SB: Business Bank Accounts

chivas

Hi,

Apologies if this information is somewhere else - I've been struggling to work through all the information available!

I'm about to set up my own Ltd company, and I need to open a business bank account. Obviously I want to minimise outgoings, so have been looking at the free accounts offered by Abbey and Alliance and Leicester.

I expect to have around £6k electronically paid in per month, with no cash deposits. Some withdrawals may be required, but this isn't likely to be a regular occurance.

Can anyone offer me some advice on what business bank account will best suit my needs?

Many thanks!

Trespasser

Most of the banks offer free banking for 12 to 18 months. You shouldn't lose out to begin with, and you may be able to shop around when the honeymoon period is over as no one offers services like customer loyalty anymore. If the bank won't offer reduced charges when the free banking is over why should you stay with them? It would be cheaper to move and start again with another 12 months free banking somewhere else.

boristbear

boristbear wrote: »

My wife and I have a small business turning over about £2k a month, we are always in credit with the bank, never incurring any fees. We have an Alliance & Leicester free business current account. Last week we received a letter from A&L saying our account will be changed to a Corporate Reward Current Account. This new account will charge us £25 a month as we do not put £50k in and there will also be fees for every transaction and no interest at all paid. It would cost us £40-50 a month in charges. Has anyone else got this? Can they just do this legally? Do you think they have made some error? I have written to them telling them I will close the account if they don't re-consider and if they do do this I will write to the FSA as I think it is outrageous but what else should I do. I wouldn't be surprised if they just ignore my letter so should I just go ahead and open an account somewhere else? If I don't these charge will apply from 1st August. Please let me know your thoughts.

I've got an acknowledgment of my letter of complaint now but no actual response. Surely someone else must be in this same situation? Let me know if you are and what you are going to do. I don't think it is lawful and it is certainly utterly unacceptable I will be going to the ombudsman at the very least.

dane-katie

Hiya, wonder if anyone can point me some direction.

I am after a business bank account with no credit facilities, for a new company i am trying to set up not limited company as of yet..

My only problem is i declared myself bankrupt 18 months ago and i have a feeling they will all say no, i do have a spare personal bank account i could use but then i wont be able to pay cheques in that are in the name of my company.

Any advice please?

Thanks

Trespasser

I'm not in the same situation as yourself but I do have some ccj's after my name (who doesn't?). I approached Lloydstsb and explained that I'm looking for a business account and do not want credit or overdraft facilities. I figured that damage limitation would be the better option so I didn't lie when the account manager asked "do you have any bad credit records or anything outstanding" ........ when my credit report flagged up 3 ccj's he saw I wasn't trying to hide anything and still gave me a business account.

I'm not sure that an account would be your stumbling block, .... are you allowed to run a business after bankruptcy?????? Are there any time limits involved???

dane-katie

Hi, thanks for you reply i will try Lloyds TSB next week.

There is no restrictions on me after bankruptcy, they are only restrictions on you for running your own business while you are actually bankrupt.

Thanks

Flower7_2

I've been banking with Abbey for a couple of years and have had no problems - internet banking, free banking for business with very reasonable conditions and they pay interest - have three business and have even linked all together so I only log on once to have an overview of all at once - brilliant - they also send you pre paid envelopes to pay in your cheques - cash bit of a nightmare but since the banking crash have gained an abbey in my high street rather than a round trip of 27 miles!

Flower7_2

Dear All - HELP PLEASE

this is probably in the wrong place etc but I'm at a bit of a loss at the moment.

I've got my own small business and had a contract to look after a road on a housing estate for a year - To make life easier for everyone I split the annual price into 12 equal payments. The problem is the residents sacked the management committee. So now the company I've been invoicing quite happily for 10 months are now saying that the final two invoices should be paid by the residents and not them. The residents are being very quiet at the moment. I'm not sure who I should be chasing the payment from. I think it should be the original company as they are who signed the agreement etc. But they are a national and I'm only me with very limited legal knowledge.

Anyone know where I stand?

Aimee1766

i have recently taken over a small business and found the co op very helpful

FrankieJ_2

Hi,

I use HSBC. The 18 months of business banking was free. Charges then applied but then gave an option to switch to a type of account which was geared more towards on-line banking. I only pay charges for cash deposited and for cheques over a certain number. For the cash deposits -I get round it by paying tinto my business savings account (which has no charges) and then transfer if over.