If you’re a small business owner or sole trader, then hopefully you’ve already set yourself up with a business bank account. It’s one of the essential tools that will allow you to run your business effectively, keeping your company’s finances separate from your own. Unfortunately, a lot of people don’t put that much time and effort into choosing a bank account that is actually going to suit their needs.
Amaiz are a new banking start-up hoping to change that, by offering an account that is tailored specifically to the needs of smaller businesses – those who have traditionally been overlooked. Today we’re going to look at some of the common business banking woes, and how switching to Amaiz may be able to help you overcome them.
A lot of banks will start you out on a free plan for an initial, promotional period, before moving you over to a far more costly monthly fee. Others may appear cheap, but then charge large fees for certain types of transaction. The key issue here is a lack of transparency, and that’s something that Amaiz are fighting back against with clear and honest pricing.
If you head to the Amaiz pricing page, then you can get a very clear rundown of the costs associated with both their Starter and Advanced accounts. The Starter comes with no monthly cost while the Advanced account is £9.99 per month – but in both cases, you can see exactly what you’re getting for the money, and where other fees may incur.
Better still, you can quickly compare it to accounts offered by other providers. This is great for those of you looking to switch from another bank, as it’s very simple to see how Amaiz’s offering compares to what’s already on offer.
The level of attention that you get from your bank will vary depending on who you’re with, but in most cases you’re likely to find that they’re pretty hands-off. Many banks only see their role as being to provide you with a way to store and use your money, which means that they don’t need to offer any extra guidance.
Amaiz offer a pretty impressive set of resources to their customers, with lots of helpful blog content as well as a support site that’s well-populated with articles explaining how to use different parts of their service. More impressive still is the support that they offer to their Advanced customers. The Accountancy Expert Service makes it possible to get tailored information from accredited experts. This goes far above and beyond the one-size-fits-all information that you’d expect from most banks.
Some accounts are still stuck in the dark ages, with limited tools available to help you actually understand your finances or manage your account. Others have focussed on mobile-first development, but not given clients the power needed to really make best use of their account. These are problems that are overcome by Amaiz’s approach to account management: mobile first, but with a powerful web app that means you can explore your account on your laptop too.
Once you log in on the web, you can do lots of useful thing from a clean and professional dashboard. Export transactions, open up a sub account or even send a notification to your company’s Slack channel – we bet that’s something that your current account doesn’t let you do!
Choosing the best bank account for your business is a very personal decision, and we hope that you spend the time looking through different features to ensure that you end up with an account that suits your needs. That being said, many small business owners will have similar needs: a flexible, cost effective account that can easily be managed on the go. In that case, Amaiz certainly seeds to pack in all of the tools you’ll need, while going the extra mile to help you manage your finances effectively.
Whichever account you go for, don’t get complacent. As with personal banking, it’s absolutely possible to switch accounts if you end up with a provider who doesn’t seem to et your needs. The important thing is to do your research, and reflect on whether your bank account is giving you the right service for the best value.