Save money on banking with these ten tips

(6)?Get your gadgets covered

With current accounts and business bank accounts, banks often make up for the low interest rates by offering perks or bolt-on offers such as content insurance instead. You may wish to shop around for the best rates coupled with the best deal for you and your business. This can help you save on separate insurances later on.

(7)?Online vs branch accounts

Online banks do not have the same overheads and staffing requirements of high-street banks, and these savings may be passed on to you. An online bank may not seem as accessible and there are some people who prefer to put a face to their bank, but if you run an SME that wishes to save money and be detached from the bank, an online provider may be ideal.

Related article: Here?s what banks could learn from the mighty Amazon

(8)?Fixed rate or variable?

Some fixed rates can pay better interest for both personal and business savers but this may mean tying up your cash for a longer period of time – anywhere from one to five years ? so think about how you?re going to access your money and how long you?re prepared to tie it up for before choosing an account.

(9)?Switch, switch, switch

If you?re not happy with the rate that you?re getting, or if your bonus is about to run its course, you should consider switching your account. Switching may not be as difficult as it seems; in most cases it could be as easy as signing up to a new account and letting the bank switch your direct debits for you. This means you can take advantage of better rates and cut transaction costs.

(10)?Cut the costs you pay

Make sure that you know what fees you?re going to be liable for when you open the account. That way you can avoid paying charges on certain transactions that you may not need. For example, by making sure you?re payed by BACS and using automated online transactions, you could cut the costs of traditional paying in methods such as cheques. Cheques can cause havoc if declined as you may have to pay an admin fee on top of other charges, so try to avoid these and focus on online transactions. The right business banking comparison site can help you compare transaction charges between accounts to find the product that best suits your needs.

Richard Owen is chief marketing officer at?Your Business Money.

The rise of the fintech has long been seen as an approaching threat to the financial services industry. But now that it’s arrived, the financial services industry is seeing as much in the way of collaboration as it is in the way of competition.

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