SB: Business Bank Accounts

Savvy_Sue

It's impossible to say what might be the 'best' account for anyone, you need to give thought to what you want from an account. I'd say one of your earliest decisions needs to be about cash. Do you need to pay cash in / withdraw cash? If you do, then internet banking is probably not the 'best', because you need access to a physical location to do those things.

But as we've discussed this at some length in the past, I'm going to merge this into the Business Bank Accounts thread ... do not be put off by the fact that you're self-employed, you might short-term get away with a separate personal account, but looking to the future you'll probably need a biz a/c.

LilacPixie

Can anyone give me an overview of abbeys business account. I am a sole trader. I make and sell wedding accesories, tiaras, veils, jewellery etc. I usually trade at wedding fairs and some peices are stocked in a local dress shop. At the moment I use a seperate personal account with BOS. Most of my sales are cash but sales via the dress shop come in the form of a cheque from the owner. I deposit around 15k a year but only 4k is profit. The other 11k I spend on materials using my debit card linked to that account.

At some point this year I hope to expand online and will be useing a paypal type payment processor in the first instance as I do not think a 'real' merchant account will be worth it.

I am guessing I will be making 20+ debits and credits a month on average. My own personal credit history is not poor but not fantastic either.

All comments positive and negitive greatfully received

stphnstevey

Phone Abbey - they will give you an overview

coupon_collector

Hi everyone

Can somebody on here kindly advise me what they think is the best Bank Account for me. I am opening up a Sandwich/Coffee Bar soon and I need an account which does not charge me for withdrawing cash out of in coin format for my till. Obviously it can be a Current Account or a Business Account.

Any ideas are appreciated.

Many thanks in advance.

Coupon Collector:j

Savvy_Sue

Never mind whether they charge you or not, the other thing you need to concern yourself with is the convenience of getting to it!

I would phone or visit all the banks within sensible striking distance of your new venture and ask about their terms and conditions for withdrawing (and hopefully paying in!) cash. You may find some just don't offer that service. At all. At least not locally.

Allan87

I've applied for an Abbey account today. I'm just wondering how long people here have generally had to wait to receive a decision?

d_bravo

Just thought I would share my recent experiences with Abbey and others as it may be of interest to some, although a bit of a rant...I've been waiting 2 weeks+ for a business pack and application to come through the post from Abbey. Went into my local branch on 2 occasions in the hope that someone there would help and I'd be able to set something up this way. Both times the front desk wasn't manned and I wasted 30 minutes waiting for someone to even acknowledge me before eventually walking out. At this point increasingly desperate for an account I tried HSBC and Natwest as both are convenient to me. Both banks wanted me to make an appointment to see a business adviser, I got the impression that this was more for their benefit than my own, as I explained my needs were simple - a no-frills business account with free banking. Neither had an appointment that day.

Eventually gave up and applied online with Alliance and Leicester on the strength of some good reviews and the excellent personal banking service I've had with them. Although there isn't an A&L in my town I can operate the account online/via telephone and also in the Post Office, which should be fun!

Based on my own experiences it almost seems like the banks don't want our custom! I liked the sound of the Abbey account but won't take the risk. Having sampled their customer service previously the dealings I had with them regarding the business account have cemented my feelings.

jeffcarolt

stphnstevey wrote: »

A+L only have free banking for 2yrs. I couldn't be bothered with the hassle of shifting after a couple of years.

I know that the above post is a few months old but, I am in the process of getting a business account and found the following on the A+L site with regard the:Business Builder Current Account

' Once the 2 years free business banking period is over, you'll be transferred onto our Free Business Current Account, where you'll still always know exactly where you stand thanks to our simple transparent charges.'

So that does appeal to me, also the free banking with Abbey, however with being able to pay into the Post Office may just tip it in A+L favour.

stphnstevey

jeffcarolt wrote: »

I know that the above post is a few months old but, I am in the process of getting a business account and found the following on the A+L site with regard the:Business Builder Current Account

' Once the 2 years free business banking period is over, you'll be transferred onto our Free Business Current Account, where you'll still always know exactly where you stand thanks to our simple transparent charges.'

So that does appeal to me, also the free banking with Abbey, however with being able to pay into the Post Office may just tip it in A+L favour.

Must put £1000 a month in. They have high headline rate of interest only for 12 months upto £1000, to 'hook' you in. Where really it's pretty amissmal if you have more than £1000 in - 0.1%!!!!!!!

This would really only be good if you drew out the £1000 you put in per month and never really had more than £1000 in total in the account

Our Free Business Current Account pays a massive 5.73 % AER (variable) on all balances up to £1,000. The gross rate is guaranteed to track the Bank of England base rate at base +0.60% for the first 12 months from opening your account. After 12 months, rates change to a gross rate of Bank of England base rate minus 2.00% on balances up to £1,000. 0.10% AER (fixed) on balances over £1,000. Balances over £1,000 will receive a fixed rate of 0.10% AER (fixed).

jeffcarolt

stphnstevey wrote: »

Must put £1000 a month in. They have high headline rate of interest only for 12 months upto £1000, to 'hook' you in. Where really it's pretty amissmal if you have more than £1000 in - 0.1%!!!!!!!

This would really only be good if you drew out the £1000 you put in per month and never really had more than £1000 in total in the account

Our Free Business Current Account pays a massive 5.73 % AER (variable) on all balances up to £1,000. The gross rate is guaranteed to track the Bank of England base rate at base +0.60% for the first 12 months from opening your account. After 12 months, rates change to a gross rate of Bank of England base rate minus 2.00% on balances up to £1,000. 0.10% AER (fixed) on balances over £1,000. Balances over £1,000 will receive a fixed rate of 0.10% AER (fixed).

I don't think you have to put in £1000 per month on the Business Builder current account, or keep a minimum in it.

If you don't mind who are 'Our Free Business Account' is that a quote from Abbey?

My choice of bank also depends on where I can pay cash/cheques in, also moving money with A&L between accounts is easy.

It will be interesting to see what happens due to the santander purchase of A& L.