The short answer is, that there is not really a best bank for Profit First UK!
But there is a good way to set up the type of accounts that will work with UK banking (and limit the bank fees that you are charged)
You see, most of the banks are offering a pretty similar product range and pretty similar services.
Saying that banks that me and my clients have used successfully for Profit First include:
Like I said though, the setup and type of account you are using is more important
The set up that I recommend is:
Then as you need to make payments from the savings accounts, you just pass those in and out through the Operating Expenses account.
Now having said that there is no one best bank…one bank that I am trialing at the moment and look really interesting are Tide. They are new to the UK, and only do business banking. They will give you 4 business accounts (for no extra charges) and therefore can be good for some of your PF accounts.
If you are interested in looking at Tide then you can click below and use the code “SUPER” to get 150 free transfers.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!
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