HSBC new business account vs. Abbey

iamchrisli

I got to know HSBC launchs this new business account (business direct) for turnover under 500K and most on Internet transcation.

http://www.hsbc.co.uk/1/2/business/accounts/business-direct


I would like to see how other people see this compare with Abbey's free business account.

As I have personal account with HSBC as well, I think it would be good to have business account with them, at least any money transfer will be immediately.

Any ideas will be welcome.

KevToo

Hey money savers.

I am in a similar position, needing advice on business bank accounts, so rather than start up a separate thread I'll see about merging with this one:

Me and two friends are starting up a web development company [designing and coding websites, intranets, etc.] fresh from graduating university. The specific advice I am looking for right now regards banking. Who offers the best bank account for us? All three of us need to be able to access the account and obviously we want it to be as cheap/cost effective as possible.

Our outgoings should be relatively limited - as we are going to be working from home, there will only be a few bills going out for the business but [hopefully] more payments deposited.

From my initial research along with the two mentioned in the thread starter's post, Alliance and Leicester seem to offer quite a good account. Their Business Builder Startup account: https://www.alliance-leicestercommercialbank.co.uk/content/SU010031.asp seems reasonable - no charges for 2 years, then they transfer to the free account anyway: https://www.alliance-leicestercommercialbank.co.uk/content/SB010002.asp.

So this should mean no fees for the first 2 years and then the second account will get free deposits for the first £1,000 per month, then 20p per £100 after that. Sneakily, if £1,000 is not deposited in a month, £5 will be charged so they get some money either way. Of course, if we went with them we could go somewhere else once 2 years was up.

More importantly, what do you guys recommend? [Personal experience would be even better.] At the moment we are looking for work and have a couple of proposals awaiting feedback from clients which is looking good but whilst we have this relatively quiet period I would like to get everything setup, including the business's account.

Any advice you guys can offer will be absorbed and greatly appreciated...oh, and if you need a website...

DymondLil

Seems we have similar requirements. I, too, am looking for business banking, i.e. a change of banker. Been with RBS a number of years, but unhappy.
Thought MSE might have the topic covered.

tigerman

Abbey are very good at business banking, cannot find anything wrong to say about them .Have also just left A&L believe me if you are thinking of going there do yourself a favour avoid. Long story as to why i joined if you are wondering.