The Bank of Scotland has unveiled a Direct Business Banking service that offers contractors free business banking if the account remains in credit.
Direct Business banking offers all the facilities of a normal bank account, but instead of having face-to-face contact with the bank, customers access their accounts by post, telephone, PC and the internet.
Colin Matthew, chief executive of Bank of Scotland Business banking said, "Quite simply, around half of these businesses are paying hefty charges for conventional banking that they rarely use. Few of those we researched actually meet their bank manager during the course of a year, yet they are paying the same transaction charges as those who rely heavily on a relationship manager for advice. In effect they are paying for a service they don't receive. They could be saving themselves substantial sums by banking direct."
Credit balances must be kept above £5,000 and no more than 100 cheques can be issued by contractors each month. A telephone banking team is on-hand 24 hours a day, seven days a week. For more info call 0500 828 111.