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Your Business Money

Why should SME owners compare before they buy?

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These days you can compare just about anything using online comparison tools. Mortgages, loans and car insurance deals from across the financial spectrum can all be pitted against each other at the click of a button with product breakdowns and specifics which allow you to decide exactly which deal is best for you.

Thanks to the team at Your Business Money, the same can be said for business banking too. Their fantastic new Comparison Tool is believed to be the first of its kind to offer a complete breakdown of business accounts which are individually tailored to each SME’s banking activity.

This allows SME owners to decide between a whole host of mainstream and challenger banks to determine which may be the best business bank account for their money.

But why should SME owners compare before they buy? After all, isn’t it just simpler, easier and more cost effective to stick with the same provider as your personal current account?

Sadly, the world is often not that straightforward.

It may not be easier to stick with your personal account provider

Despite the fact that more than 90% of SME owners use the same banking provider for their business accounting as they do for their personal accounting, it may not in fact be any simpler, easier or cheaper to do so.

It may be just as easy, simple and cheap to open your account with another provider. Thanks to the Current Account Switch Service, SME owners can switch their business bank account to another provider within seven days. Of course, there may be fees and charges involved so you may wish to check with your current provider before you go ahead and switch.

It may not be cheaper to stick with your current provider

Just like many other banking providers, your current personal account provider may offer you a limited time deal to begin your business banking with them. This may include things like a low introductory rate, free transactions for the first year or even cash back on some transactions which may seem attractive in the short term. Long term however, choosing an account with such a deal may not actually be the best way to save money on charges. You may be just as well using a provider with a less attractive rate that stays steady rather than a super introductory rate that could potentially skyrocket once the honeymoon period is over. But guess what? You may not know until you compare.

That’s where Your Business Money comes in. They aim to take everything, including introductory rates into account when they’re comparing some of the best deals on the market. That way, when you’re ready to decide which account is best for you, you could have the information you need at your disposal to help you make an informed decision.

Interested? Click the below link to find out more about how the Your Business Money price comparison tool could help you save money on your business banking.