Banking for New Company

[Red_Stafford]

Hi all, we are in the process of setting up our new company and I was hoping you guys could advise us on which bank we should bank with ?

 

[Andrew @ PLA]

Fancy seeing you here If you join or are a member of the FSB, you can get free banking with the Co-op .....

 

[Williams lester]

Depends what banking services you will need really.

 

[Red_Stafford]

as long as we can get free internet banking we will be happy

 

[Williams lester]

Most banks give an initial free banking period for new business accounts, some give free banking for life. If you just want a fairly baisc account have a look at Santander.

 

[MyAccountantOnline]

Hi all, we are in the process of setting up our new company and I was hoping you guys could advise us on which bank we should bank with ?

If you havent yet sorted your company formation some of the formation agents give you a free formation and a credit from Barclays if you opt to use Barclays - might be worth considering.

In my opinion all the banks seem much the same.

 

[Red_Stafford]

If you havent yet sorted your company formation some of the formation agents give you a free formation and a credit from Barclays if you opt to use Barclays - might be worth considering.

In my opinion all the banks seem much the same.

The company registration is pending.

Just wondering does my personal credit score/history affect opening accounts and applying for credit through the company ?

 

[MyAccountantOnline]

The company registration is pending.

Just wondering does my personal credit score/history affect opening accounts and applying for credit through the company ?

The reality - yes it can do.

 

[Red_Stafford]

The reality - yes it can do.

Thats not good, we need to setup a business account and I have bad credit history I got declined a personal bank account just a few weeks back ?

 

[MyAccountantOnline]

Thats not good, we need to setup a business account and I have bad credit history I got declined a personal bank account just a few weeks back ?

Over the past few months I have had quite a few clients really struggle to get bank accounts opened.

 

[Red_Stafford]

Over the past few months I have had quite a few clients really struggle to get bank accounts opened.

So what can I do, our business needs a bank account ?

 

[MyAccountantOnline]

So what can I do, our business needs a bank account ?

I wish I knew the answer to that one.

If it helps the clients who have approached high street banks direct and met with a local business manager have had more success than those using the online only accounts.

 

[Red_Stafford]

I wish I knew the answer to that one.

If it helps the clients who have approached high street banks direct and met with a local business manager have had more success than those using the online only accounts.

Can we put the business account in the name of the company secretary and not have my name on the account ?

 

[MyAccountantOnline]

Can we put the business account in the name of the company secretary and not have my name on the account ?

No the business account must be in your limited company name.

You could choose to have only the company secretary as a signatory but you'll still be listed as a director of the company and your details will as such be listed on the application.

If you are concerned why not see if you can arrange a face to face meeting with a local manager with one of the high street banks.

 

[longleaf1]

Thats not good, we need to setup a business account and I have bad credit history I got declined a personal bank account just a few weeks back ?

Natwest Business Direct Banking. There foundation account is specifically designed for people with bad credit. They put you through an application for there normal current account and if that fails because of credit or whatever they automatically give you a foundation account.

There a bit rusty like most banks and don't expect it done quickly but at least you will get an account in the end.

http://www.natwest.com/business/products/business-current-accounts/foundation-current-account.ashx

 

[Red_Stafford]

Many thanks

Natwest Business Direct Banking. There foundation account is specifically designed for people with bad credit. They put you through an application for there normal current account and if that fails because of credit or whatever they automatically give you a foundation account.

There a bit rusty like most banks and don't expect it done quickly but at least you will get an account in the end.

http://www.natwest.com/business/products/business-current-accounts/foundation-current-account.ashx

 

Natwest Business Direct Banking. There foundation account is specifically designed for people with bad credit. They put you through an application for there normal current account and if that fails because of credit or whatever they automatically give you a foundation account.

There a bit rusty like most banks and don't expect it done quickly but at least you will get an account in the end.

http://www.natwest.com/business/products/business-current-accounts/foundation-current-account.ashx

Reminded me of;

''Almost two million Nat-West and RBS customers are being booted out of their bank after being auctioned off to Spanish-owned Santander.

Santander has bought all 311 RBS branches in England and Wales, and seven NatWest branches in Scotland, after the state-backed bank flogged its assets to satisfy European competition rules.

But consumer groups warn that the sale could cause chaos for many RBS and NatWest customers, since Santander is notoriously poor at customer service.'' [Daily Mail; 29th September 2010]

 

[BenKirkwood]

We have a good deal with Alliance & Leicester / Santander. Ideal for startups.
See: http://www.paymentsense.co.uk/free-business-banking