A website that allows small to medium sized businesses to compare accounts and products of over 70 UK banks has recently been launched.
The Business Banking Insight website is a free, independent comparison site that will be updated every six months. It aims to help smaller firms make better finance and banking choices by showing them how other businesses rate each bank.
The initiative was announced by Chancellor Osborne last year and is backed by the Treasury, but driven by the Federation of Small Businesses (FSB) and the British Chamber of Commerce. It ranks 74 banks based on a survey of 5,000 businesses ranging from sole traders to firms employing 10-249 people.
Users select their business size and can then choose one of two options: view results by business current account or view results by business product or service.
Credit cards, insurance, bank loans and general business services can all be compared, in addition to alternative finance products such as invoice and asset finance.
Banks are then ranked by satisfaction levels using a five-star ratings system, based on five key factors: transparency, value, availability, tailored services and keeping consumers informed. Users can also view comments left by other businesses of a similar size...