Small Business Bank Accounts Discussion Area

koru

jonesMUFCforever wrote: »

Do you work for nothing?
Why should the bank do so?

I was commenting on your assertion that bank charges would cost Suziemoon nothing.

polymaff

jonesMUFCforever wrote: »

The bank charge is a legitimate expense which can be offset to reduce your profits and tax. So really it does not cost you anything.

When the bank gains the business loses.

redout007

Which Bank offer free banking for Businesses already trading, It says santander, but implysyou have to be a new business? Any advise? I', with Yorkshire bank at the moment?

eskbanker

redout007 wrote: »

Which Bank offer free banking for Businesses already trading, It says santander, but implysyou have to be a new business? Any advise? I', with Yorkshire bank at the moment?

https://www.starlingbank.com/business-account/, if you fit their criteria:

Our business account could be right for you if you’re…

The owner of a limited company – and you’re the only person with significant control over it.

Self-employed. At the moment, our sole trader account is available exclusively to anyone who has a Starling personal account.

LittleRedDragon

Morning MSE - Yorkshire Bank is offering 25 months free banking but isn't mentioned in the article, just wanted to let you know

eskbanker

LittleRedDragon wrote: »

Morning MSE - Yorkshire Bank is offering 25 months free banking but isn't mentioned in the article, just wanted to let you know

They've stopped updating the article, and to be fair, make this clear at the top of it:

This page is ARCHIVED

We've not updated this article for quite a while, but wanted to leave it on the site as it still may contain useful info for you. Please only act on any tips below if you've fully researched them first.

As per my post before yours, there are other options available in the market now, such as Starling, so you'd be better going to other sites who've chosen to provide more comprehensive and up to date articles, such as:

https://smallbusinessprices.co.uk/business-bank-accounts/
https://www.money.co.uk/current-accounts/business-bank-accounts.htm
https://www.moneysupermarket.com/current-accounts/business-bank-accounts/

LittleRedDragon

I totally didn't see that, how embarassing - it couldn't be much more obvious could it?!

Funk4delic

Hi MSE's community,


I have a business account with Barclays as I have a limited company since Mar 2018. The nature of my business is to sell new items on eBay with a business account. This a very small business activity (turnover: around £200 in 2018) I am running in my spare time and also for passive income along side my main job. The 12-month free banking fee from Barclays is now over since Mar 2019. They are now charging me £6 pm. Based on my little profits as a part-time eBay business seller, the barclays' fee is too much. Is it possible to shift to another bank and still get the free-fee banking services on a new business account? Please be welcome to share your ideas and experience.


Thanks, Mike.

Zanderman

Funk4delic wrote: »

Hi MSE's community,
I have a business account with Barclays as I have a limited company since Mar 2018. The nature of my business is to sell new items on eBay with a business account. This a very small business activity (turnover: around £200 in 2018) I am running in my spare time and also for passive income along side my main job. The 12-month free banking fee from Barclays is now over since Mar 2019. They are now charging me £6 pm. Based on my little profits as a part-time eBay business seller, the barclays' fee is too much. Is it possible to shift to another bank and still get the free-fee banking services on a new business account? Please be welcome to share your ideas and experience.
Thanks, Mike.

Always worth reading the recent entries on the thread! Two entries above your's there are three useful links that probably answer your question. I'd suggest trying the third one https://www.moneysupermarket.com/current-accounts/business-bank-accounts/

And maybe switching to Yorkshire or Clydesdale for their 25 months free switchers deal. Only downside to that is that you may have no nearby branch unless you're in the northern half of the country.

Savvy_Sue

Zanderman wrote: »

And maybe switching to Yorkshire or Clydesdale for their 25 months free switchers deal. Only downside to that is that you may have no nearby branch unless you're in the northern half of the country.

If the OP is running an online business that probably won't be a huge problem. When we set up new business bank accounts at work, they verify our ID electronically (electoral roll etc) and we post off signature documents.