Guide to Business Banking

Most banks also provide a range of services that are tailored to businesses. These services differ in certain ways from those offered to individuals, and often include services that are specifically helpful to small business, such as small business loans, asset purchase loans, or invoice finance.

Business banking accounts are typically set up in association with a registered limited company. Unlike personal bank accounts, the bank account is associated with the business, the directors of which can then decide who has access to the account.

Limited Companies have a legal existence of their own that is equivalent to that of an individual, and so a business banking account is associated with the company itself rather than the individual who set up or is running the company.

For example, if a business hires a finance manager, the finance manager can be given permission to access the account to make payments and deposits, and if this person then leaves the company, the right to access the account can be withdrawn.