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Value for money is the key factor company directors of SMEs should take into account when shopping around for bank accounts, according to Clayden Associates.
Small business owners should also make sure that the account offers features which are best suited to their own personal business needs. Sole traders are entitled to use personal accounts but all new business start-ups that are limited companies or partnerships are legally obliged to have a designated business bank account.
Daniel Clayton, director of independent financial advisory company Clayden Associates, said: "What you find, if you look at the bigger picture, is that it may not be the case that the best option is getting the lowest bank charges and highest rate of interest - some of the online options have restrictions.
"Small businesses that deal with a lot of cash will need a counter service, and also one that is close to their business, to cut down on times and travelling costs."
Mr Clayton also advised small business owners on the importance of service. He warned that if a small business employs the services of a bank where the service is poor and they have to chase up on things, they could end up "wasting time and money".
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