How to keep your account charges down
How to keep your account charges down
When it comes to processing payments, we offer a range of service and ideas to help keep your account charges down. Talk to your business team to see if any of these could be right for your business.
- Make payments with automated services Using a business credit card, a business charge card, Direct Debits and Internet banking can save your business money.
- Make fewer account payments Reduce your bank charges by taking out cash from a Cashpoint® machine with your Business Credit Card, rather than cashing a cheque over the counter, and changing monthly Direct Debits to quarterly or annual payments.
- Deposit cheques in groups If you can, collect several cheques and pay them in together as a single credit. Paying four cheques in together every two weeks rather than one at a time could save you £50-plus over a year.
- Hold onto cash If you receive cash payments and are likely to reuse the money within a few days, consider keeping it in a safe at home or on your business premises rather than depositing. Do check, however, how much cash your insurance policy allows you to keep on your premises.
- Encourage your customers to make automated payments For regular payments, encourage standing orders or Direct Debits. Even for one-off payments, paying by BACS, telephone or Internet banking pays off.
- Plan ahead Transfer money between deposit and current accounts to make the most of your interest income. Our financial information and money management services can help you gain greater control over your cashflow.
- Investigate loan options To avoid extra charges for unauthorised borrowing, it’s a good idea to discuss any borrowing requirements with us up front.
- Choose how you access our products and services You can access many of our core banking products and services via telephone, Internet or Cashpoint. Ask your business team for more details and a copy of our Direct Access leaflet.
