Barclays has set aside a dedicated service aimed at helping Britain’s businesses with their finances. The bank states it provides specialist support to organisations throughout the changes their business may encounter, and also gives advice on options which are best suited to a business. Business owners are able to manage their account online 24 hours a day to provide ease of use and understanding.
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There are four main accounts which are offered by the bank, and it is important for Britons to understand the best options for them.
The first option available is the ‘Start-up Business’ account for freshly established businesses.
Barclays describes this as “banking that lets you spend more time on your business”, and the account provides the online tools and expertise necessary to help people grow their business.
Entrepreneurs could gain a host of benefits in this regard, but the most significant appears to be the fact the account is free for the first 12 months of trading.
The bank has also pledged additional support for businesses during the COVID-19 crisis, helping with applications for Bounce Back Loans designed to help those with difficult financial circumstances.
A second option is a business account for companies with a turnover of up to £400,000.
To be eligible, Britons must be at least 18 years old, have the right to live in the UK permanently and provide at least 12 months’ UK address history.
To switch to this account, business owners will need certain information to process the account change:
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- Address history for the past three years
- Business details – including registration number, address and the date of incorporation if the business is a limited company
- Personal details
- Details of financial arrangements, such as mortgages, loans and credit cards.
A third option is for those with a business with a turnover of between £400,000 to £6.5 million.
Barclays states switching their business account to the bank is “easy to do” and each customer will be provided with their own Relationship Manager for tailored support.
Similar personal and business information is required in order to switch, with the details handled by dedicated banking specialists.
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Finally, Community Accounts are available for small not-for-profit organisations.
Free, everyday banking is at hand for these groups, and Barclays states this provides people with the freedom to put their resources back into helping and supporting the community.
This account allows people to authorise up to three individuals as signatories on the account.
Up to six debit cards and a cheque book are available, and Online Banking can also help with the running of the account.
In order to be eligible, organisations must be not-for-profit with a charitable purpose and have an annual turnover of less than £100,000.
To apply, people will need a valid UK mobile number, email address, and three officials or fewer representing the organisation.
The bank has also provided an app for businesses who need to run their organisation on the go.
This allows them to transfer money and make payments to new existing and payees.
All businesses are protected by the Barclays app guarantee which seeks to protect their finances.
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