The Bank of England has recently said that high-street lenders will ‘significantly reduce the amount off money they are prepared to make available to businesses over the next three months.'* But what impact will this have on the commercial banking side of their business?

Small businesses' bank accounts generally escape monthly fees, the same as personal accounts, although the majority of small businesses pay transactional charges for direct debits, cheques and standing orders. However, in the context of the current climate, many high-street banks have already announced that they are removing 'free business banking ' for their existing consumer base, causing an out break of concern that this action will cause other banking providers to follow suit. Alliance & Leicester Commercial Bank, however, will continue to offer Free Business Banking to their consumers at a marketing leading APR of 5.73%.


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Kate
*Bank of England|Publications|Other Publications|Monetary Policy|Credit Conditions Survey