Small Business Bank Accounts Discussion Area

Savvy_Sue

Insomniscene wrote: »

I'm looking to open a business bank account for a part time business I've been planning for some time - my plan is to wander around the banks and ask for advice, to see what they can offer.

Is this wise?

If you need a local branch (for paying in or withdrawing cash) then it's as good a way as any other IMO. If you don't, then look further afield. Make sure you know before you go what you need: how will you put money into the account and get it out again? How often? What sort of turnover?

Insomniscene wrote: »

Also - if I open a business bank account, will I undergo a credit check?

I think that if you're a sole trader the answer's yes, because you are the business.

stphnstevey

Any good Business Savings Account rates at the moment?

TheTracker

stphnstevey wrote: »

Any good Business Savings Account rates at the moment?

I hold a120 day notice account with IBB. Paid on time and in full every month, excellent service at opening, and good online banking. There are I think other banks with 1.5% for notice accounts. The 1.8% is a 'expected profit rate' because they can not pay 'interest' but it's always been paid in full for me and I gather they've never missed this rate. The only hoop was a single question that ensured My business does not trade in the gambling, arms, or alcohol trades. I've had it almost 2 years with 6 figures.

a_northern_sewer

Hello,

I'm about to launch a business through the Princes Trust and need a business bank account to receive the loan. I'm working through the online application form with Lloyds. Can anyone explain why they ask for so much info, like set up costs and plans to grow the business etc. I've just completed a business plan and it feels like Lloyds want me to fill in another! Is it normal for the bank to ask all this info? Should I just visit the branch with my Business Plan?

Any guidance appreciated!
Leanne

bertietheblue

My boss is looking to switch the company's business account from Lloyds to a bank that can provide direct contact with a manager. Other considerations (interest rate, internet banking, bank queues etc) are not so important - he's simply fed up of being sent from pillar to post when ringing up Lloyds to try and get through to a decision-maker.

Any suggestions would be appreciated. The company has a turnover of around £350,000 and is growing at near 50% pa, if that helps.

Thanks
Bertie

Savvy_Sue

I have no idea if you can phone the branch, but I have always found that wandering into NatWest it's usually possible to see someone helpful.

bertietheblue

Thanks. You rate NatWest; my accountant Barclays; a friend Santander - but it's difficult to choose based on a few other people's personal experience alone. Is there any bank that, as a policy, will provide a dedicated account manager for a company of my size (c£350,000 turnover)?

tomo21217

Barclays is 250k for a manager, I believe lloyds is £1m.

Not sure about the others

bertietheblue

tomo21217 wrote: »

Barclays is 250k for a manager

Could I ask for the source of this information? Because if that's the case, maybe it does make sense to switch to Barclays. Thanks.

BusinessIsBusiness

bertietheblue wrote: »

Thanks. You rate NatWest; my accountant Barclays; a friend Santander - but it's difficult to choose based on a few other people's personal experience alone. Is there any bank that, as a policy, will provide a dedicated account manager for a company of my size (c£350,000 turnover)?

Santander Corporate & Commerical do offer a dedicated 'Relationship Director' for businesses above 250k...

http://www.santander.co.uk/uk/corporate-and-commercial