cheapest business current account

[turtle37]

Hi,
I've just received my latest statement from hsbc and realied the bank charges have gone up over 150% for the last month because they have changed there charging structure. Im just wandering if anyone knows which banks offer the lowest charges.

They have started charging me for each £100 i take out over the counter. I pay a couple of my suppliers via cash which now will cost a hell of a lot in fees. I also need a bank that has online banking.

Are abbey national or alliance and leicester any good.

Many thanks for your time

[coxadmin]

I use Abbey National www.anbusiness.com - free business banking within certain (generous) limits. Their online banking is also very good.

[MikeH]

I can also recommend Abbey. Free banking all the way, but we do keep a reasonable balance with them. We refer people to banks for free banking, but as with most things there are certain criteria. Take a lok at this link-

http://www.sfsgo.com/business-banking.asp

If you need any advice feel free to contact me. You will also find that Ozzy can refer people to banks if you need further help.

Alternatively go to the bank that you use personally and ask for free banking, if they do not offer it tell them you will go elsewhere. No one should pay for business banking. They make their money by lending out the funds that you deposit (a simplistic argument I know).

Mike.

[turtle37]

Thanks for your help. I popped into my local Halifax yesterday to see about hbos business accounts, they sound unbelievable compared to hsbc. Will try and make time to go to Abbey this week and maybe one or two more. One thing is for sure im leaving HSBC, it's made me realise just how much they rip off there customers.

[MikeH]

Glad that HBOS were able to help. We are also looking at them for some specific requirements that we have.

Mike.

[autolycus]

I've used Abbey for some time, and they are fine if your needs are fairly simple. And of course, the free banking for life is a big plus.

Only thing I would say against them is that you have no branch access. So if you need to do something non-standard (e.g. set up a same day CHAPS transfer, discuss an overdraft, etc) then you have to ring the call centre and they aren't always that easy to get through to.

Dave.

[alimicdee]

I have just applied to move my business account to the Abbey! I've moved from the Alliance and leicester after 3yrs with them, I just found their customer services unfriendly and intransigent when discussing problems or unnecessary charges! proverbial Brick wall! they also increased hidden costs like contact phone numbers! Beware!!!
The Abbey looks a better deal for a similar service!


Ali