Frustrated with his treatment by the High Street banks, Tony Byrne, managing director of Wealth & Tax Management, explores the offers of their challenger equivalents. He explains why his experience left him encouraged and delighted.
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IF YOU are a business owner or a business executive you need to know about the benefits of challenger bank business accounts. If, like me, you have had a High Street business bank account for many years you will be well aware of the frustrations of using such an account. The challenges you experience as an individual with such banks is nothing compared to the challenges you face as a business account holder.
Most High Street banks still insist on you using a card reader and an authentication card. At least one such bank doesn’t allow you access to your online banking without them so if your PIN is not recognised that’s it, no Internet banking. Such banks will only give you the option of visiting a branch to unlock your PIN at a cashpoint machine. The trouble is that one such Scottish bank’s nearest branch is in Edinburgh whereas I live in Milton Keynes!
Another business bank I use has insisted on a 45-minutes interview to discuss the renewal of a mere £10,000 overdraft facility which my business has had for years and it is automatically renewed each year. I rang the bank to make the appointment and gave up after waiting for an hour without a reply.
I decided recently to open some challenger bank business accounts. The whole process was so much more efficient and quick and all done on an app. A business account can be opened in about 15-20 minutes including having an account number and sort code allocated straight away and a virtual debit card issued on the spot which you can add to your Apple Wallet instantly. What with facial recognition too my experience so far has been very encouraging. I am delighted. So why not give it a go yourself? The time and hassle you will save will surprise you.
If you are interested in finding ways to make your business more successful, why not take advantage of a one-hour Discovery Meeting either at our offices or by a video conference call at our expense worth £270 to each of the first three readers who contact us before 31 March 2023? You know it makes sense.* We offer a great cup of coffee too!
Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote Mar2023 offer to book your free discovery meeting.
RISK WARNING The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount invested. The tax implications of advice will be based on your individual circumstances, tax legislation and case law as well as regulations which are subject to change. You should always seek tax advice from a taxation specialist in order to understand your options. This article is based on my own observations and opinions.
