SB: Business Bank Accounts

AmandaJH_2

I am in the process of applying for a grant which I am 99% sure of getting (brother in law in the know and sortig it out for me). Thing is I need a business account in name of my company.

My creidt file is awful, a CCj and mortgage arrears.

I have spoken to Natwest and am waiting to see if I can get one with them.

Does anyone else know of who else I can apply to.

I am not sure if you can open up just a basic account and have my company name somewhere on the account name. I only want to be able to pay the grant in and perhaps 2 cheques a month in.

No credit facilities needed.

Anyone able to offer any advice?

Thanks

Amanda

Savvy_Sue

Might be worth doing a search of this board: don't know if it got merged into the sticky about business banking because it was quite a while ago, but someone else had the same problem. I don't remember what advice was given, however!

Mark7799

NatWest may be your best bet. Do you have a personal account anywhere?

lday77

Hi

I have just opened an Alliance & Leicester Business Account and am a bit disappointed.

I can't pay in money or cheques in at the Branch, I have to go to the post office, my local post office always has a huge queue:mad:. Is this right? Do other banks make you do this?

Also :mad: they haven't got their internet banking up and running yet, so in order to transfer money from my account to my partners I have to either get it out the cash point (250 max a day) or do telephone banking, but before I do this I think I have to set him up as a recipient, which involves sending a fax and I don't have a fax machine. :mad:

My personal account is also with Alliance & Leicester so I was hoping transferring money would be easy. Am I wrong?

The only advantage of having the business account is so I can pay cheques in and I don't envisgae I'll get many of those. But I am going to be looking for a new mortgage in June so should I just use it and pay everything in until then (will I need this business account to show proof of earnings?)

Mark7799

Unfortunately, this is a case of 'you pays your money and takes your choice'. The good rates on offer at A&L or the 'free banking for life' on offer at Abbey come at a price - their services can be limited against what you can expect from 'traditional' banks (Abbey make you pay in through ATMs or post rather than over branch counters). Plenty of banks will allow you to pay in over the counter but after 12/18 months, you can expect to pay for the privelege of doing so.

From your post, I would wonder if you actually need a business account, would a second current account suffice? It would depend upon how much use you made of it.

skippy64

I have had an Abbey Business account for over two years now and I have never found it to be an inconvenience using the ATM's for paying in. The only thing they request is that you write the account number & sort code on the back of each cheque.( I got a stamp made to save on handwriters cramp !)
The only thing to watch for is if you pay cash in & the date it is then effectively clear to use on the account. If for example you pay in on Monday its Wednesday before you can say it is OK to use to cover chqs/DD's/SO's. Cheques take the normal 3-4 days to clear like all the rest. Hope this helps.

lday77

Thanks for the advice, I don't mind so much now I know I'm not the only one. I'm sure it'll be fine once I get into a routine.

I guess I probably don't need a business account as such, it's just that the first few cheques were written to the business name and I didn't want to sound unprofessional asking them to change the payee to mey personal account.

Also I will be looking for a new mortgage soon and I thought it might look better if the accounts are in a business account. Although it is only free for two years, if it's rubbish I'll ditch it then!

Thanks :grinheart

muffle_2

I have a free Direct Business Cheque Account from Bank of Scotland. All you do is post the cheques to them in pre-paid envelopes and manage it online with a decent online banking facility.The downsides are a high 57p per cheque written charge (not a problem for me as I don't write many cheques) and an overdraft arrangement fee. No charges for paying money in. You also get a deposit account which pays half decent interest.

lday77

Hi

I have now received all my things from A&I and have paid a check in at the post office this morning - the assistant couldn't believe A&I wouldn't accept payments in the branch and was a bit miffed she would have to do their work if I don't want to put a stamp on the envelope! I hope I don't get many people pay by cheque :rolleyes:

One word of warning for anyone else, I was told I was eligible for £1000 overdraft on the account, so I applied for one with my application, I have now had a letter saying that they charge £50 for this!

Savvy_Sue

lday77 wrote:

I have now received all my things from A&I and have paid a check in at the post office this morning - the assistant couldn't believe A&I wouldn't accept payments in the branch and was a bit miffed she would have to do their work if I don't want to put a stamp on the envelope! I hope I don't get many people pay by cheque :rolleyes:

But surely the only 'work' she is doing is stamping your paying in book to say you have paid in an envelope? She's not checking the contents of the envelope, is she? At least, that's my previous experience of A&L - and I never even knew where the branch WAS! - that I would hand over an envelope and a paying in book to be stamped, the PO cashier only had to check if I was paying in cash.

I hope I'm making sense, I should really be in bed ...