Choosing the right bank
Let’s face it… Banks have not covered themselves in glory in the past few years. Architects of the credit crunch and slow to respond to the pandemic, banks, overall, in my opinion, are not friends to business.
However, they are a necessary evil; when you are starting a business, you will need a business account and potentially other banking services as well. Hence, it’s essential to do your research and pick one that’s right for you.
So which bank do you choose for your own start-up business? We do not endorse any bank, but we can give you a few things to consider when making this difficult decision:
If you thought choosing a ‘bricks and mortar’ bank in the anticipation that they will get to know you and your business and help you grow, then you are in for a shock. Sadly, those days seem to be long gone.
So, in my opinion, you might as well choose an online option, such as Starling Bank, just because they are easy to set up. Then set up an appointment with a ‘brick and mortar’ bank to hedge your bets.
Don’t take our word for it.
If you are unsure, google this: “[Insert Bank Name Here] Business Bank Review” and take a look at their Trust Pilot Scores. Here are the ones we found….
- Barlays 1.4
- HSBC 1.4
- Natwest 2.9
- Lloyds 1.2
- Starling 4.5
- Monzo 4.4
Just be sure you do your research based on your needs, and as always, if you have any questions, please contact us for advice.