Business Bank Accounts

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N

notgoingto

  • #1
    I am thinking of taking out a business bank account with a new venture. The business' takings will initially be probably small, but need room to expand.

    Can anyone guide me on who is the best for my needs please? I understand RBS is good for entrepreneurs.
     
    F

    Finance Friendly

  • #3
    I understand that the Co-operative Bank still offer free banking. Obviously most of the larger banks will offer free banking for a short period of time, lets say normally 24 months, thereafter the charges kick in. I guess you have to ask yourself what you are looking for in a business bank account, will you be banking cash or cheques on a regular basis, using an overdraft facility etc. Once the free banking period finishes you will normally have to pay every time pay in cash or cheques. Hope this helps!
     
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    S

    Sue F

    Free Member
    May 5, 2006
    411
    6
    North East of England
  • #4
    I have an account with the HSBC ... got a year free and then they've moved me on to something else (with out me having to do any thing or change any thing) that means I still get free banking.

    I hardly ever have a cheque to pay in as all my transactions are done through my card processing account but I am allowed to pay in a certain number of cheques each month free ... can't tell you how many I'm afraid as I haven't taken much notice with it not applying to me.

    I'm a bit of a banking numpty as hubby works for a bank so I've never had to do any of it however the staff are brilliant at my local HSBC and my account manager is fab.
     
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    D

    Dizzydiza

  • #5
    i have free banking for life with the Abbey but of course there are restrictions on how much you can deposit etc but if you are a small business then its great. the amounts for deposits, withdrawals and cheques are on their website under business banking
     
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    K

    KM-Tiger

    Free Member
    Aug 10, 2003
    10,346
    1
    2,893
    Bexley, Kent
  • #7
    Sue F said:
    ....... however the staff are brilliant at my local HSBC and my account manager is fab.
    Click to expand...

    That's what it's all about really. Don't choose the bank, choose the people you are going to have to deal with. Meet a few and see what they are like, try to imagine what they will be like when things go wrong.

    Remember as a customer the bank is, or will be, making a profit from you.
     
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    H

    HSLS

  • #8
    I use Alliance and Leicester Commercial Bank and don't pay any charges. The only condition being that you have to put £1000 through your account per month. I also find it convenient that I can pay money and cheques in at the post office.
     
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    spreadsheetsdirect

    spreadsheetsdirect

    Free Member
    Jun 29, 2007
    503
    65
    Southport
  • #9
    I've applied for the Abbey one, mainly as it's free and the branch is local for any cheques that might need to be paid in. I found this on google http://www.reviewcentre.com/products294.html which basically made them all out to be as bad as each other. I think it will depend on what type of business you have and how much your turnover is going to be. I just need somewhere to pay into with minimal outgoings and it's easy for me to walk five minutes down the road to pay in.
     
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    S

    Simon-M

  • #10
    Abbey have been getting a real kicking on Watchdog over the last couple of weeks. Seems they are now part of Santander (Spanish). The banking systems are being upgraded to amalgamte Abbey into the group. The fallout of course is that a number of customers have been without access to their accounts when needed.

    This is for personal banking though but I would imagine their Business side will be integrated too.

    http://www.bbc.co.uk/consumer/tv_an...nsurance_and_finance/insurance_20071107.shtml
     
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