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Page 36
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SERV C
Savings begin at home, so wit better to look for cost reductions than in the servici hauliers use everyday? CM reviews some options.
BANKING
Did you You
can get a year's free banking by switching accounts to one prominent high-street bank.
Many people have switched their personal accounts to Internet banks or other new-generation banks to get better interest rates and cheaper loans. But, although corporate banking is still dominated by the high street, there are savings to be made if you know where to look.
Analyse your business. Do you usually have cash in the bank? Do you need an overdraft? Are you using an overdraft to fund equipment instead of a fixed-term loan at better rates?
Different accounts suit different situations, so look for the account that best suits your business. For example, if you have a £2,000-plus balance the Co-operative Bank's Business Direct has lower charges on cheques and direct debits than any of the big four. Credits are free and it pays interest above £2,000 credit.
It says that for a business with 20 debit and 20 credit transactions a month this should cut bank charges from over £200 a year to just £90.
Some banks charge fees related to your turnover; others base their fees on the number of transactions. So if you have a few high-value transactions a month, make sure that you're not getting charged a turnover-related fee.
Most people know that banks offer free banking for a period to start-up businesses but are not aware that banks will also offer a no charge period if you transfer your business to them. HSBC is giving six months' free banking, and Barclays is offering free banking until January 2003 if you move your account by the end of this year (this offer is limited to businesses with less than £500,000 turnover on their accounts).
Going online or using the phone to bank could save you money. For example, Natwest Direct Business Banking has lower bank charges than traditional branch banking: you save on the £69-a-year standard account maintenance charge, and get lower transaction charges. If you only visit the branch to pay in or take out money, this could be for you. A postal account from Fleming Premier Banking is free to firms in credit.
Don't forget that you can often negotiate a better deal, particularly if you are switching banks. And remember to check your bank charges and query them if they appear wrong. You could get a refund.
EMPLOYEES