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  • essaye
    • #2
    • 19th Aug 09, 8:31 PM
    Savings Guarantee for Limited Companies
    • #2
    • 19th Aug 09, 8:31 PM
    If you have personal savings of £50K with a financial institution and you are also the owner/director of a limited company that has £50K in a biz account with the same institution, are both amounts covered by the guarantee?

    The limited company is a legal entity in its own right, separate from the owner/director, so the savings should be treated separately. But, in this complex world of savings, are they?
    • stphnstevey
    • By stphnstevey 19th Aug 09, 9:39 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    • #3
    • 19th Aug 09, 9:39 PM
    • #3
    • 19th Aug 09, 9:39 PM
    Thanks for doing this - there are not many places that give business account comparisons
  • trigwell
    • #4
    • 6th Oct 09, 10:47 AM
    Business Bonds for Charities
    • #4
    • 6th Oct 09, 10:47 AM
    Could you please list accounts that are available to charities. The Investec Business High 5 is not available to charities registered as trusts.

    The Abbey Business Bond at 3% has closed.
    • stphnstevey
    • By stphnstevey 6th Oct 09, 2:49 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    • #5
    • 6th Oct 09, 2:49 PM
    • #5
    • 6th Oct 09, 2:49 PM
    how about the Anglo Irish account?
  • basilhot
    • #6
    • 7th Oct 09, 10:45 AM
    • #6
    • 7th Oct 09, 10:45 AM
    Could you please list accounts that are available to charities. The Investec Business High 5 is not available to charities registered as trusts.

    The Abbey Business Bond at 3% has closed.
    Originally posted by trigwell
    How about the accounts from secure trust 60 and 120 day notice accounts open to charities
    • malc_b
    • By malc_b 23rd Nov 09, 5:04 PM
    • 967 Posts
    • 376 Thanks
    malc_b
    • #7
    • 23rd Nov 09, 5:04 PM
    • #7
    • 23rd Nov 09, 5:04 PM
    Others not on Martin's list are:

    Secure trust is 2.52% for its 60 day account (phone, post I think, minimum 1K or 10k for ltd)

    Standard life Business Premium Direct Access Account is 1.37% for £1+, more for over 50k. This is internet access (premium is limited number of phone transactions per year, basic gives unlimited phone transactions but only 0.8%). Not brill but better than nothing and instant access so useful for VAT etc..
    • stphnstevey
    • By stphnstevey 23rd Nov 09, 8:22 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    • #8
    • 23rd Nov 09, 8:22 PM
    • #8
    • 23rd Nov 09, 8:22 PM
    And Anglo Irish 2.25% instant access and 2.50% 30 day access
    • malc_b
    • By malc_b 24th Nov 09, 11:39 AM
    • 967 Posts
    • 376 Thanks
    malc_b
    • #9
    • 24th Nov 09, 11:39 AM
    • #9
    • 24th Nov 09, 11:39 AM
    Interesting. Seems like phone/post access and Martin says

    "The Irish government has guaranteed all savings up until 2010, plus it has nationalised Anglo-Irish Bank. As the Irish-owned UK banks operate the passport system, your safety is solely reliant on the solvency of the Irish government. This is something you must be aware of and research if you have money there."

    So perhaps not as safe as a UK bank (small business are covered under the 50k limit like individuals).
    • stphnstevey
    • By stphnstevey 25th Nov 09, 10:20 AM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    Interesting. Seems like phone/post access and Martin says

    "The Irish government has guaranteed all savings up until 2010, plus it has nationalised Anglo-Irish Bank. As the Irish-owned UK banks operate the passport system, your safety is solely reliant on the solvency of the Irish government. This is something you must be aware of and research if you have money there."

    So perhaps not as safe as a UK bank (small business are covered under the 50k limit like individuals).
    Originally posted by malc_b
    Would be nice if Martin gave other's the choice though!
    • gibby
    • By gibby 25th Nov 09, 10:58 AM
    • 421 Posts
    • 252 Thanks
    gibby
    Martin recommends Abbey as a free bank account for business.
    It is free but just like the personal banking, service is really really poor & they make a lot of mistakes.

    A better deal is the coop as if you are a FSB member (simply join for the benefits & don't renew) all biz banking is 100% free

    Also for FSB members is cheaper card payment services
    usually with the major banks you have to pay a hefty set up fee to take card payments (both online or through a pdq machine) of £200 to £500 each

    With the FSB deal its free setup with Streamline/Natwest & the rates you are charged are better too.


    G
    never take advice from broke or unsuccessful people

    Jim Rohn
  • gbwright
    Bank charges
    To cut back on charges on my business account I pay cash into my personal current and then transfer online to my business account, this is only for sole trader / partnerships
  • Willowtree
    Willowtree
    We have a small Limited Company that has to pay in to the current Company bank Account, mainly cash as opposed to cheques and credit card payments. We haven't yet found a Bank Account that caters for the paying in of Company cash without big charges for the paying in of cash. Anyone know of any?
    Also looking for a Company Savings Account with easy access that pays a decent rate.
    It is definitely more difficult with a Limited Company as a sole trader can use a personal account.
  • qualityfootwear4less
    Try Nationwide Businessinvestor free cash deposits but only 5 free payments a month so I use it in conjuction with another account with free payments.

    It used to pay reasonable interest as well but sadly no longer.
    • mgt
    • By mgt 26th Nov 09, 9:03 AM
    • 8 Posts
    • 0 Thanks
    mgt
    Business money to personal savings
    There is just one pitfall with this. Many savings providers work by using a linked (usually current) account to transfer money in and out of their account, and most will not accept a business current a/c as linked account (I have tried with several). As many also do not use faster payments service, this means it typically takes 3 working days to transfer from business current a/c to personal current a/c, then another 3 to savings a/c, and the same back again. If you are trying to 'sweep' surplus cash every month you lose nearly half a month interest with this process.

    One exception to this rule I've found is Egg - while they still take 3 working days, you can link several a/cs including business ones.
    • cottager
    • By cottager 21st Feb 10, 6:34 AM
    • 931 Posts
    • 334 Thanks
    cottager
    Willowtree, post #13: it's a long time since you posted so you may not see this or you might be sorted, but if you're still needing something A&L Commercial's Free Business Current Account (not a savings a/c) might fit the bill.
    https://www.alliance-leicestercommercialbank.co.uk/content/SB010002.asp

    We use it only for banking cash and nothing else -- main business a/c is still elsewhere at one of the 'Big 4', and nothing tempts us to move it over to A&L, not even free banking. The cash just goes in temporarily to save on charges, then a cheque straight from there for the same amount into the main business a/c. It's reduced our costs for banking cash and the way we use it works well for us, but there are conditions and lower/upper limits to avoid charges from A&L for banking cash, so read carefully to see if it would be suitable for you. Available for sole traders or limited companies with turnover less than £1m, and you can deposit the cash at any Post Office.

    A&L is part of Santander, and their systems will be merging later this year. Whether we'll still be able to use the a/c then as we do now, we wait to see.
    Last edited by cottager; 21-02-2010 at 6:37 AM.
    ~cottager
  • precious007
    Thanks for the information.

    Evelina
  • fermac01
    Secure Trust Bank business savings
    I recently had a letter from Standard Life bank, one of the better providers of business savings until recently.
    They have offered me a paltry 1.5% to tie my money up with them for most of a year.

    Doing some research, I note that Secure Trust Bank have a variable account paying 3.25% aer with 120 day notice and it's available to business savers too.

    Never hear of this bank before but they seem to be FSA registered.
    Has anyone else had dealings with them?

    Any other tips from business savers would be appreciated.
    Cheers.
    Fermac
    • stphnstevey
    • By stphnstevey 11th Mar 10, 4:31 PM
    • 2,720 Posts
    • 446 Thanks
    stphnstevey
    I recently had a letter from Standard Life bank, one of the better providers of business savings until recently.
    They have offered me a paltry 1.5% to tie my money up with them for most of a year.

    Doing some research, I note that Secure Trust Bank have a variable account paying 3.25% aer with 120 day notice and it's available to business savers too.

    Never hear of this bank before but they seem to be FSA registered.
    Has anyone else had dealings with them?

    Any other tips from business savers would be appreciated.
    Cheers.
    Fermac
    Originally posted by fermac01
    Looks good if you don't mind 4 months notice and have the minimum £10,000 (for companies)

    only 3 withdrawals a year, but can make 4 additional withdrawals of just interest
    Last edited by stphnstevey; 11-03-2010 at 4:49 PM.
    • Paulgonnabedebtfree
    • By Paulgonnabedebtfree 16th Mar 10, 8:12 AM
    • 2,703 Posts
    • 28,940 Thanks
    Paulgonnabedebtfree
    Martin recommends Abbey as a free bank account for business.
    It is free but just like the personal banking, service is really really poor & they make a lot of mistakes.

    A better deal is the coop as if you are a FSB member (simply join for the benefits & don't renew) all biz banking is 100% free

    Also for FSB members is cheaper card payment services
    usually with the major banks you have to pay a hefty set up fee to take card payments (both online or through a pdq machine) of £200 to £500 each

    With the FSB deal its free setup with Streamline/Natwest & the rates you are charged are better too.


    G
    Originally posted by gibby
    I realise I'm responding to a fairly old post but maybe it will be picked up on.
    I have been with Abeey for about 30 years in their various incarnations as Abbey National, Abbey, and now Santander. It see,med reasonably OK to me until Santander started getting their hands on it. Although it may not sound like much my biggest issue with them (in addition to multiple minor niggles) is the lack of BACS reference numbers for incoming electronic payments. I wonder what use a free banking service really is if youy don't know which customers have paid and wich haven't. Fortunately the surname and the amount shows and most times, these two things are unique to a particular customer due to the size of my regular customer base (250 - 300 customers). Witrh a commercial customer it'sa not such an issue as the company name shows. However, with a domestic customer, I only get the account holder's name and the amount paid. Most customers who do not pay on the day sends me a cheque - quite alarming now that cheques are to be phased out over the next few years. Anyway, as a member of the FSB, I have opened a free Co-op business account just to take the BACS payments. It's unfortunate that Abbey are really easy to pay into (I live near a branch and do it by ATM) whereas with Co-op I can use up to four sub post offices BUT Abbey/Santander won't supply BACS references but Co-op do. I am in the ludicrous position of having to use the Co-op account for incoming BACS payments and Santander for depositing cash and cheques. It's not as if Santander are unable to supply the references. They used to then they stopped (after I started gearing up my business to receive such payments).
    There have been other niggles with Abbey like ignoring requests (on multiple occasions) for stationery, failing to return cheques to me that failed to clear (to enable me to know which customer to chase), and imposing charges for more than 100 cheques in a month (when the number was less than 100). The charges were refunded promptly. The other issues seem to be OK now. But that lack of BACS references continues to blight how I feel about them. I've actually become so resentful about it that someone phoned me up to upgrade my Santander business account recently and they received a lengthy rant about what a bunch of <expletives> ran the bank.
    No BACS references may not sound like much but I want to gradually convert my customer base to mostly paying either this way or by cash. At the moment I can keep track. Once I increase the number of BACS payments, that will be much harder. So I'm having to run two parallel accounts to get the best bit of each. I would rather have one decent account that ticked all the boxes - and I would be happy to pay for that. I just wouldn't want to pay per transaction because, as a window cleaner, some of those transactions are fairly small on the smaller domestic cleans.
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