I was disappointed to learn recently that Santander has stopped offering its free business banking service.
Luckily for me, existing Santander business accounts are still free, it is new account holders that now have to pay the usual bank charges. As I have three separate Santander accounts for my three separate streams of income (Small Business Network, chocolate making and reflexology/massage), this is a relief! (19/7/12 update: Santander has since gone back on its verbal assurance to me that my accounts would continue to be free – one very unhappy and soon to be ex customer!)
However, I am still rather aggrieved that the banks can’t pull out the stops a little more in these tough economic times, in order to help small businesses by offering free or very affordable banking. After all, SMEs are meant to be the life blood of the economy and one of the major keys to its recovery. Unlike many of us, banks do still seem to be doing rather well (if you discount those in Greece, Spain and Italy perhaps), but bank charges are yet another drain on what can be very meagre small business resources right now.
The good news…there is still one way in which you can get free business banking, and this is with the Co-Op via The Federation of Small Businesses (FSB).
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