business bank account help?

[simpson7647]

hi all, im looking to use a business bank account for my business but unsure what to go for.
Ive heard many bad things about Natwest and was looking into abbey.

My specifications are:

Online banking.
Being about to send money over to the usa from the uk via wire transfer (known as Relay i believe)

I will also need a loan of around 1 to 2k.
I'm currently earning 600 £ a month which goes straight into my Natwest account so i'm guessing the only hope of a loan, is from here.


What banking do you lot use and what are the fees?

 

[simpson7647]

helpppp anyonee?

thanks

 

[Matt1959]

everyone you speak to will have their own opinion about a particular bank. eg I've been with NatWest for 20 years and I love them! IMO when choosing a bank, I'd go for one of the major high st ones so at least you can go there in person if theres a problem. Level of fees wouldnt be foremost in my mind...

 

[Pragmatic_man]

On Google try - "best business bank accounts uk"

You will hit across a few website where end users have provided feedback about various banks and their products.

I have dealt with Lloyds and Barclays and the Managers were quite helpful when I wanted to open my account.

 

[jelly3]

hi all, im looking to use a business bank account for my business but unsure what to go for.
Ive heard many bad things about Natwest and was looking into abbey.

My specifications are:

Online banking.
Being about to send money over to the usa from the uk via wire transfer (known as Relay i believe)

I will also need a loan of around 1 to 2k.
I'm currently earning 600 £ a month which goes straight into my Natwest account so i'm guessing the only hope of a loan, is from here.


What banking do you lot use and what are the fees?

Your own bank provides 2 years free business banking.
They should be your first port of call.

They will not give you a business loan without a business plan and even then I would plan for rejection.

 

[simpson7647]

thanks for the help and na i wont ask for a 'business loan', just a loan for say a new car

haha

thanks

Ps

prag i tried that and theres no many things about 'my bank' which is natwest so im not too sure :/

 

[Stuartthomas]

the best way of getting the fast cash is the payday loan.. [FONT=&quot]Payday loans are popular, but many people still don’t understand how they work or just listen to what they hear from friends and think that is how it is done. [/FONT]

 

[simpson7647]

explain?

DOnt think it would work for me as im wanting to borrow an amount and pay back like 10% each month kind of thing

thanks

 

[simpson7647]

explain please?

thanks

 

[jeffbearcroft]

Hi Simpson

Would you mind explaining your personal experience of Natwest and also the "bad things about Natwest" that you refer to?

Thanks

Jeff

hi all, im looking to use a business bank account for my business but unsure what to go for.
Ive heard many bad things about Natwest and was looking into abbey.

My specifications are:

Online banking.
Being about to send money over to the usa from the uk via wire transfer (known as Relay i believe)

I will also need a loan of around 1 to 2k.
I'm currently earning 600 £ a month which goes straight into my Natwest account so i'm guessing the only hope of a loan, is from here.


What banking do you lot use and what are the fees?

 

[simpson7647]

hi there, thansk for your reply.
personally i have had no bad experiences of Natwest, i just searched on google about natwest and business accounts and there were so many bad things said about how bad the customer service etc is for business accounts.

Im just going to need a business account.
And im going to need a loan out of around 1k to 2k.

thanks

Hi Simpson

Would you mind explaining your personal experience of Natwest and also the "bad things about Natwest" that you refer to?

Thanks

Jeff

 

[jeffbearcroft]

Hi Simpson

Thanks for the feedback.

My view is Natwest is ok as a bank. You will always get people with bad experiences with any bank,. Some are fair comment, others not.

If you already bank with Natwest and you have had no bad experiences with them, if I were you, I would stick with them for the business account.

I bank with Lloyds and Barclays and they are fine too. I don't think there is a great deal to choose between any of the major clearers.

Regards

Jeff

hi there, thansk for your reply.
personally i have had no bad experiences of Natwest, i just searched on google about natwest and business accounts and there were so many bad things said about how bad the customer service etc is for business accounts.

Im just going to need a business account.
And im going to need a loan out of around 1k to 2k.

thanks

 

[simpson7647]

Thats a very good point, thanks for that.

Ill probably stick with natwest then but about the loan...

I currently have an income of 600 pounds a month and requested a loan for 2k in which i paid back 180 pounds a month.
They refused this as they believe i couldnt pay back the required amount.

I'm not sure what they would say on the 1k loan as thats paying back around 90 pounds.

thanks

 

[jeffbearcroft]

Hi Simpson

Sorry to hear they refused the loan. I can't really comment on your personal position because I don't know everything about you and your circumstances.

I will say however that banks in general have become more cautious about lending so many people are finding it difficult to get loans at the moment.

You could try for a lower loan amount, but bear in mind the obvious - you have to pay it back from earnings at some point, so be careful.

Regards

Jeff

Thats a very good point, thanks for that.

Ill probably stick with natwest then but about the loan...

I currently have an income of 600 pounds a month and requested a loan for 2k in which i paid back 180 pounds a month.
They refused this as they believe i couldnt pay back the required amount.

I'm not sure what they would say on the 1k loan as thats paying back around 90 pounds.

thanks

 

[simpson7647]

yea i think ill try for a lower amount, thanks for the input

Hi Simpson

Sorry to hear they refused the loan. I can't really comment on your personal position because I don't know everything about you and your circumstances.

I will say however that banks in general have become more cautious about lending so many people are finding it difficult to get loans at the moment.

You could try for a lower loan amount, but bear in mind the obvious - you have to pay it back from earnings at some point, so be careful.

Regards

Jeff

 

[benjamin_c]

the best way of getting the fast cash is the payday loan.. [FONT=&quot]Payday loans are popular, but many people still don’t understand how they work or just listen to what they hear from friends and think that is how it is done. [/FONT]

This is the most stupid piece of advice i have ever seen! Payday loans are charged at about 2500% apr.... not good...

For the sake of 1 or 2 grand you'd be best off looking at having an overdraft in my opinion. before applying though you should check your credit rating from experian or equifax. HSBC is the best bank in my opinion but like others have said it's down personal preference. good luck.

 

[simpson7647]

yeah i'd stay away from payday loans because of how much you pay back.
Thanks for all your input, maybe ill look into an overdraft although how do they work?

I think they have a certain amount you'll pay on top of what you own like if it was 20%, and you borrowed 1k, you'd pay back 1200.

But does it keep adding up until you pay off all the overdraft?
So would i have to sort it out myself to pay in a certain amount every month as i would want it paid off in 1 year? or what?

many thanks