Read reviews for any company, they will typically be bad because people rarely go online to say positive things.
Have a look at what they offer.
I originally went with RBS because I used to work for them and my main account was with them. They gave me a £100 overdraft free for 12 months which was handy when starting out. They charge(d) £5 a month and the app was pretty good as I could transfer between personal and business accounts easily. Their app also allows you withdraw money from an RBS/Natwest cash machine if you have forgotten your card - that has come in handy more than once.
Then they lost my business account, I could not access it via the app or internet banking only in branch or at a cash machine. Their suggestion was to open a new account...
So I went to Santander who also have a decent app where I can access personal and business accounts and transfer money between the 2. They charge £7.50 a month but pay me interest on ym balance which more or less makes up for the extra they charge.
I do not really do internet banking but I do like a mobile phone app so I can transfer money quickly and easily. It was important to me to have it all in one app rather than one for personal and one for business.
Have a look at what they offer and draw up a list and go from there.
Have a look at what they offer.
I originally went with RBS because I used to work for them and my main account was with them. They gave me a £100 overdraft free for 12 months which was handy when starting out. They charge(d) £5 a month and the app was pretty good as I could transfer between personal and business accounts easily. Their app also allows you withdraw money from an RBS/Natwest cash machine if you have forgotten your card - that has come in handy more than once.
Then they lost my business account, I could not access it via the app or internet banking only in branch or at a cash machine. Their suggestion was to open a new account...
So I went to Santander who also have a decent app where I can access personal and business accounts and transfer money between the 2. They charge £7.50 a month but pay me interest on ym balance which more or less makes up for the extra they charge.
I do not really do internet banking but I do like a mobile phone app so I can transfer money quickly and easily. It was important to me to have it all in one app rather than one for personal and one for business.
Have a look at what they offer and draw up a list and go from there.
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Find a bank that suits your needs.
I like Santander - £7.50 a month in fees after first 12 months and provides the services I want.
Used to be with Natwest years ago when they provided the services I wanted, more expensive than £7.50 a month but location and services suited my business at that time. Different services than my current business needs.
Most places will give at least 12 months free banking. So look to see what you need now and what you expect to need. Then figure what meets your requirements.
Should reduce the possible banks down.
I like Santander - £7.50 a month in fees after first 12 months and provides the services I want.
Used to be with Natwest years ago when they provided the services I wanted, more expensive than £7.50 a month but location and services suited my business at that time. Different services than my current business needs.
Most places will give at least 12 months free banking. So look to see what you need now and what you expect to need. Then figure what meets your requirements.
Should reduce the possible banks down.
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Agree with @tony84, you can often find more negative reviews than positive because people are more likely to leave complain than praise. And in the vast majority, things do get exaggerated so it may be that what the reviewer is describing isn’t exactly what has happened anyway.
We’re with Lloyd’s, reasonable fees, great online system and we take a lot of cash and live within a 5 minute walk of our local branch which was a big factor in our decision.
We’re with Lloyd’s, reasonable fees, great online system and we take a lot of cash and live within a 5 minute walk of our local branch which was a big factor in our decision.
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J
janeandbertie
- Original Poster
- #8
Thanks for your thoughts.
I initially thought HSBC as will be importing, but I kept reading how they shut lots of business accounts with no warning over the last few years!
Unfortunately Starling does not integrate with Kashflow and has no overdraft facility if needed, so I ruled that one out.
Lots of people seem to recommend Santander, I'm only put off because I once worked for Abbey National in the complaints department and heard all the horror stories!
The other two I am considering is Lloyds and TSB.
I think Lloyds have a good reputation and business advisors, looking at their website.
TSB are actually offering 25 months banking and then £5 month at the moment but I don't know anyone who banks with them or who recommends them online.
I'll just have to bit the bullet and go with one.
I initially thought HSBC as will be importing, but I kept reading how they shut lots of business accounts with no warning over the last few years!
Unfortunately Starling does not integrate with Kashflow and has no overdraft facility if needed, so I ruled that one out.
Lots of people seem to recommend Santander, I'm only put off because I once worked for Abbey National in the complaints department and heard all the horror stories!
The other two I am considering is Lloyds and TSB.
I think Lloyds have a good reputation and business advisors, looking at their website.
TSB are actually offering 25 months banking and then £5 month at the moment but I don't know anyone who banks with them or who recommends them online.
I'll just have to bit the bullet and go with one.
Upvote
0
The challenge for you here is that every opinion relates to personal circumstance, which may or may not mirror your own
Until about 5 years ago I used to recommend HSBC because they had in branch advisors. Then one day they decided to get rid of them
I’ve banked for 10 years with Lloyd’s and would have said they were ok - until I had to make some changes to internet banking authorities. When it became apparent that their systems are far less user friendly than HMRC - leading to high blood pressure and a heart attack (I might be exaggerating, but it felt a bit like that at the time)
You won’t get an individual manager at Lloyd’s
From customer feedback,Santander are good at the basics, and you get a personal contact, but can be painful if you need something out of the ordinary.
Until about 5 years ago I used to recommend HSBC because they had in branch advisors. Then one day they decided to get rid of them
I’ve banked for 10 years with Lloyd’s and would have said they were ok - until I had to make some changes to internet banking authorities. When it became apparent that their systems are far less user friendly than HMRC - leading to high blood pressure and a heart attack (I might be exaggerating, but it felt a bit like that at the time)
You won’t get an individual manager at Lloyd’s
From customer feedback,Santander are good at the basics, and you get a personal contact, but can be painful if you need something out of the ordinary.
Upvote
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Same Boat here....looking for a bank account for online retail start-up.
Looking for a bank with no transaction fees but a single monthly flat fee (even if thats higher obviously). Having a flurry of monies going into the bank account daily would soon mean transaction fees whack up!
As well as the normal protections if they go under.....which is why im happy to try but still wary of some of the startup or young/online banks.
Also want a bank with a good app that works. My personal banking is with Halifax and has been for most of my life. I really like their app, but they don't do business accounts which is a shame.
As Op says the reviews are all over the show and it comes down to just making a decision and going for one.
John
Looking for a bank with no transaction fees but a single monthly flat fee (even if thats higher obviously). Having a flurry of monies going into the bank account daily would soon mean transaction fees whack up!
As well as the normal protections if they go under.....which is why im happy to try but still wary of some of the startup or young/online banks.
Also want a bank with a good app that works. My personal banking is with Halifax and has been for most of my life. I really like their app, but they don't do business accounts which is a shame.
As Op says the reviews are all over the show and it comes down to just making a decision and going for one.
John
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What do you need from your bank? Do you need a local branch, a manager to speak to, will you be depositing cash etc.?
I have used Barclays for a long time but the service has changed a lot. I now longer have, or need, a local branch and have no contact with any manager at all. I use the account solely online and all receipts are online transfers or standing order and all payments are online. I have no complaints about the service I receive.
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If it helps I personally bank with Halifax and Lloyd’s and have a business account with Lloyd’s and the business app is identical to the personal banking apps.
Also they also don’t make a charge for bank transfers or any ‘digital money movements’ only cash and cheques, so if you're e-commerce only you won’t incur any fees over their £6.50 monthly charge (and the first 18 months are free).
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