New to business banking, looking at revolut

[Emu]

Ive been looking at a few options for business banking and saw revolut, it looks good on the surface until I looked a little deeper and saw the cost. They start at £25 pm for banking but have options all the way up to £1000 per month as a fee.

Is it just me, am I missing something or is paying 12k for business banking per year just madness, would anyone do this?

 

[Flatspin]

Ive been looking at a few options for business banking and saw revolut, it looks good on the surface until I looked a little deeper and saw the cost. They start at £25 pm for banking but have options all the way up to £1000 per month as a fee.

Is it just me, am I missing something or is paying 12k for business banking per year just madness, would anyone do this?

I think the allure is in the low international banking charges? Try a couple of small transfers anywhere & see how your bank knocks you with their fees.

Not an account you would use for day-to-day UK business banking.

 

[justinaldridge]

Revolut is a great service. If you are new to business banking that it's only the starter plan that you need.

It works very well and the saving, particularly with international payments, really adds up over time. You literally get the actual inter-bank exchange rate.

I'm a big fan of Revolut.

 

[Emu]

thats interesting, I would guess you are a user.

can you tell me a bit more about the option to allow your accountant access to the account and does this provide them with enough to take care of your annual tax return?

 

[justinaldridge]

I am actually resident in Spain and filing accounts here is different to the UK so I can't comment about UK tax returns and the details that you need.

I assume it should be fine but maybe go on the Revolut forums and check with other UK users directly: https://community.revolut.com/

 

[arnydnxluk]

I've heard of Revolut but have no experience with them. For a micro business (e.g. just yourself) I would recommend looking at Starling if you're comfortable using a challenger bank:

https://www.starlingbank.com

Starling has FSCS protection. Their major downside currently, in my opinion, is lack of a desktop interface - they're mobile only.

Another point of interest - NatWest includes FreeAgent free of charge, it won't last forever but that could be a nice saving if you were considering using FA for your bookkeeping.

 

[Socio South West]

Another point of interest - NatWest includes FreeAgent free of charge, it won't last forever but that could be a nice saving if you were considering using FA for your bookkeeping.

I would not recommend anyone to use a bank freebie book keeping service when there are so many other well priced and better options available that have been discussed many times on this forum.

I recently moved my business banking to Santander, and to date have been well impressed in comparison with my previous banking with one of the high street leviathans

 

[arnydnxluk]

I would not recommend anyone to use a bank freebie book keeping service when there are so many other well priced and better options available that have been discussed many times on this forum.

FreeAgent has been around for many years before the deal with NatWest came about, it's not just a "bank freebie" and is frequently recommended by paying users and accountants.

I've used FreeAgent since 2011 and would recommend it for micro businesses (e.g. freelancers) whether free or not. The fact NatWest are offering free subscriptions is just a bonus for those starting up while the offer lasts.

Anyway, the advice was simply that if the OP was already planning to use FreeAgent, then perhaps to look at NatWest to pick up a free FA subscription for now. Makes sense to me.