Small Business Bank Accounts Discussion Area

Savvy_Sue

Never mind the free gifts etc, does the account do what you need it to do on a day to day basis? If you need to withdraw or pay in cash, I'd want a bank with a convenient branch, including easy parking if necessary.

davep12345

Hi,

Apologies if posted in the wrong area.

I'm looking into applying for a credit card for my business, but not found anywhere that gives good comparisons.

Does anybody know of current good cards to apply for with low APR & no annual fee.

Thanks in advance

Harryo

Opening up a personal account and using Petty Cash would probably provide the best deal. You would probably be able to get an initial zero or low interest deal if that is of use to you and an ongoing cashback or points deal. If it is a personal account you would not be taxed on benefits received. May be a problem with interest charges though (I don't get these but I have it in my head that you cannot claim tax relief on credit card interest anyway, but I may be totally wrong).

I have got nine credit cards and the best I have for interest rates is CapitalOne - 6% for BT's and 10% for purchases. Not particularly good for long term large borrowing. Worst is Post Office 22.9% for both.

koru

Futuristic wrote: »

Assuming its FP it may well be cleared same day depending on their own cut off times. Anyways seems like a good account + 1.50% instant access savings account.

Anyone here using them? How is their online banking?

From what I can see, they don't do Faster Payments (which is why they don't clear the same day). The fees tariff does not mention FP, but it does mention BACS.

Otherwise, it looks good: no fees ever (unless they change their standard tariff) and 1.5% savings interest. I might give it a go.

jemimaw

Hi, I have finally got to the stage where I can't put up with NWB anymore. It took them four months to open my biz account and we are so far two months into trying to open a second account to sweep my VAT into. Their online system is so cumbersome too.

Anyway, I run a pub and restaurant, have no overdraft. We pay in a fair amount of cash - about £5k a week, and take out float change, so I need advantageous cash in / out fees.

I also want a decent online banking platform for bulk payments for suppliers and wages.

We have NW, Barclays, Lloyds and post office locally for paying in.

I want a parallel account which pays interest that I can sweep into.

I'm struggling to wade through all the many options. One hand gives, one hand takes on the fees.

Any sage advice?

Many thanks

Jemima

jonesMUFCforever

jemimaw wrote: »

Hi, I have finally got to the stage where I can't put up with NWB anymore. It took them four months to open my biz account and we are so far two months into trying to open a second account to sweep my VAT into. Their online system is so cumbersome too.

Anyway, I run a pub and restaurant, have no overdraft. We pay in a fair amount of cash - about £5k a week, and take out float change, so I need advantageous cash in / out fees.

I also want a decent online banking platform for bulk payments for suppliers and wages.

We have NW, Barclays, Lloyds and post office locally for paying in.

I want a parallel account which pays interest that I can sweep into.

I'm struggling to wade through all the many options. One hand gives, one hand takes on the fees.

Any sage advice?

Many thanks

Jemima

Notwithstanding the delays in opening the account the problem you have is that you are a business which costs banks to run your accounts - ie cash/change heavy.
So any bank you chose to open with will want to recoup these charges.

PaulDonn

Hello All.
I was looking for some advice on a business bank account and what i should be looking for when comparing the many options.
My account will be used in the following ways:
Receive money electronically from people and business worldwide
Send money electronically to an American bank account in $ (paying partner)
Withdraw small cash amount, less than £10,000 per year.
Send money electronically to myself and other general UK companies for services.

Thanks in advance.
Paul

Futuristic

PaulDonn wrote: »

Hello All.
I was looking for some advice on a business bank account and what i should be looking for when comparing the many options.
My account will be used in the following ways:
Receive money electronically from people and business worldwide
Send money electronically to an American bank account in $ (paying partner)
Withdraw small cash amount, less than £10,000 per year.
Send money electronically to myself and other general UK companies for services.

Thanks in advance.
Paul

All banks will do all of them, just need to look at monthly fee + fee for withdrawing cash. Perhaps opting for a local bank is also better option.

For:
Send money electronically to an American bank account in $ (paying partner)

You want to use something like https://transferwise.com, don't use your bank they will have crappy rates + large fees.

Stevewegs

Can anyone help please I had what I thought a ltd business bank account with Santander cheques and bacs would go into the account with the ltd company without any issue what so ever,until now.
The company was liquidated with an overdraft in place for £9k I assumed the liquidators informed Santander about this they say they never had a letter and it wouldn't concern them as the account is sole trader not ltd so they are demanding the overdraft monies my question is is this quite normal practice to accept the ltd crossed cheques and bacs payments into the account.
Thankyou for any help in this long going issue

polymaff

Stevewegs wrote: »

Can anyone help please I had what I thought a ltd business bank account with Santander

The account is in exactly what name?