Small business bank account

augusto

Hi All,

My girlfriend is starting her own business and she´s wondering which is the best small business bank account (better if it's free). Anyone has a suggestion or recomendation?


Cheers,
Augusto

bikerboy6

Hi Augusto & All,
I am just setting myself up as a Ltd company Contract Engineer and need a business bank account so I have the same question as Augusto.

Does anyone out there have any recommendations (good or bad experience) with certain banks/accounts or any tips of what I should consider?

Any advice greatly appreciated.

Bikerboy6
PS Augusto, I hope you get some good advice too for your girlfriend's business. If you get any adviceI would be grateful if you could pass it on.

echinacea_2

Have a look at this thread http://forums.moneysavingexpert.com/showthread.html?t=136054 - this is discussed a lot in the small business section of the forum.

I'm using Abbey free business banking. So far I have no problem with that.

Hope it helps..

fishpond

A business bank account in the name of a sole trader costs money, you may think this is worthwhile as the business bank account adds a little more trustworthyness to the business for possible suppliers.(a individual bank account doesn't cost you money but if lots of transactions are made the bank may start to ask questions)
a)You can be a sole trader and employ staff.
b)You can be a registered business and employ staff
Best to take some professional advice on a & b to see which is more beneficial in the circumstances.
Hope this helps and the best of luck!

jonesMUFCforever

If you have a personal account with a bank and they know you why not speak to them first?
Most will have a charge free period.

jonesMUFCforever

The other way of looking at it is that they already know you, they know how you run your accounts and IMO this counts far more than the point you were making.

Just out of curiosity why do you think it is a good idea to have separate banks?

vangirl_2

I have always found it better to have both accounts with the same bank so they get a full overview of your finances if you want to borrow money. i have one personal account, one personal account that i use for my business as a sole trader cause i dont have many transactions. and one business account for my online business which is free for two years and will be switching to another bank for free business banking after that.

Cartier111

Can you use merchant services with a non business account? :-]

jonesMUFCforever

Cartier111 wrote: »

Can you use merchant services with a non business account? :-]

No i believe is the answer.

Sheptonian

Sorry for the delayed reply have only just seen this but a decent business account is run by Cater Allen

caterallen.co.uk

Its called the Reserve account and if you have fewer than 30 Transactions made a month (which my business does) then its free banking.

Extremely handy for small Ltd companies

celtic_charmer

bikerboy6 wrote: »

Hi Augusto & All,
I am just setting myself up as a Ltd company Contract Engineer and need a business bank account so I have the same question as Augusto.

Does anyone out there have any recommendations (good or bad experience) with certain banks/accounts or any tips of what I should consider?

Any advice greatly appreciated.

Bikerboy6
PS Augusto, I hope you get some good advice too for your girlfriend's business. If you get any adviceI would be grateful if you could pass it on.

I'm a Limited Company Contract IT Tester. I set up my business account with the Alliance and Leicester. It was really easy. No charges for cheques etc. Banking can be done online or via any Post Office if cash required. You did have to put money in each month otherwise I think the charge was £5, however the interest you get should more than cover this.

I've been with them over 2 years now and haven't had a single problem with them.

Hope this helps.