Small Business Bank Accounts Discussion Area

Lindswin

thanks for that chaps,very useful will do my homework before i decide what to do,they already offered 18 months free business but no overdraft facility,will see what happens

J9L

I am very much a forum newbie!
I would be so gratefull,for the chance to move my thread here.iam not sure,where to go for advice regarding my business situation.
I have posted my thread in budgeting and bank accounts,If possible i would love for any oppinions from yourselves,as i really feel that i should of posted here for advice,,,,really sorry and greatfull in advance xx:idea:

Savvy_Sue

J9L wrote: »

I am very much a forum newbie!
I would be so gratefull,for the chance to move my thread here.iam not sure,where to go for advice regarding my business situation.
I have posted my thread in budgeting and bank accounts,If possible i would love for any oppinions from yourselves,as i really feel that i should of posted here for advice,,,,really sorry and greatfull in advance xx:idea:

thread is now here.

dizzybuff

My Dh is self employed part time , and is looking for a current account that would be suitable for instant access , depositing 300-1500 a month into it . Can anyone suggest a good account. He doesn't want a business account really.

Thanks Diz

Savvy_Sue

dizzybuff wrote: »

My Dh is self employed part time , and is looking for a current account that would be suitable for instant access , depositing 300-1500 a month into it . Can anyone suggest a good account. He doesn't want a business account really.

Thanks Diz

he may not want a business account, but if he is using a personal account for business purposes, then the bank may charge him accordingly, so he probably needs to find a business account.

You know what he's paying in, roughly, but he needs to give some thought to how he's going to be doing that. If it's all cheques, then operating an account mostly online could work well. If there's cash too, then concentrate on the banks he can get to easily and ask what they can offer, and most importantly what charges they make for payments in - is it based on the number of actual cheques, or the number of transactions, for example?

dizzybuff

Savvy_Sue wrote: »

he may not want a business account, but if he is using a personal account for business purposes, then the bank may charge him accordingly, so he probably needs to find a business account.

You know what he's paying in, roughly, but he needs to give some thought to how he's going to be doing that. If it's all cheques, then operating an account mostly online could work well. If there's cash too, then concentrate on the banks he can get to easily and ask what they can offer, and most importantly what charges they make for payments in - is it based on the number of actual cheques, or the number of transactions, for example?

It will generally be by bank transfer , wither from the clients or from our own account. Ill pass this message onto him and see what he thinks .

FrugalTopCat

GoodNewmover wrote: »

Look into Lloyds (18 months free business banking), Barclays (up to 2 years), Natwest (2 years).

I know the above is from a few months ago but I thought it worth mentioning that when I have gone to follow up on these possibilities, I found the following conditions in the small print for the "up to 2 years" bit at Barclays.

4. Available for individual(s) setting up the first business bank account for a business within its first 12 months of trading. There is no charge for standard transactions for 12 months with our standard Business Start-Up Package. There is no charge for standard transactions for 18 months if Business Essentials , Business Essentials Plus or Barclays Business Manager software are purchased at the time of opening the account. There is no charge for standard transactions for two years if Business Essentials and CREDITFOCUS or Business Essentials Plus and CREDITFOCUS Pro are purchased at the time of opening the account.

Given that the cheapest of these extras costs £17.50 a month (and putting aside the possible value of these add-ons) then really, free banking is only available without strings for a year at Barclays. A quick look at Nat West seems to suggest that it does actually offer 2 years' free banking for start-ups, with Lloyds giving 18 months.


I'm thinking that going for either the NatWest or Lloyds options may be right for me:

• I'm planning to set up as sole trader from next month
• freelance copywriter/marketing consultant
• low start-up costs which I can finance myself
• relatively few transactions per month (if I can make it work!)
• prospective customers are marketing agencies (subcontracting work to me as a freelance) and small-to-medium sized businesses
• therefore I would expect to invoice clients and be paid either by BACS or cheque
• I wouldn't be seeking loan or overdraft facilities

Given the above details, am I right in thinking that one of the above named high street banks would be more appropriate to my needs? (after reading some of the feedback earlier in the thread that it's hard to track individual transactions with Santander's account). I realise that the downside is that I will have to shop around again after 18 months/two years if I want to avoid charges.

Thanks for any up-to-date feedback!

Deleriad

Hi folks. Ms Deleriad is in the process of setting up a small business for the first time. A takeaway/cafe type of thing so we're looking into business bank accounts and not finding a whole lot of reviews. Not currently expecting a turnover of more than 200k so it would only be something simple. Overdraft facility would be fine but visa machine essential.

Hoping to pick some brains here. A first pass seems to show Santander with the best offer but I know their rep is awful. If co-op is competitive would consider them but I have no idea what their rep is like.

Anyway insights?

Savvy_Sue

Deleriad wrote: »

Overdraft facility would be fine but visa machine essential.

Can I just say that one of our regular haunts no longer takes visa, when I got the card out t'other day they said there is a free cashpoint just next door! So think about that and balance the costs of cash-rich banking against the costs of a visa machine.

Deleriad

Savvy_Sue wrote: »

Can I just say that one of our regular haunts no longer takes visa, when I got the card out t'other day they said there is a free cashpoint just next door! So think about that and balance the costs of cash-rich banking against the costs of a visa machine.

Well she wouldn't be accepting cards for purchases under £5 but she has worked in retail for about 25 years and I very much doubt that the money you save by refusing cards is going to make up for the customers you turn away.

BTW did find the article on MSE about small business banking after posting the above. The consensus seems to be that there is no such thing as a bank with a good customer service.