Looking for recommendations for a business bank account

[David Ross Digital]

I've recently set up on my own and I was just wondering who people were recommending when it comes to business bank accounts these days?

 

[ryedale]

Avoid Clysedale / Yorkshire bank like the plague - dreadful

Switched to TSB who have been fantastic so far and their online banking is very good - call centres answer within a couple of rings as well

 

[Mr D]

Santander I've found to be good so far.

 

[Mark T Jones]

What do you need from a bank?

What are your priorities?

No one can recommend without this information

 

[bobby280]

We have found Santander to be better than their reputation. When we started they were free but not sure they still offer that to newcomers. As above though, very much depends what you want.

 

[Mr D]

We have found Santander to be better than their reputation. When we started they were free but not sure they still offer that to newcomers. As above though, very much depends what you want.

We had 12 months free then a small monthly charge each month.

 

[bobby280]

We're still free, lucky us. They tried to renege on it but there was a bit of an uproar IIRC.

 

[Ashley_Price]

Like a couple of others on here, I have to admit I've been with Santander since the Abbey National days, and never had a complaint.

 

[DontAsk]

Santander I've found to be good so far.

+1

 

[Dave Sutton]

Tide are very good - app based. Very fast to sign up. The only downside is they don't accept cheques or cash deposits, but you get a Mastercard debit card. You can make a deposit elsewhere and then transfer the cash. No monthly fee. 20p fee per direct debit/transfer transaction. No charge for debit card spends or cash withdrawls.

 

[iamhill]

I use Tide myself - very morden and user friendly app - the card isn't good quality but thats not an issue for me. Try them

 

[Digimem]

is Barclays any good?

 

[Mr D]

I use Barclays as my amazon ordering account. Just putting into it the amount I am spending for personal use.
If I needed another business bank it is my next choice.

 

[Noah]

NatWest story : Set up account well before we started trading to get paperwork out of the way; offered 6 months free banking, and explicitly told them I did not want the account "opened" until needed. Six months after set-up date, but only 3 months actual activity, they started charging. When challenged, (new) bank manager asked for written proof of conversation, otherwise rejected my request to measure 6 months correctly. So nice to have a relationship built on trust.

 

[Mr D]

Their business staff I found to be somewhat blinkered and their insurance could not cover people selling on eBay.
They gave 12 months free banking which was nice, and messed up every order for change we made - which was not so nice.
Got so I would go in on a Monday before a weekend event to draw out my change in order for the branch to do another change order for the Wednesday and provide the rest of the required change on the Thursday and Friday.
Only drawing out a few grand in change, just weekend stuff.
Then banking a chunk of the cash back in the account on the following Monday with customers whingeing at the delay.

Not a big fan of Natwest.

 

[tan_lan]

The problem with things like Tide is that they are NOT a bank.

As such you do not have any of the protection you have with a bank, ie all the rules banks must abide by.

If Tide goes out of business, your account is gone. If Barclays ends their relationship with Tide, your account is gone. It looks like Tide is using Barclays in any event with Barclays sort codes.

Based on the reviews in iTunes and Trustpilot it looks like they have many negavitves!

 

[Dave Sutton]

The problem with things like Tide is that they are NOT a bank.

As such you do not have any of the protection you have with a bank, ie all the rules banks must abide by.

If Tide goes out of business, your account is gone. If Barclays ends their relationship with Tide, your account is gone. It looks like Tide is using Barclays in any event with Barclays sort codes.

Hmm interesting point - they quote here that the account is protected and they are FCA regulated... https://www.tide.co/safety-security/. I'd hope having the accounts with Barclays at least that they'd be obligated to protect the account/money within it.

 

[tan_lan]

Dave,

They have a e-money licence, as do most of the prepaid card providers. Its not a banking licence.

If Tide was a victim of a substantial fraud, you are a creditor of the company!

 

[Dave Sutton]

Interesting...

 

[tan_lan]

PS, I am not picking on Tide, MyCashPlus and all the others place customers money in the same situation.

 

[Mr D]

Taking the risks, knowing of the risk, is better than blundering into something.
Nothing against Tide, I know some people sing their praises.