Small business banking is entirely different from personal banking. Business bank accounts unlike ordinary checking accounts is not free. Business accounts attract daily or monthly charges depending on the volume of transactions conducted within that time period. As such it is important to evaluate your business and project the volume of transactions you are likely to carry. This information is vital and will help you make the right choice when you compare the different products offered by different banks.

Some types of accounts on offer include:

Small business checking accounts
Fixed rate interest business savings accounts
High yield business money market accounts
Offshore business accounts
Small business credit accounts
Small business capital accounts

Business banking accounts becomes very expensive if this initial research is not done. Generally, most small business accounts products do not differ much from bank to bank, however, the extra services attached do. For instance, some banks offer free or discounted software to help with filing your accounts with the taxman. Others provide you with online business bank accounts which you can easily manage cutting out unnecessary trips to your local bank.

Others offer you free business advisory services and although there have been complaints regarding their sales tactics, some banks are leading the way in offering genuine help if you are in a certain niche like construction, real-estate or technology.

Some of the things to look out for when finding the best business bank account include:

What credit facilities are available - Will they offer you a loan, overdraft, credit card?
Online business banking facilities - Will you be able to access your accounts remotely? Most banks should offer business banking services online.
Free business banking - You should expect at least one year free
Extras - Free software and business advice