SB: Business Bank Accounts

yebaws

BTW, Abbey claim to offer free banking "for life". They probably could find a way out of this, but it's worth opening an account just for that.

stphnstevey

jeffcarolt wrote: »

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.

The quote was from your link! It's the A+L account you speak off. Also another quote from A+L site

All we ask is that payments into the account total at least £1,000 per month, otherwise there is a flat charge of just £5 for that month only.

You need to read the trerms and conditions of these accounts, otherwise how are you going to compare them!

If it works for you, go for it

Yes - very interesting to see what happens with Santander

schoolfundraiser

I am the Treasurer of my daughter's school's PTA which has two bank accounts with NatWest (changed from Coop a few years ago as no local branches) which are classed as Club and Society Accounts and therefore have no bank charges.

So imagine my horror when I was notified that we had incurred charges of 6.44 for two incoming BACS payments on one account (account maintenance fee 6.00 plus 0.22 x 2)and £7.34 for two outgoing cheques (account maintenance plus 2 x 0.67) on the other AND because there is a minimum charge of £10 on each account they would be debiting £10 from each account on 31 July 2008 making £20 of our hard earned profit (3 hours x 2 volunteers providing tea/coffee and soft drinks at a parents evening) gone at a stroke.

Of course I rang them immediately to be told someone had pressed the wrong button and it would be rectified today and yes of course we still had a clubs and societies bank account.

BUT if they pressed the wrong button on this account who else have they also done it to? And this minimum charge of £10? I know some credit cards have introduced a minimum payment of £25 rather than £5 but this is a charge for NOT USING THE BANK'S SERVICES AND LETTING THEM USE YOUR MONEY FOR FREE. :mad:

So although it is practically the summer holidays all you treasurers out there WATCH OUT and keep on top of your bank statements.

jeffcarolt

stphnstevey wrote: »

The quote was from your link! It's the A+L account you speak off. Also another quote from A+L site

All we ask is that payments into the account total at least £1,000 per month, otherwise there is a flat charge of just £5 for that month only.

You need to read the trerms and conditions of these accounts, otherwise how are you going to compare them!

If it works for you, go for it

Yes - very interesting to see what happens with Santander

I see what's happened. I am talking about the A&L Business Builder Account which gives:-

'The Alliance & Leicester Commercial Bank Business Builder Current Account provides you with 2 years FREE business banking with absolutely no transaction charges. And unlike other banks there's no minimum balance requirement. You don't even need to open, transfer or maintain a personal account with us to qualify.'

You are referring to A&L Free Business Current account which does state:

'Why pay more than you need to for business banking? Switch to free business banking with our Free Business Current Account where we will give you FREE and UNLIMITED day-to-day banking. All we ask is that payments into the account total at least £1,000 per month, otherwise there is a flat charge of just £5 for that month only.'

So we were talking at slightly cross purposes, after the initial 2 years on the Business Builder account you automatically transfer over to the Free Business account and then yes would have to fill there terms and conditions. As you can see I have read the T&C and been able to compare them easily thank you.

stphnstevey

jeffcarolt wrote: »

I see what's happened. I am talking about the A&L Business Builder Account which gives:-

'The Alliance & Leicester Commercial Bank Business Builder Current Account provides you with 2 years FREE business banking with absolutely no transaction charges. And unlike other banks there's no minimum balance requirement. You don't even need to open, transfer or maintain a personal account with us to qualify.'

You are referring to A&L Free Business Current account which does state:

'Why pay more than you need to for business banking? Switch to free business banking with our Free Business Current Account where we will give you FREE and UNLIMITED day-to-day banking. All we ask is that payments into the account total at least £1,000 per month, otherwise there is a flat charge of just £5 for that month only.'

So we were talking at slightly cross purposes, after the initial 2 years on the Business Builder account you automatically transfer over to the Free Business account and then yes would have to fill there terms and conditions. As you can see I have read the T&C and been able to compare them easily thank you.

Abbey's free for life, not just 2yrs - so what's the benefit over the Abbey?

jeffcarolt

stphnstevey wrote: »

Abbey's free for life, not just 2yrs - so what's the benefit over the Abbey?

Being able to do transactions (paying in cheques/cash) at the Post office. You keep stating that the A&L is only free for only 2yrs but that is not correct, it is free if you follow the T&C as we have already discussed. I am not an A&L fanboy but given that I can pay cash & cheques into any PO then that is a big Plus.

stphnstevey

jeffcarolt wrote: »

Being able to do transactions (paying in cheques/cash) at the Post office. You keep stating that the A&L is only free for only 2yrs but that is not correct, it is free if you follow the T&C as we have already discussed. I am not an A&L fanboy but given that I can pay cash & cheques into any PO then that is a big Plus.

Your right - is free for more than two years, but after 2 yrs it is not such a good account at all. Fine if you don't mind switching.

You can pay cheques into Abbey by post and cash (notes) into any Abbey cash machine.

I'm not an Abbey fanboy, but just the best I have found personally (but we all have different criteria and requirements). What ever works for you.

I'm open to other bank accounts, but for me, there wasn't any great benefit for me in A+L. Hope it does work out for you though.

allydowd

You don't have to have a business account. My partner just has a separate standard personal bank account. Perfectly legal. Less fuss.

godsakes

I've currently got quite a bit in my abbey business account (very happy with them)

but given the current uncertainty in the banking sector i'm thinking about spreading my money over at least 1 other business reserve account

at present northern rock offers a 5% rate on their business reserve account (no fees for regular transactions) which is a slightly better return than what i get at abbey, also it's currrently covered by the government's 100% guarrantee.

The downside is it's a postal account (i'd really prefer online or at least telephone banking)

is there any better business reserve account options?

sarah1980

allydowd wrote: »

You don't have to have a business account. My partner just has a separate standard personal bank account. Perfectly legal. Less fuss.

You can't do this if you are a Limited Company, only a Sole Trader.