Who's good for business banking accounts?

Discussion in 'General Business Forum' started by okonaut, Aug 24, 2018.

  1. Diesel

    Diesel UKBF Contributor Free Member

    91 5
    This looks great for a very small business! No fees and very interactive. I remember asking HSBC for a £1500 overdraft once and the arrangement fee alone ensured I used a credit card instead. This account seems a lot more modern and up to date.
     
    Posted: Aug 31, 2018 By: Diesel Member since: Apr 8, 2008
    #21
  2. KateCB

    KateCB UKBF Ace Free Member

    2,258 534
    We have an online only account with HSBC as we do not take cash, or need cash and everything is paid to us via BACS/Internet transfer and paid out the same way. We are charged £5.50 a month for the account, that's it - nothing else. The downside is if you want to pay cash into the account (we don't, so not a problem) you are charged a fee per £100 paid in, and they are still working on the mobile app - not sure, but I THINK you need the keypad....I don't use the mobile app, so you would have to check that one out. The online interface is being upgraded, it works well - worth a look.
     
    Posted: Aug 31, 2018 By: KateCB Member since: May 11, 2006
    #22
  3. Diesel

    Diesel UKBF Contributor Free Member

    91 5
    You do pay for ATM withdrawals Kate and a (annual?) fee for overdraft arranging, and really, as they have closed the branch around the corner that made us choose them in the first place they have no advantage over the newer better challenger offerings. They are also giving people hell with excessively intrusive ID checks for longstanding customers and if you don't tell them your world they just cancel your account with no recourse!
     
    Posted: Aug 31, 2018 By: Diesel Member since: Apr 8, 2008
    #23
  4. KateCB

    KateCB UKBF Ace Free Member

    2,258 534
    I have just spent some time looking at starling bank and if they offered multi director company accounts I would be there like a shot - if you are a sole trader or single director company, then the account does look like gold :)
     
    Posted: Aug 31, 2018 By: KateCB Member since: May 11, 2006
    #24
  5. KateCB

    KateCB UKBF Ace Free Member

    2,258 534
    We don't use cash - at all... so the ATM withdrawal never bothered us; we don't have an overdraft so that doesn't bother us either and we don't use their business credit card - it suits us for now, but as I have just posted, the new Starling Bank looks ideal for sole/single director companies - I have registered interest in them contacting me when they are able to offer multi director company accounts too :)

    Just thought though, I have just finished the online 'war and peace' ID check and then got a phone call to clarify things! I must admit, they are rather intrusive, long winded and I am not sure if they are really necessary - but not knowing the industry are they the leaders in ensuring Money laundering is not occurring through their bank? Will other banks follow suit? I have no idea.
     
    Posted: Aug 31, 2018 By: KateCB Member since: May 11, 2006
    #25
  6. ruby123

    ruby123 UKBF Newcomer Free Member

    11 0
    What experience does anyone have with lending, overdrafts etc with business banks.
    Assume all similar but do any seem more able to lend than others or offer better cost of borrowing?
    Liking the look of Santander but does anyone have experience of overdrafts etc with them
     
    Posted: Jul 11, 2019 By: ruby123 Member since: Oct 30, 2018
    #26
  7. Mr D

    Mr D UKBF Legend Free Member

    14,902 1,625
    Natwest - poor experience with their business banking staff. Offered me an overdraft, initially thought OK maybe useful.
    So agreed to that - then they became very confused about figures. Profit and turnover are quite different to us, the person I spoke to appeared baffled by both terms and figures they entered bore little relation to what I had given.

    I now bank with Santander, not tried their business credit facilities yet. Too early for me.
     
    Posted: Jul 11, 2019 By: Mr D Member since: Feb 12, 2017
    #27
  8. TheoNe

    TheoNe UKBF Regular Full Member

    135 12
    Posted: Jul 11, 2019 By: TheoNe Member since: Jul 6, 2019
    #28
  9. ruby123

    ruby123 UKBF Newcomer Free Member

    11 0
    Cheers I will take a look, has anyone experience of borrowing from starling?
     
    Posted: Jul 11, 2019 By: ruby123 Member since: Oct 30, 2018
    #29
  10. glengraving

    glengraving UKBF Contributor Free Member

    52 28
    I recently switched from Santander to RBS for my personal banking (because my local branch was closing and RBS had a £175 joining bonus).

    Will need to open a business account soon though, and don't fancy RBS's fees, so will shop around.
    How do small businesses who depend on cash deal with branches closing? Post Office?
     
    Posted: Jul 11, 2019 By: glengraving Member since: Jan 24, 2019
    #30
  11. Victoria_V

    Victoria_V UKBF Contributor Full Member

    78 10
    If you prefer online banks to the traditional brick and mortar banks, there are many options to choose from. Most of 'challenger' banks have free trial period so you can test it out and see how you feel about the interface, the customer support, the pricing, etc.
     
    Posted: Jul 11, 2019 By: Victoria_V Member since: May 29, 2019
    #31
  12. Strent12

    Strent12 UKBF Contributor Free Member

    31 4
    Lloyds is a good choice, barclays definitely not as they have other accounts for foreign currency with charges and are a pain in the neck.

    Depending on what you use for finance i.e. xero check that it can link up to it so you can get your bank transactions into your finance software and therefore easily reconcile transactions.

    Very important as vat return is like everything all going online.
     
    Posted: Jul 11, 2019 By: Strent12 Member since: May 15, 2019
    #32
  13. Mr D

    Mr D UKBF Legend Free Member

    14,902 1,625
    Have several times used Natwest (where wife still has an account) to get change for an event.
    Using personal money from personal account, they really are not happy providing change and keep trying to insist we open a business account with them (and of course be charged more in fees).
    This is for us doing a personal table at a tabletop sale or local event - not a business at all.

    The last time I used Santander for business cash for a business event, I used the branch I was near rather than my local branch. Had to show ID and they wanted me to show a business letter too - which I didn't have on me.
    Grumbled but gave me the £60 in pound coins.
     
    Posted: Jul 11, 2019 By: Mr D Member since: Feb 12, 2017
    #33
  14. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,158 913
    With respect this is a bad question which will lead to either meaningless or misleading answers

    The experience of any business owner of borrowing money will be the result of many factors which possible aren’t relevant to you

    Some such factors are:

    1. Economic climate. In 2007, pretty much any start up could wander into a.bank and wander out again with a £5k overdraft. In 2009, nobody could. We are currently moving slightly into cautious mode again.
    2. Market sector. Restaurants and retail will currently see some resistance to lending. That said, many of my clients are start up restaurants, but they do have to meet some criteria to get me off my arse.
    3. Appropriateness/purpose. Securing funding for income producing assets, or to fulfil confirmed orders will be easier than getting a loan for ‘marketing’ or ‘business development’
    4. ABOVE ALL a compelling business proposition with facts and evidence, as opposed to a waffly fanciful business plan
     
    Posted: Jul 11, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #34