We would recommend every new business owner opens a new bank account for their business, it makes life so much easier in the long run and keeps everything under one roof plus clean & tidy.
You can use search engines to find a huge amount of information regarding the right bank for you, but it can seem a bit daunting and time consuming to start off with, especially with so many other tasks to accomplish.
Questions we ask!
There are lots of offers out there to attract new customers with free banking in the early days. This may seem appealing to keep your overheads as low as possible, but what do you really require from a bank?
• A bank that is responsive
• A bank that supports your vision
• A bank that offers expert advice
• A bank that answers the phone or email when required
• A bank that offers flexibility
• A bank that is approachable
• A bank that works well with my finance system
Time is money!
Having switched our business account based on the points raised above, we found that the reduced cost rates didn’t come near to covering our time spent on addressing these issues, time that could have been spent on other areas especially winning more businesses.
Time to change!
We had heard about Metro bank and initially liked the flexibility of 7-day banking and the efficiency and ease behind their systems and processes.
For example, if you need a replacement card you can get one in a matter of minutes and not days. We made an appointment with the local branch in Bromley and was introduced to a business manager Liam, he explained what Metro could offer for us and the business. We found Metro also had a great synergy with our business and that it does not conform with the 9-5 working routine. This was a selling point to us. The business manager was friendly and told me how supportive they are of local businesses, as well as attending a lot of local networking they hosted their own events.
Process of change!
Once the decision was made, we had to attend Metro Bank with a few identifications proofs for the business and personally. That was as stressful as it got! We also filled a form in for the finance platform Xero https://www.xero.com/uk/ to have the data and feeds transferred internally at Metro.
• Within 10 working days the new account was up and running
• The finance system had been integrated and was showing transaction and balances as accurate.
• The direct debits had been transferred
• They had assisted in putting the app on my phone and showing me how this worked, we could also add our children’s bank account information to a combined view and monitor with ease.
We had attended a networking event held by Metro and was now looking at hosting a joint event with them to be able to assist our clients with their service and for also any of their clients to hear how we can support them in line with their values.
When starting a business there is so much to consider and to do. We are unable to have all the answer at the start and we learn as fast and as much as we can. If we had spoken to locals to see who their business bank account was with, and not been drawn towards the discounted rate on comparison sites, we maybe would have got the right bank first time round. Metro do charge, but the monthly charge is waived if your account stays over a £5000 monthly balance.
It is refreshing to have such a responsive, supportive and friendly bank on my doorstep in South London.
Metro are a forward-thinking bank that made it easy for us to switch to and even easier to refer.
More information on how Metro facilitate the switching process can be found here. switchtometro or if you would like further information, we would be happy to share our experience. Metrobusinessbanking