Which Bank for start up

[edwin42]

Hi all, im starting a management company which will handle all transactions for our clients and they have £400,000 turnover and many costs and a separate account for our own employees. Wondered which bank is the best/easiest
to use on a daily basis?

Thanks for any help!

 

[DontAsk]

I can't fault Santander.

 

[MyAccountantOnline]

Hi all, im starting a management company which will handle all transactions for our clients and they have £400,000 turnover and many costs and a separate account for our own employees. Wondered which bank is the best/easiest
to use on a daily basis?

Thanks for any help!

What do you want from a bank?

 

[edwin42]

Thanks for the responses. Just need to make simple transactions, ease of use, reliability, cant afford disruptions in business.

 

[MyAccountantOnline]

Thanks for the responses. Just need to make simple transactions, ease of use, reliability, cant afford disruptions in business.

If it's just basic online banking I've certainly had no issues with Barclays; the online banking is easy to use and very reliable, but I do have very simple banking requirements.

As an accountant looking after the accounts and tax for a lot of new businesses I hear good and bad about all banks.

 

[GillespieBS]

Can i add that if you are handling client money then you may have a huge amount of transactions. Get a bank feed set up into a bookkeeping software. I have just taken on a similar business who is with HSBC and there is no way of getting thousands of transactions into excel very easily. As a result there is going to be a potentially expensive job to do some retrospective bookkeeping.

I know with Natwest at least you can download 12 months at a time into excel.

 

[edwin42]

Thanks again, very true about the large number of transactions i will certainly check into that.

 

[MCELEC]

I have gone with Santander, the process of opening the account was online, applied Saturday and account was open by Sunday, Debit card etc arrived mid week, no hassle, no fuss and a reputable high street bank.

 

[O. Julian]

Santander Start-up Business Current Account
It’s worth noting that Santander have been awarded Best Business Current Account Provider for the last 15 years by Moneyfacts, along with a couple of other business banking awards.

 

[Marco_FR]

HSBC is a good one aswell. hsbcnet is easy to use. Your clients can setup different type of users level. Admin or user only ( they can only see the transaction in the account).

However, if you handle client money you will need to register with FSA. (Under Section 19 of FSMA, any person who carries on a regulated activity in the UK must be authorised by the FSA)

 

[Nick Dewdney]

I agree - been with HSBC for 30 years and they have been great for business and personal accounts.

 

[Mike Godwin]

If it's a new business, would suggest you have a sound business plan. Nat West were very helpful with our business when starting up and can highly recommend them.

 

[Chart Accountancy]

Lloyds bank offer also good services for business banking.

 

[Prav]

Definitely Santander. No charges for small business