight which reveals which providers are most recommended by SMEs for current accounts , loans, asset finance and 13 other financial products and services.

You can find out how your current providers compare, by using easy-to-use comparison tools. You can also filter the results by your business size, sector and more. It’s a free, independent service created by the British Chambers of Commerce, the Federation of Small Businesses (FSB) and the Treasury. Not surprisingly, your bank manager probably won’t tell you about it.


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