Which banks for business?

[business_mum]

Which bank do you use for business banking?

Did you approach others before choosing?

Did you use banks to provide help and advice, which ones would you recommend?

Shelly x

 

[Stationery-Direct]

From a cost point of view Abbey is who I use as they offer FREE business banking, however, this does come at a price, e.g no over the counter transactions.

If you are happy to pay cash/cheques in through the branch deposit machine, use the ATM for withdrawals and manage your account online then I can't fault them to be honest.

 

[Dizzydiza]

Ditto here for the Abbey. The only draw back is you cant make deposits within the back its all done through the hole in the wall. Any problems you have with the account again you have to phone up and not go into the High St bank. But I certainly dont have any bank charges what so ever for this small inconvenience

 

[business123]

I would go to as many banks which have business accounts as possible. Ask to speak to the business manager, see how easy it is to see him or her. See how you get on with them, whether they give you their mobile number etc.

 

[I, Brian]

Bank of Scotland is my favourite - real interest on your account, plus very good customer services. Merchant services provided, plus very relaxed about your credit limit on the business card. And you can even call the local branch, something many banks don't allow these days.

Abbey is free, BUT it's postal only - they don't want you in the high street branches.

Royal Bank of Scotland were a bunch of muppets for myself - had to move away after they twice crippled my cashflow due to problems on their part, plus has no merchant services excepting Worldpay, which is over-priced and out of date. Also wouldn;t allow my business credit card to go over £3k without a personal guarantee, even though my company has never held any debt.

HSBC has been pretty clueless as well. You will have to enjoy Indian call centers if you go with them.

 

[Christiane]

I was with Abbey for a year but when it came to ask them for a bit of help, point blank NO! So I opened an account with A&L, they helped straight away and I am pleased with the service so far.

 

[creacom]

Hi there,

As mentioned above - try and go and see as many banks and business banking advisors as possible. Each branch is different.

We use RBS and they have always been excellent with us and we have a great relationship with our business advisor so that is a big plus. On the otherhand I know people who dont like RBS and have had bad experiences with them.

Personally I dont rate HSBC either as we first started out with them and they ended up driving us up the wall !

Take some time to meet the people and see what they can offer you.

Jacqui

 

[Melonline]

We are also with the Abbey, had no problems and the current account earns a high rate of interest. If you don't mind remote banking and keep your account in credit, this has to be a good choice.

Mel Page

 

[Essence]

Helloooo...

I'd recommend Bank of Scotland too. There isn't a branch where I am so I do most pay-ins by post or I go into a Halifax, but that's the only inconvenience.

My only tip would be to enquire with BoS directly - I opened my account through Halifax who completely misguided me! Didn't find out how wrong their advice was until I'd opened the account but fortunately BoS was still fine for me.

 

[Pelenna]

HSBC also do a free-for-life remote bank account, similar to Abbey's - I've never had any problems. They've never had a problem with me paying cheques in at the branch either, although everything else is done over the phone/on the internet.

 

[business_mum]

Bank of Scotland is my favourite - real interest on your account, plus very good customer services. Merchant services provided, plus very relaxed about your credit limit on the business card. And you can even call the local branch, something many banks don't allow these days.

Abbey is free, BUT it's postal only - they don't want you in the high street branches.

Royal Bank of Scotland were a bunch of muppets for myself - had to move away after they twice crippled my cashflow due to problems on their part, plus has no merchant services excepting Worldpay, which is over-priced and out of date. Also wouldn;t allow my business credit card to go over £3k without a personal guarantee, even though my company has never held any debt.

HSBC has been pretty clueless as well. You will have to enjoy Indian call centers if you go with them.

Is there a difference between the 2 in red??

 

[business_mum]

Thanks for the advice....

As always you hear good and bad about them all....

but researching on the internet, RBS always seem good with their advice and internet advice re business and also Alliance & Leicester. Where I am, all these are in my town, so I will look at them all )

Thank you Shelly x

 

[Fuzzy]

I don't recommend any bank, imo they are all pretty rubbish - only going on the experience I have received of course..............bah humbug Fuzzydon

 

[WorldSalon]

Lloyds TSB are fab, loads of friendly advice for free (at least in the Edinburgh branches)...

 

[Alice3537]

How does everyone's experience of business banking correlate to their experience of personal banking? Do you keep the personal and business accounts with the same bank? (we'll exclude the people who do both through the same account as that's a given!!)

​

 

[WorldSalon]

My husband and I now have all our personal and various business accounts all with Lloyds TSB. Same branch, different divisions but same friendly advice for personal and business accounts.

 

[I, Brian]

Just tried to make a big purchase via Abbey today, but they won't let me do it via telephone banking.

Of course, they didn't encourage the set up of internet banking when I set up the account.

And I can't even use the branch to set up a bank transfer either.

Bloody annoying.

Think will have to delegate Abbey as the "Kwik Save No Frills" of the banking world.

 

[business_mum]

ummm very mixed opinions here but quite a few of the same names appearing.... I guess it all depends on the staff of the branches as to how far you get and the services received....

 

[miketombs]

How does everyone's experience of business banking correlate to their experience of personal banking? Do you keep the personal and business accounts with the same bank? (we'll exclude the people who do both through the same account as that's a given!!

I do my personal banking with HSBC. When I used them for my business banking they were not particularly helpful, so I switched my business banking to Lloyds TSB. Having said that, it's the individuals you deal with who make the difference.

 

[Mark @ SLS Investigations]

I use the Co-operative bank, as if your a member of the FSB then you get free banking for ever which includes most transactions but not overdrafts interest fees, although they are not dear. Plus they pay you £25 a year as a loyalty bonus.
Their account links is http://www.co-operativebank.co.uk/s...me=CoopBankv2/Page/tplCBv2PageStandard&c=Page

 

[shallam]

If you are going to need a relationship with your bank - perhaps for an overdraft or a loan - then it is well worth having a face to face meeting with any prospective banks.

They will have different incentives up their sleeve to get your business.

Also, I initially underestimated just how important it is to have a bank close to home or the office. Postal banking is great, but it adds days to your cashflow.

I ended up going with HSBC - they gave me the best deal on the day.

And then of course, it is always worth changing banks every once in a while! Their profits are based on small businesses being too lazy to change banks to get the best deal!

 

[Trulli]

I was told you should keep your personal and business a/cs at separate banks. This is because if you get into 'trouble' with either that although they can't transfer money from one to the other to solve the problem they could freeze the other account.

I have having my only banking prob but I'll start another thread.

Sarah

 

[Steve2507]

I'm an ex bank manager and IMO they are all as bad as each other, simply go on cost.

 

[.Spiralling.]

Well, having just come back from a meeting with Lloyds, I'm looking to change my business account. The person I met with today was polite, friendly and very helpful. Unfortunately, she's not my business bank manager. With Lloyds unless your turnover is above 500K a year, you get given a business bank manager in the "low turnover centre" which is, in effect, a call centre. You get a named person there but often can't get through. It makes no difference though, as they are all equally ignorant. I've no end of hassle with my named advisor, and today just tops it off. I called three weeks ago for some advice, and based on the information he gave me, I've spent the time between now and then researching and working hard for the meeting I had today. When I got there I was told that the information he had given me was completely wrong, on all counts and the bank can't help me.

I'm hoping posting on here will stop me calling him up to tell him what I think of him. In the meantime, I need to move banks. I can't put up with that level of incompetence when it effects my business.

 

[Steve2507]

I'm an ex bank manager and IMO they are all as bad as each other, simply go on cost.

I repeat my point.

Sorry to hear you have had problems Nicola, as I have said just go on cost, they really are all as bad as each other.