HSBC increasing charges, suggestions for an alternative?
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The reason she can't say who the business arm is going to, is they probably don't know yet! It was due to be sold last year (to Lloyds IIRC but could be wrong), but it all fell through so they've had to start looking again for a buyer. I think the Government are wanting/forcing the sale.
I've had an RBS Business Banking Direct account for about 6 years and never paid any charges except the odd £4 if a customer bounces a cheque on me. Can't pay cash in, but I work around that.
Take it you cant pay cheques in either? I'd love to go all electronic payments but a lot of my customers just cant manage it.0 -
Take it you cant pay cheques in either? I'd love to go all electronic payments but a lot of my customers just cant manage it.
Oh you can pay cheques in ok.
Cash in was a little less clear. (we don't pay any cash in)
There is mention of a charge of £2 per £100, but then it also says free :huh:
http://www.business.rbs.co.uk/afb/public/rbs/!ut/p/c5/rZDLcrIwGIavpReghJADLqGgREQI4AE2DqKlchKUQeDqf5x_03am7abJ7nvmS973EUJhvGXUXpKouVzLKBf2QkgOs60nAvaKgM11AJgDdcnemhKHeOTBR76VCGAz28MuIdAD9JftnbAH6OClfcWGbHBT0Fn-5i5aR-th6Vm_HlzH811mpXPmZ-N8UJmXMs3LyxoP19pMmJIXvc2Tl5f_ScA3RwG_JFkK4eVYTB9xMQVTgMmMihBjTGWKRZGMQcNPD8gGnY9FV567ptZSN-AX_kWELv3Mn6Ke_If4gRDSD_8vtdlYYMVlUWYQASj4f6jykwwCECQISRARCVIk7Py477Sr9dAUn--RoQYoLd-yskree7_KF1rSmSlYyS3P0uZU1qU9tJEc7YiUKOoONtrJapUzN-K859v4VcRq1S09f3JTJ_xOsn2DHj2F6T1xQlDdqvpW0M568PnOOW2bdVC3nXjOdZTgI2EHZMJNIMUYOZM67v3WNBfH4LC4v1-rhd-QAjint67hc_dZa21ci7NQFZt2hZe6O6qTxvE_q0XnKQ!!/dl3/d3/L2dBISEvZ0FBIS9nQSEh/?printversion=true&presentationtemplate=afb-rbs-design/PT-RBS-ArticlePagePrint0 -
Me too! Who are you thinking of going with?
(I think that was the purpose of this thread )
RBS was my suggestion (until I saw Atidi's post)
Metro bank looks a good alternative if you are are around London anytime to actually apply.
I am not a fan of RBS Group or Santander so wouldnt be going to them or Cater Allen.
Was having a look around yesterday and short list is currently Metro (just want to clarify that their cash limit does mean notes/ coins) and possibly a discussion with Bank of Scotland Private as it seems to suggest that is fee free but I am not convinced there arent hidden terms that they're not mentioning.
Did find a building society with fee free banking for my needs (ie all electronic transactions) but you need to live in their area which I dont0 -
InsideInsurance wrote: »I am not a fan of RBS Group or Santander so wouldnt be going to them or Cater Allen.
Was having a look around yesterday and short list is currently Metro (just want to clarify that their cash limit does mean notes/ coins) and possibly a discussion with Bank of Scotland Private as it seems to suggest that is fee free but I am not convinced there arent hidden terms that they're not mentioning.
Did find a building society with fee free banking for my needs (ie all electronic transactions) but you need to live in their area which I dont
Bank of Scotland private banking:Our clients generally earn £100,000 a year or more or have net investable assets of £250,000 or more.
If you've got £250,000+ to invest, you'd probably be better off getting it invested wisely and stomaching the £5.50 per month HSBC charge.
Also I can't see anywhere it suggests they cater for business banking. Do you have a link please?
Edit: I read on their (non private) website that their Business Internet Banking will introduce a £5 per month charge w.e.f. August 20130 -
http://www.bankofscotlandprivateclients.co.uk/privatebanking/flexiblecurrentaccount.asp
Has a section on business accounts, but speaking to them on the phone neither Private nor Business know anything about it.
The conditions you list are for the personal banking arrangements and thankfully there is an or in there as I agree, I wouldnt allow a bank to manage a 250k investment for me.0 -
InsideInsurance wrote: »...
Has a section on business accounts, but speaking to them on the phone neither Private nor Business know anything about it. ...
I wonder if you need to call your nearest BOS Private Banking office directly?
https://www.bankofscotlandprivateclients.co.uk/privatebanking/contactus/privatebankingofficelocations.asp0 -
So to summarise at this point, it looks as though there are only three free business banking services currently available:
1. RBS: no minimum balance required.
Sounds good, if you can cope with their laborious administrative approach to opening new accounts (see above posting), and their somewhat uncertain future. That said, RBS should be a safe bet in the government's hands until sold, and analysts suggest that might take up to another couple of years.
2. Metro bank: £2000 minimum credit balance required.
3. Cater Allen: £5000 minimum credit balance required.0 -
There may be another option?
4. ICICI bank - no fees for a GBP account, but it seems like payments out may take 1 business day to action.
At least their branches are more widely spread than Metro bank, e.g. London, Manchester, Birmingham, Leicester, Leeds, etc
http://www.icicibank.co.uk/pdf/Business_Banking_Rates_and_Charges_August%2012.pdf
Includes Internet banking facility.
There's a branch in Coventry, but it's closing in August which doesn't sound too promising.0 -
Perhaps a 5th option too?
5. Triodos bank - no monthly charge, but transaction charges will apply
60p for manual credits & debits
30p for automated credits & debits
10p for internet payments out
You'll need to do your sums, but possibly ok for small businesses that have very few transactions per month (and don't want or can't afford to keep £1000s in available balance)
IMPORTANT: Triodos Bank NV is incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012. Authorised by the Dutch Central Bank (DNB) and regulated by the Financial Services Authority (FSA) for the conduct of UK business.
This means your deposits would be protected under the Netherlands scheme (up to €100,000 or equivilent) rather than the UK scheme.
http://www.triodos.co.uk/en/about-triodos/important-information/deposit-guarantee-scheme/0 -
I wonder if you need to call your nearest BOS Private Banking office directly?
https://www.bankofscotlandprivateclients.co.uk/privatebanking/contactus/privatebankingofficelocations.asp
Tried that, they initially denied the product existed. Finally got them to go onto the website and check. They then spoke to a Private Banking relationship manager who said I needed to speak to Business Banking who again deny the product exists and then says I need to speak to a Private Banking relationship manager
Basically no one knows who deals with it. After 30 minutes on the phone speaking to 6 different departments plus one guy who did try and "own" the issue and spoke to a couple more on my behalf, I am guessing its not the account for me as I'll end up spending more on phone calls than I'll save from HSBC Direct fees0
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