Business Banking

[samejh]

I have been looking into opening a business account and wondered if most people just go to their personal bank to open a business account or do they "shop around"?

I found today that Santander and Co Op bank do a free for life Business account so that you do not pay for transactions though you are limited on the amount of cash deposit transactions and cheque transactions you can do.

I thought that for myself that this isn't a problem as most of my transactions will be online transactions and debit card transactions.

As this will be a new start up business I believe that having a dedicated advisor at the bank is a must to be able to talk about any problems/issues or general business enquiries but is this a necessity as there is always a telebanking phoneline available?

What are your thoughts / opinions?

 

[Offcutz]

I didn't go with my personal account, I went with Barclays as they had fantastic support for ecommerce and I have a mobile number for my business bank manager!!

Although, I was tempted by Santander's free banking!!

You will need to look at what suits your business needs!!

 

[the locksmith]

If you do a search you will find quite a few threads on Santander (and others).

This is a recent thread http://www.ukbusinessforums.co.uk/forums/showthread.php?t=218060 .

The bottom line is that if you go for free banking don't be too suprised if things don't always go to plan .... but at least you ain't paying for it when it does go wrong !

 

[KateCB]

The co-op have a good reputation,m however their service is basic; if you are a member of the FSB there are good deals to be had with the co=op too. FSB 0 Federation of Small business - well worth it just for the legal cover!)

 

[HungryHorse]

If you don't deal with cash/cheques, do everything electronically / online, then the HSBC Business Direct account is free for life.

I see all these recommendations for "free" accounts but if you do everything online, most accounts are free. I don't write cheques, pay in maybe 1 cheque every 6 months at most and don't deal in cash at all. As such I stick with a great bank like HSBC rather than getting caught up in crappy customer service, crappy online banking with the likes of Santander.

In summary: I think you'll find that most business banking is "free" when not dealing with cash/cheques.

 

[samejh]

Thanks for your replies guys.

samejh

 

[Test It]

I too have a business direct account with HSBC (even though they don't tell their customers about it! - all hush,hush ) and can honestly say that the service from HSBC is totally rubbish.

Having been a long time customer of the brilliant Midland Bank ('The Listening Bank') a bank that I highly recommended to everyone, I now do the complete opposite and tell people to aviod. I'm only with them still because of my banking history but would change if I found a serious contender.

Very difficult to find a bank with a one to one business manager that doesn't want to charge you for banking with them.

I have at least half a dozen business cards of business bank managers at HSBC, all of which have left the company, transfered to our branches or been promoted. You kind of get sick of explaining to them all what your company is all about and your future plans.

Research them all as much as possible, including their fee's and facilities and make you choice.

Remember you are the customer! - Good luck!

 

[MyAccountantOnline]

I have at least half a dozen business cards of business bank managers at HSBC, all of which have left the company, transfered to our branches or been promoted. You kind of get sick of explaining to them all what your company is all about and your future plans.

......

I think, sadly, that's true of all of the high street banks

 

[David Griffiths]

I think, sadly, that's true of all of the high street banks

I'm not sure that it is. My understanding is that Barclays don't switch managers around willy nilly and if the manager wants to move he or she has to apply to move. That's what I was told by an area manager before I switched to them seven years ago, and I still have the same manager.

There have been a few service issues, mainly with the Barclaycard or debit cards, but nothing at local level. Whenever there's been something that the manager can help with, she's been brilliant.

 

[MyAccountantOnline]

I'm not sure that it is. My understanding is that Barclays don't switch managers around willy nilly and if the manager wants to move he or she has to apply to move. That's what I was told by an area manager before I switched to them seven years ago, and I still have the same manager.

There have been a few service issues, mainly with the Barclaycard or debit cards, but nothing at local level. Whenever there's been something that the manager can help with, she's been brilliant.

You must be lucky in Wales - I'm with Barclays too and have lost track of the number of manager changes I've seen.

 

[David Griffiths]

You must be lucky in Wales - I'm with Barclays too and have lost track of the number of manager changes I've seen.

That will be due to the fact that when the managers get to Wales they want to stay!

 

[MyAccountantOnline]

That will be due to the fact that when the managers get to Wales they want to stay!

Well what more can I say to that really?

My sister in-law would certainly agree with you living in South Wales

 

[mungry]

I have at least half a dozen business cards of business bank managers at HSBC, all of which have left the company, transfered to our branches or been promoted. You kind of get sick of explaining to them all what your company is all about and your future plans.

You could certainly insert Lloyds in there.