Evaluating the cost of current accounts
When you have selected the best current account for your business, you will need to consider how this will impact your cash flow. However, it is important to note that the fees you pay on a current account are not all cash flow. A large portion of the fees you pay on a current account will go towards interest. Therefore, you need to be aware that the fees you pay on a current account do not represent the total cost of the account. The cost of each account is determined by the following:-
With the above information in mind, you can now evaluate the cost of each account and make an informed decision based on your budget.
Choosing the right current account for your business
Once you have selected the best current account for your business, you need to make sure that you are managing the account correctly. This will help you to avoid incurring additional fees and allow you to take full advantage of the account. To do this, you need to –
