Banking Recommendations

[NDT Level 3]

Hi everyone, I have recently set-up a small engineering consultancy business after ditching my job of the last 10 years. Over the years I have put a little away so when I left my previous job I was comfortable for a little while and I could pursue my new venture at my own pace. I intended to have a few months break before I got back in to the saddle so to speak.

Anyway after a few weeks, not helped by the weather being poor, I found myself a little bored and started coming up with ideas for my new business.

Anyways things have been going pretty well so far.

Left old job - Check
Chat with accountant - Check
Registered with companies house - Check
Online presence - Almost check
Office space - Almost check

Anyway the last week or so I've had a few people phoning up for me to do small amounts of work. TBH I didn't want to be at this stage yet but I though if I turn them down then they'll never call back again and they were the sorts of customers I was going to be aiming my business at.

So I've been out doing the odd job here and there, which is fine, the biggest company I plan to work for have said that they will be happy to do business with me even if i'm not VAT registered, which is a bonus.

However I need help/advice on one thing that I haven't got much experience with.

I need a business bank account. Nothing too flash, just low fees, decent customer service, the usual stuff. TBH since 2008 I've heard nothing but bad news from the banks with some of the news being horrendous.

Any personal recommendations or who to avoid would be great.

 

[MyAccountantOnline]

I look after the accounts and tax affairs for small and new businesses and hear good and bad about all the banks.

I personally use Barclays and have no issues with them but have very basic requirements. I never visit a branch or speak to anyone, it's all done online and works well.

Do you have any specific banking requirements?

 

[GillespieBS]

How about giving CountingUp a go? It's a brand new bank and accounting software app combined. Designed for sole traders like yourself and as its new, support will be pretty dedicated.
https://countingup.com/

 

[KAC]

How about giving CountingUp a go? It's a brand new bank and accounting software app combined. Designed for sole traders like yourself and as its new, support will be pretty dedicated.
https://countingup.com/

An interesting suggestion.
However OP appears to be a limited company as registered with Companies House and they don't appear to support those at the moment. When they do, it appears to be £20 per month.

 

[NDT Level 3]

I look after the accounts and tax affairs for small and new businesses and hear good and bad about all the banks.

I personally use Barclays and have no issues with them but have very basic requirements. I never visit a branch or speak to anyone, it's all done online and works well.

Do you have any specific banking requirements?

No my banking requirements would be pretty basic. I have no requirement for a overdraft, loans, funding, etc. A basic online bank account would be fine.

Barclays +1 it is then!

 

[NDT Level 3]

How about giving CountingUp a go? It's a brand new bank and accounting software app combined. Designed for sole traders like yourself and as its new, support will be pretty dedicated.

Just had a look at ContingUp. ATM details seem a little sparse on their website but I do think it's a great concept and I am a big fan of cloud data storage (i.e. outsourcing your IT for nearly no cost). I've just downloaded the app from Google Play and am just about to sign up. I'll let you know how I get on.

 

[MyAccountantOnline]

No my banking requirements would be pretty basic. I have no requirement for a overdraft, loans, funding, etc. A basic online bank account would be fine.

Barclays +1 it is then!

The app and desktop version of the online banking are nice and easy to use too.

 

[Clearaccy]

I find Barclays to have the best online banking system.

HSBC was offering the best deal last time I checked.

 

[NDT Level 3]

Anyone had any experience with Yorkshire Bank? They're currently offering 25 months of free banking. After that £5 per month and 30p per credit/debit. Seems pretty reasonable to me.

 

[GillespieBS]

I don't think you get a much different service from bank to bank. As an accountant I get fantastic service from Natwest however I am conscious that I get an account manager as I am a referrer which other small businesses don't get. I set up another business recently and Barclays were useless however that is specific to my area and the local small business account manager here who has to cover thousands of small businesses.

I was also under the impression that quite a few banks offer free banking for 18 - 24 months. They get it back later down the line.

I liked natwest as my clients can download statements going back years, Barclays and a few others could only go back about 6 months last I heard which meant they had to request them and took weeks to get. They may have updated their systems since though.

Best of luck

 

[sanjiv]

I would recommend Yorkshire Bank, I use them for a business account. Mobile banking and online pretty straightforward to use. Deposits etc. can be done at a Post Office, which there seems to be more of now than there are high street bank branches!

I haven't had to call them up much so can't comment on the customer service, however my experience has been positive.

Anyone had any experience with Yorkshire Bank? They're currently offering 25 months of free banking. After that £5 per month and 30p per credit/debit. Seems pretty reasonable to me.