Small Business Bank Accounts Discussion Area

Cornwall2000

I'm back in the same boat now - looking for a replacement to the HSBC Business Direct account. I've only found two business accounts with no monthly fee so far -

Cumberland BS
Metro Bank

Cumberland BS require you to be in their local area unfortunately. Preston is my nearest branch but this is too far away for them. (I'm in Manchester)
Metro bank is free but you need to maintain £2000 minimum in your account which is quite a lot of lost interest. (my offset mortgage is 3%). I think you have to open an account in a branch in London as well?

Anyone got any other ideas?

lowcher

Does anyone anywhere no of a free business bank account. I mean absolutely no banking charges such as debits or monthly maintenance.

I am not interested at this point in joining the FSB, not because it isn't valuable, but I just can't afford it. I know the Co-op offers free banking to its members.

I am not a start-up and so aren't entitled to any of the new benefits. I am just a struggling self-employed freelancer looking to save money, especially after my current business bank wrote to me explaining they will be charging £5.00 per month for maintenance. I find this absurd considering I do all my banking online.

Any suggestions?

Wywth

lowcher wrote: »

Does anyone anywhere no of a free business bank account. I mean absolutely no banking charges such as debits or monthly maintenance.

I am not interested at this point in joining the FSB, not because it isn't valuable, but I just can't afford it. I know the Co-op offers free banking to its members.

I am not a start-up and so aren't entitled to any of the new benefits. I am just a struggling self-employed freelancer looking to save money, especially after my current business bank wrote to me explaining they will be charging £5.00 per month for maintenance. I find this absurd considering I do all my banking online.

Any suggestions?

Try this thread which has 2 or 3 possibilities that need exploring
https://forums.moneysavingexpert.com/discussion/4676803

Please give any feedback on your experiences with them

Cornwall2000

Wywth wrote: »

Try this thread which has 2 or 3 possibilities that need exploring
https://forums.moneysavingexpert.com/discussion/4676803

Please give any feedback on your experiences with them

Gone over to the new thread thanks.
There are a couple of good options particularly RBS and Cater Allen (via contractoruk.com)

See you there

Savvy_Sue

I think a few people have commented on Metro Bank and the branches only being available in London, which is tricky for opening an account.

Well, they do have other branches, admittedly all around London, but don't discount it completely until you've checked! Passed one in Reading today ...

rosiek63

Hi, Barclays don't seem to be mentioned that much on this thread so I thought I would post my review of their business bank account.

I have a Ltd company so needed a separate bank account, but it is just me, and most of my transactions (in and out) are online.

I am generally satisfied with Barclays, although there are a few negatives:

• I had to run through the same information at least 3 times in order to get my account set up (via phone, in person etc).
• The online security gadget (like a calculator) is a bit of a faff, but I note that FirstDirect are introducing something the same now, and Barclays also offer a mobile pin version now.
• The business advisor that I had to meet to set up my account was one of the most patronising people I had ever met. He asked 'have you got any experience in that dear'! I had to ask him to stop calling me dear!!
• Now my free banking period is over - they write to let you know and automatically move you to their more expensive deal unless you phone them and ask for the e-account.
• I was told that Barclays were one of the fastest banks to set up a business account - I don't know if that is true or not, but after my meeting with the patronising man it was set up really quickly.

Positives

• Their online banking system is good and efficient. You can download all your past transactions etc.
• I've never had any problems with delayed payments etc.
• They don't bother you with a load of up-sell or cross-sell for other products like insurance.
• If you had a nice business manager I can see that it would be useful to be able to go in to a branch and discuss financial matters with them.

Hope that is of some use to anyone looking into business bank accounts.

Kas43

Hi Not sure if this is connected to any of the conversations going on but my partner paid a cheque into his business account on 14th September, it cleared at midnight on 19th/20th (today) so that meant he could make payments out of his account today. He logged on this morning and the money was gone from the account. He called the bank (Barclays) and they said they had removed the money for his own security and they would put it back at 9am this morning when the business manager was at work, never knew this was allowed to happen!! As yet they still have not released his money back to the account, we are totally baffeled as to why they have done this. So he now has had constant phone calls with some really not happy people wondering where their wages/payments are this morning... What right have the bank got to remove cleared funds like this, does anyone know?

Any advise would be welcomed...

Savvy_Sue

Welcome Kas. Where did that cheque come from? It might be an issue with the other person's account. Has your partner managed to speak to the business manager yet? Can he go and camp out at the branch until he does?

Kas43

It came from a major 'blue chip' company which are worth millions so i am pretty certain that there were no issues with them ( well i hope not, i havent heard that there is) All i know is that he was going to the branch to see the business manager but not sure if he will see him. but i am still puzzled by this.

rovvert

I have been trying to switch my business bank accounts over the couple of months, i first tried Barclay's and went through their call system and was supposed to have an advisor call me back to go through the application, didn't happen, i rang again and requested and no-one ever got back to me.
SO tried HSBC, and same thing happened again,went through the phone advisor, she wasn't sure if i could transfer 3 accounts at one time so she needed to call me back, then i missed their call and called back on 2 separate occasions, but no-one can help me. Exasperated i filled in an on line complaint on HSBC website, only to find when i submitted a message popped up saying they would endeavour to respond in 5 days, but may not respond!!! What si the point in that?
SO fed up with these banks,,,