Recommended Business Bank Account?

[JGWS]

Hello Again,

So I've recently started a Limited Company (officially registered it today) after a lengthy groundwork and many lessons learnt along the way, loads more to be learnt soon too. I'm now looking at the banking aspect of things and to be honest I'm looking for advise and there is really nowhere better to turn than here. I have been having a look at the blog and saw a recommended page (Compare Business Bank Accounts, can't link) which I did read more into for each individual bank, since I don't want to use my primary one my personal accounts are linked to.

Does anyone have any recommendations or advise on who they'd recommend to go with and why? Stuck between a rock and a hard place here. So many issues with accountants already that I've thrown that out the window for the time being so now I'm focusing on getting this part sorted out now.

Many Thanks,
John

 

[MBE2017]

Take a look at Tide, I opened an account with them recently for a new start up company and it was an easy process. Very impressed with their app, seems to cater for all my needs so far, but it depends if you have any special requirements.

Many of the web based solutions do not offer everything.

 

[JGWS]

Take a look at Tide, I opened an account with them recently for a new start up company and it was an easy process. Very impressed with their app, seems to cater for all my needs so far, but it depends if you have any special requirements.

Many of the web based solutions do not offer everything.

I was already titled toward Tide since they seem to have an abundance of documentation on their website and it all seems to be pretty extensive. Have you have to deal with their support at all and if so how would you have rated it?

 

[MBE2017]

Never required any actual support as yet, I did use a chat feature before going with them and found them very responsive, so proceeded on that basis.

 

[JGWS]

Never required any actual support as yet, I did use a chat feature before going with them and found them very responsive, so proceeded on that basis.

All sounds pretty good. I'll wait to see what others say in the morning when I wake up. Pretty late at night now to be looking into it in more detail. I do appreciate the insight to your experience with Tide to date. Seems like a pretty strong contester for my needs, which is pretty much the basic needs of a bank account.

 

[JEREMY HAWKE]

I only found out about Tide on here but if I was looking for business banking now. I would be going with them

 

[ChrisCallaghan]

Several of my clients have rated Tide when starting up a new company.

 

[nelioneil]

Starling and Monzo are rated very highly for business accounts as per the independent survey for a government entity:

Business Banking Service Quality: Great Britain Results

Independent service quality survey results: business current accounts.

www.bva-bdrc.com

 

[MyAccountantOnline]

As an accountant working with new and small businesses I hear good and bad reports about most banks.

Do you have any specific banking requirements?

 

[MBE2017]

Seems like a pretty strong contester for my needs, which is pretty much the basic needs of a bank account.

Just to add, what I truly like is the speed and ease of use of their services, and I particularly like the app contacting my phone each time to either inform of money being paid into the account, or permission for outgoing payments.

In my case so far, it has been literally instantaneous, unlike my personal and other business accounts elsewhere where I have to log into the bank and check personally. I needed another account ASAP when starting a new investment company in property and I am very happy I settled on Tide, I also considered Starling at the same time.

All in all very happy so far.

 

[JGWS]

I only found out about Tide on here but if I was looking for business banking now. I would be going with them

It does certainly seem like a lot of the community members here use either Tide or Monzo from what I've seen in other threads.

Several of my clients have rated Tide when starting up a new company.

I think it's looking more towards Tide since my needs for the bank account are fairly basic.

Starling and Monzo are rated very highly for business accounts as per the independent survey for a government entity:

~removed link since I can't post or quote them?

Thanks for the link I'm going to have a look at it shortly.

As an accountant working with new and small businesses I hear good and bad reports about most banks.

Do you have any specific banking requirements?

To be honest my banking needs are fairly simple, money in and out as needed. I'm not looking for loans etc as I don't want to take debt on and really don't need any debts. Pretty much like a cash account essentially.

Just to add, what I truly like is the speed and ease of use of their services, and I particularly like the app contacting my phone each time to either inform of money being paid into the account, or permission for outgoing payments.

In my case so far, it has been literally instantaneous, unlike my personal and other business accounts elsewhere where I have to log into the bank and check personally. I needed another account ASAP when starting a new investment company in property and I am very happy I settled on Tide, I also considered Starling at the same time.

All in all very happy so far.

That sounds amazing, the fact that you don't need to keep logging in to check and see what's going on, getting the information to you first. I really like that feature as it saves logging in constantly to check for payments etc.

 

[Newchodge]

I use Starling which is primarily a smartphone bank. It sends a message each time there is any money going in or out which I find useful. There is also web-based access where you can do a little more, but always have to confirm via smart phone. Highly recommended.

 

[MyAccountantOnline]

....

To be honest my banking needs are fairly simple, money in and out as needed. I'm not looking for loans etc as I don't want to take debt on and really don't need any debts. Pretty much like a cash account essentially.

...

In that case you may want to look at one of the banks that gives you a free subscription to FreeAgent (it's very good bookkeeping software) - that can be quite a significant saving

Get our award-winning accounting software for free

Find out how you can get FreeAgent for free while you retain a business bank account with NatWest, Royal Bank of Scotland, Ulster Bank or Mettle.

www.freeagent.com

 

[JGWS]

I use Starling which is primarily a smartphone bank. It sends a message each time there is any money going in or out which I find useful. There is also web-based access where you can do a little more, but always have to confirm via smart phone. Highly recommended.

I'll certainly have a look into it, my accountant did recommend Tide today as well whilst on the phone to them if I wanted it setup fairly quickly but of course said it is primarily my own choice.

In that case you may want to look at one of the banks that gives you a free subscription to FreeAgent (it's very good bookkeeping software) - that can be quite a significant saving

~removed link as I cannot share links still.

I'll have a look more into this FreeAgent you've referenced just now, seems like it could be useful regardless of the banking choice.

 

[MyAccountantOnline]

I'll certainly have a look into it, my accountant did recommend Tide today as well whilst on the phone to them if I wanted it setup fairly quickly but of course said it is primarily my own choice.



I'll have a look more into this FreeAgent you've referenced just now, seems like it could be useful regardless of the banking choice.

You've got lots of options for bookkeeping software. FreeAgent is good it's one I use, but again it depends on your needs.

 

[Talay]

I use Starling which is primarily a smartphone bank. It sends a message each time there is any money going in or out which I find useful. There is also web-based access where you can do a little more, but always have to confirm via smart phone. Highly recommended.

Unless you want do something like reset a password because they have a security issue and then you have to make a childish video of yourself, impossible from a PC, where you pay their stupid games.

It is childish, for kids who only have phones. I have them for one company and they turned down 2 more, same business. Zero logic and I would never want to try to do "real" banking with them as I couldn't trust they had anyone intelligent on the other side of their app.

 

[Gary.b]

I know with any account there will be good and bad, but I started to read this thread as I'm actually looking to leave Tide and I was hoping to see some alternative suggestions.

They are quick to set up with and day to day I have no issues. I've also used their support on the basic level of account with little issues and they are quick to respond.

Sadly, one one problem I have had is with cash. I've either been unlucky or it's across the board but when trying to pay in at post offices I had only one person in three attempts know how to handle the Tide card to pay in. They need to manually enter the card number and not just put it in the chip and pin machine which seems beyond some of the staff. This isn't even Tide's fault and I'm not sure how they could change things on their side to improve it.

My most recent issue and now reason I'm looking else where is how things have been handled after fraudulent transactions. Fortunately most were blocked as they didn't get confirmation by me on the app. I had one small transaction get through though, all of which happened over night.

Upon finding out I froze the card and informed Tide (another handy feature in this case). I was told to wait 7 working days and keep the card frozen. It's been over the 7 days without a peep from Tide and I'm starting to get mounting issues with subscriptions being unpaid and more difficulty with buying parts.

From all the other feedback however it seems I'm in the minority which is a shame as I quite like how Tide operates otherwise.

 

[MBE2017]

Nice to hear of your experience Gary.b since people will want to hear the good and bad.

I hope you get things sorted.

 

[JGWS]

I know with any account there will be good and bad, but I started to read this thread as I'm actually looking to leave Tide and I was hoping to see some alternative suggestions.

They are quick to set up with and day to day I have no issues. I've also used their support on the basic level of account with little issues and they are quick to respond.

Sadly, one one problem I have had is with cash. I've either been unlucky or it's across the board but when trying to pay in at post offices I had only one person in three attempts know how to handle the Tide card to pay in. They need to manually enter the card number and not just put it in the chip and pin machine which seems beyond some of the staff. This isn't even Tide's fault and I'm not sure how they could change things on their side to improve it.

My most recent issue and now reason I'm looking else where is how things have been handled after fraudulent transactions. Fortunately most were blocked as they didn't get confirmation by me on the app. I had one small transaction get through though, all of which happened over night.

Upon finding out I froze the card and informed Tide (another handy feature in this case). I was told to wait 7 working days and keep the card frozen. It's been over the 7 days without a peep from Tide and I'm starting to get mounting issues with subscriptions being unpaid and more difficulty with buying parts.

From all the other feedback however it seems I'm in the minority which is a shame as I quite like how Tide operates otherwise.

That sounds like it has been a horrific experience, I do hope that things get sorted out for you. Like you’ve said everyone has been praising Tide but I made this thread for this exact reason, to find out the good and the bad. I’ve already began to process of signing up with Tide and think I’ll contribute with it to test the waters as it were. I can only hope nothing like this happens but as expected, things can go wrong. I really appreciate you sharing your experience with me and others who visit this thread.

 

[DP Smith]

Starling Bank, easy to use, alerts for payments, accountant can access separately (no ability to spend or transfer money). I have used customer support they were a little hard to deal with initially but once I explained in the chat what the issue was & sent them evidence they got my money back for a payment I made but no goods were received.

 

[Gary.b]

That sounds like it has been a horrific experience, I do hope that things get sorted out for you. Like you’ve said everyone has been praising Tide but I made this thread for this exact reason, to find out the good and the bad. I’ve already began to process of signing up with Tide and think I’ll contribute with it to test the waters as it were. I can only hope nothing like this happens but as expected, things can go wrong. I really appreciate you sharing your experience with me and others who visit this thread.

Thanks, I'm sure it will get ironed out. Just a bit stressful in the meantime! ?
I'm confident you haven't made a bad choice by going with Tide, you wouldn't have had so many before me recommending them otherwise. I actually recommended them myself on another thread awhile ago.

 

[fisicx]

I walked into NatWest and walked out after 30 minutes with a business bank account. Couldn’t be any simpler.

 

[Newchodge]

I walked into NatWest and walked out after 30 minutes with a business bank account. Couldn’t be any simpler.

How long did it take for the police to catch up with you?

 

[Ozzy]

For the OP and anyone else, would love you forever if you chose and opened your business bank account through this page;

Business Bank Accounts

www.ukbusinessforums.co.uk

It helps pay the bills for these forums.

 

[Bob Morgan]

How long did it take for the police to catch up with you?

He's still waiting - Old Bill said it was a 'Civil Matter!'

 

[Stuart2022]

Another vote here for Starling. Their sign up process is really very good- it took 24 hours or so the first time, and when I then requested a personal account, it was about 90 seconds. A second business account likewise took 90 seconds. Literally before I had finished the screen I had a message telling me the new account was ready.

I don't know about Tide, but the Starling app gives you full control over your card- not only on/off but also restricting by type, for example I always have my business card on for internet purchases but off for in-person (just the way it suits me).

I tried Monzo and Tide and can't say that personally I was impressed with either, but I've always been awkeward.

Stuart.

 

[JGWS]

For the OP and anyone else, would love you forever if you chose and opened your business bank account through this page;

Business Bank Accounts

www.ukbusinessforums.co.uk

It helps pay the bills for these forums.

This was the page I mentioned in my OP but couldn't link it as I don't meet the requirements yet. I had already created the account, that said I may actually be registering another business for something else soon. Going to keep it all separate so I'll use the page URL for the referral on that one.