Small Business Bank Accounts Discussion Area

jordan2010

Any difference? sorry

property.advert

At Santander you cannot even pay things in over the counter, you have to use the machines. Free but hardly easy to use.

Nat west online banking top class but starts to cost after a period of time and you resent those charges. Nat West will move to Santander anyway I understand !

MartJ

Why would Nat West move to Santander, two different banking groups RBS (who own Nat West) and Santander.

Premier_2

MartJ wrote: »

Why would Nat West move to Santander, two different banking groups RBS (who own Nat West) and Santander.

http://www.moneysavingexpert.com/news/banking/2010/09/rbs-and-natwest-customers-in-santander-switch-alert

Paulgonnabedebtfree

I got my Santander business statement through today. I don't always check them thoroughly. I noticed at the bottom of it that they intend to charge me £64 on 23rd December for exceeding my cheque deposit quota during November. The first 100 cheques per month are free. Therefater, it's 50p per cheque during the month. This would mean that I had deposited 228 cheques in November. In fact, I deposited just 44 (so no charges due).
I phoned them and got it reversed.
Don't get caught out. Check those statements.
This problem is not new. It happened on three consecutive months about two years ago. Each time I had to phone and get it stopped. Luckily I noticed it before any money was taken.
Not impressed.

IanatSeaton

emski1234 wrote: »

Hi all,
I have started up my own business (slowly but surely) and now need to set up a bank account. I have had a read around the boards, and have decided to simply open a new current personal account rather than a business one, as I am just a sole trader, and will simply be invoicing customers, there won't be any cash or cheque paying in etc, and I just don't think I need one, at least not at first.
My personal and joint current accounts are with Barclays, and I think it would be best to stick with them, at least then all my accounts will be linked and it will be easier to transfer funds etc. I will go into a branch and ask to open an extra account, but I'm just wondering what I should say. I imagine they'll ask what I need it for? I was planning on explaning honestly about my business, and I'm sure they'll try and sell me a business account, which I will turn down. Would it be easier to not mention my business? Will they refuse to let me have another current account if I refuse to have a business account? I'm just worried about what to say.
I know others have used current/personal accounts for their business, and I'm just wondering how they went about it?
Thank you!

The Cardiff Accountant explained perfectly why what you are doing is not the best answer to your problem. I opened a "new business" bank account a few years ago with HSBC and they were excellent. All I had was an outline of an idea I wanted to try out. I was given a cheque book& paying in book immediately and free banking for teh first year. (I see above that the first 18months is now the norm.)
If you use internet banking for your personal account it is also very easy to open a second account. I did that with First Direct (HSBC by internet) this year without talking to anyone, it could not have been simpler. Again I used that account for some Ebay and Amazon sales and purchases, aand First Direct offers free banking (subject to credit checks).

supermonkey

can anyone advise - can a sole trader with a business account have a debit card in the business name or will it always show personal name?

Premier_2

supermonkey wrote: »

can anyone advise - can a sole trader with a business account have a debit card in the business name or will it always show personal name?

The debit card will reflect the name on the account.

supermonkey

on the statements it says "name" trading as "business name". The card just has my name

AlCymro

zierisaver wrote: »

Whatever you do don't go with Barclays. They send you this calculator thing that you need to use to get online, then about 10 different passwords (ok, exaggeration, but lots), then charge for anything and everything. I've heard HSBC are much better, and they seem to still be making good money, so you know your money is safe.

I've also heard good things about the co-op as a member of the FSB

I receive free business banking from HSBC based on the fact that as a family they hold a number of our personal accounts - I have received free banking (totally free) for the past 3 years by working with the local manager - and 'threatening' to take all of our accounts elsewhere!!

Worth a try!