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Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Starling Bank and Monzo come top in business banking poll

16 August 2022

A government survey of individuals and small businesses has found that Starling and Monzo are the most popular banks - both for business and for consumer banking.

Long-established high street banks are trailing behind newer online banks such as Starling and Monzo when it comes to customer service, according to a government survey.

The UK Competition and Markets Authority (CMA) has made it compulsory for all relevant banks to take part in these surveys and banks must display their ranking prominently both in branch and on their websites and apps.

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

The results show that the top-performing banks in Great Britain are excelling both in business and personal banking. The top performers in business banking are:

  1. Starling Bank
  2. Monzo
  3. Handelsbanken
  4. Tide
  5. Metro Bank
  6. Santander
  7. Lloyds Bank
  8. NatWest
  9. Barclays
  10. Bank of Scotland

The bottom-ranking business account providers are: the Co-operative Bank (in 15th place), HSBC and Virgin Money (joint 13th).

The best bank account for your business will depend on what you want from your bank, as the Donut team found out when we reviewed business bank accounts.

Meanwhile, the top performers in personal banking are: Starling Bank and Monzo (equal first), First Direct, Metro Bank, Nationwide, Halifax, Barclays, Lloyds Bank, Bank of Scotland and Santander. The bottom-ranked personal current account providers are: Royal Bank of Scotland (16th), Virgin Money (15th) and TSB (14th).

Adam Land, senior director at the CMA, said: "As the rising cost of living bites, it's important that people and businesses have the information they need to manage their money and make savings. These results show how banks are treating their customers at a time when many are feeling the pinch.

"When times are tough you find out who's fighting your corner and if your bank doesn't match up to the competition - you can vote with your feet and make a switch."

The Current Account Switch Service helps to make the process of changing banks much simpler; this free service is available to anyone with a personal or business current account in the UK.

The survey was established as part of the Retail Banking Order - a set of reforms established by the CMA following its retail banking market investigation in 2016. The CMA enforces the Retail Banking Order; if you think your bank has breached the Retail Banking Order, send an email to: [email protected].

Written by Rachel Miller.

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