SB: Business Bank Accounts

OnceBitten

Nat West do a free for one year business account. We are just coming to the end of our first year, having bought a franchise in Nov 2006. We have never needed to use the overdraft facility and the whole thing has been fairly fuss free but we were given a 'business advisor' who has never contacted us at any time in the last year!! Not very useful, I guess her job is to contact people who have been using the overdraft facility and let the company know how to deal with them! The Federation of Small Businesses say that they have a permanent fee free business bank account on offer. I will be looking elsewhere once my fee free year expires and I may join the FSB if their deal looks OK

katskorner

Thanks. That is useful info. I will look into the Federation of Small Businesses one for sure.

I spoke to a friend today who is a bank manager for Lloyds and she tells me they have an 18mths free business account at the moment.

makes_cents

Alliance and Leicester are offering 2 years free business banking, free help on tax inquiries for the first 2 years.

Unlimited cash deposits and transfers etc.

They also do SWIFT now for only £16.00

I've been doing my research they seem to be the best offer ATM.

MC

Phirefly

makes_cents wrote: »

I've been doing my research they seem to be the best offer ATM.

MC

Hello

What made you opt for them over Abbey?

kempy

Thanks All!

Just opened my free banking business account with Abbey.

It took less than a week. Cheap and cheerful. I love it.

escapeMCP_2

Beware the Abbey. I have just opened an account with them. I have had a few days of confusion as to why my available balance was way off what I expected it to be. Today I finally managed to find out.
According to Abbey, when you make an ATM withdrawal overseas (I made mine in Ireland), VISA take the money out twice, and return it 3 days later. I checked my maths, and it looks like it isn't just ATM withdrawals, but my hotel bill was taken out twice also, so it looks like they take double for ALL withdrawals!
Has anyone else experienced this with Abbey? Has anyone experienced this with other banks' VISA debit cards? Is it even legal?!
Thanks in advance for any info.
escaeMCP

cairon

I have been running a recruitment business for 5 years and have never paid a bank fee of any kind. If you run a business especially one which is mainly cheque or invoice based and are with Natwest or similar then I am sorry but your crazy. I bank with Abbey but I understand others do it such as Alliance and Leicester I think. If your cash based its a different story but it might be worth considering running two accounts if it saves the money. Abbey is mainly online, provide pre paid envelopes to post cheque or through bank machines and I trade £100k a year and have no worries at all.

Now move your account from one of the big four now and save a few quid.

Maybe MArtin could make a list on his banking section for us?!?

stphnstevey

Anybody heard of
Cater Allen Private Bank

It's been recommended to me by a fellow small business owner

http://www.caterallen.co.uk/Default.aspx?pid=1

yebaws

stphnstevey wrote: »

Anybody heard of
Cater Allen Private Bank

It's been recommended to me by a fellow small business owner

http://www.caterallen.co.uk/Default.aspx?pid=1

No, and for that reason I personally would avoid it in the current financial climate...

Savvy_Sue

yebaws wrote: »

No, and for that reason I personally would avoid it in the current financial climate...

I have heard of them, but could not tell you in what context.

I did a google and found they trace their roots back to 1816, they're 'backed' by Abbey National, seem to have FSA guarantees in place - sounds like a 'do your research carefully' kind of job: do they offer what you need? are their charges for what you need reasonable? if they went belly up would you get your money back?

So, just like any other bank really ...