Find an account with low fees and good benefits.
Some business owners open a business account at the same bank they use for their personal accounts. Rates, fees, and options vary from bank to bank, so you should shop around to make sure you find the lowest fees and the best benefits. Here are things to consider when you’re opening a business checking or savings account:
- Introductory offers
- Interest rates for savings and checking
- Interest rates for lines of credit
- Transaction fees
- Early termination fees
- Minimum account balance fees
Support for your business
Talk to our Business Specialists, available in branches across the Europe, about how we can meet your needs. Access finance and borrowing to fund your launch or improve your cash flow. Discover tools and articles in our online Knowledge Centre to help you grow your business. Access guidance from our International Support Centre to help you start trading overseas. Have a face-to-face Business Review to identify opportunities and help you achieve your goals. With our Best Tariff Promise, we’ll review your account every year to ensure you’re always on our best standard tariff for your business.
Get documents you need to open a business bank account.
Opening a business bank account is easy once you’ve picked your bank. Simply go online or to a local branch to begin the process. Here are some of the most common document’s banks ask for when you open a business bank account. Some banks may ask for more.
- Employer Identification Number (EIN) (or a Social Security number, if you’re a sole proprietorship)
- Your business’s formation documents.
- Ownership agreements
- Business license
Free banking for 18 months when you start your business with Peridot Finance Predictable pricing.
Efficient service
- Business internet banking for real-time balances, statements, transfers and payments 24/7
- Business telephone banking from 8am to 10pm every day, plus automated banking available 24/7
- Business mobile banking to view balances and make payments on the move.
- Make cash deposits, withdrawals or make a balance enquiry across the country with your debit card.
Clear pricing
- Free banking for 18 months when you start your business with Peridot Finance. Free Banking means that we won’t charge an account maintenance fee or for payments into your account covered by our standard account charges.
- Discount rate: The percentage charged for every transaction processed.
- Transaction fees: The amount charged for every credit card transaction.
- Address Verification Service (AVS) fees.
- ACH daily batch fees: Fees charged when you settle credit card transactions for that day.
- Monthly minimum fees: Fees charged if your business doesn’t meet the minimum required transactions.
Payment processing companies are an increasingly popular alternative to traditional merchant services accounts. Payment processing companies sometimes provide extra functionality, like accessories that let you use your phone to accept credit card payments. The fee categories that you need to consider will be similar to merchant services account fees. If you find a payment processor that you like, remember that you’ll still need to connect it to a business checking account to receive payments.