Small Business Bank Accounts Discussion Area

Churchpolly

Hi, we have built up some funds in our small business account over the years with Barclays but it pays a paltry 0.5% interest. Do you have any suggestions about putting a lump sum aside somewhere safe to earn a better rate? thanks alot.

lovinituk

Churchpolly wrote: »

Hi, we have built up some funds in our small business account over the years with Barclays but it pays a paltry 0.5% interest. Do you have any suggestions about putting a lump sum aside somewhere safe to earn a better rate? thanks alot.

Aldermore - http://www.aldermore.co.uk/business/business-savings/

Following other posts here I moved our excess business funds from Barclays to Aldermore. They do fixed term savings accounts for a better rate of interest if you know you won't be touching a lump sum for a while.

lovinituk

Zanderman wrote: »

There is no obligation for you to keep business bank deposits in a business deposit account.

There is if its a Limited Company

aag

Hi,

Has anybody tried the ICICI Bank Free Business Current Account.

You can find more info at icicibank co uk

Seems to be the only account which promises free banking and no minimum balance requirements. Their savings account also promises 1.5% interest which is more than Aldermore and is easy access.


Am I dreaming? :j

Regards,
Aag

Dingbat

A very useful article, thank you, wish I'd started here rather than trawl bank websites!

I have a question about what constitutes a 'cash deposit' - if you look at the Santander offer (for example) the monthly fee states it is based on the amount of cash deposited each month. Does this include electronic transactions or just cash / cheques? It wasn't clear on the Santander website either. If you are mostly paid by BACS, it could make a huge difference in which bank offered the most cost-effective deal.

Thanks for looking at this.And I apologise, it's late and I haven't (yet)checked to see if this has been answered already.

TheTracker

Dingbat wrote: »

A very useful article, thank you, wish I'd started here rather than trawl bank websites!

I have a question about what constitutes a 'cash deposit' - if you look at the Santander offer (for example) the monthly fee states it is based on the amount of cash deposited each month. Does this include electronic transactions or just cash / cheques? It wasn't clear on the Santander website either. If you are mostly paid by BACS, it could make a huge difference in which bank offered the most cost-effective deal.

Thanks for looking at this.And I apologise, it's late and I haven't (yet)checked to see if this has been answered already.

Physical cash.

Dingbat

Thank to the Tracker for reply.

I phoned up Santander this morning and the fee is indeed based on the 'old fashioned' transactions (cash and cheques) and not electronic payments. I guess it makes sense in that the electronic movements are automated and hence cheaper to process.

Thanks for clarification.

chiefnoodle

aag wrote: »

Hi,

Has anybody tried the ICICI Bank Free Business Current Account.

You can find more info at icicibank co uk

Seems to be the only account which promises free banking and no minimum balance requirements. Their savings account also promises 1.5% interest which is more than Aldermore and is easy access.

Yes I came on to this forum to ask the same question. Everywhere else offers max 2 years free banking (natwest, RBS), most only 18 months, and pitiful interest - and then I see ICICI offering free forever, plus 1.5% easy access....?

Would be great to hear from any ICICI customers!

Thanks

TheTracker

chiefnoodle wrote: »

Yes I came on to this forum to ask the same question. Everywhere else offers max 2 years free banking (natwest, RBS), most only 18 months, and pitiful interest - and then I see ICICI offering free forever, plus 1.5% easy access....?

Would be great to hear from any ICICI customers!

Thanks

That's a common misperception. The following banks give free banking when you switch.

Yorkshire bank (25 months), TSB (18), HSBC (12), Lloyds (6)

Other banks give switching bonuses for switching which equate to a period of free banking.

In terms of saving you can get 1.8% for a 120d notice account and 2% for a year. And you can lend to P2P for more.

chiefnoodle

TheTracker wrote: »

That's a common misperception. The following banks give free banking when you switch.

Yorkshire bank (25 months), TSB (18), HSBC (12), Lloyds (6)

Other banks give switching bonuses for switching which equate to a period of free banking.

In terms of saving you can get 1.8% for a 120d notice account and 2% for a year. And you can lend to P2P for more.

OK thanks for the info - the longest free period I'd found was 24 months, yorkshire is a month longer... but ICICI is free forever!

Where are the 120d and year notice accounts from?

Does anyone know about ICICI though?

Thanks