Business Account BACS payments

donttaxme

Hi,

I currently have a business bank account with HSBC and was looking to set up BACS payments facility on it so I can schedule payments.

I have been advised there are set up and maintenance costs involved with this facility, does anyone know if this is the norm?

Also do any Banks provide this for free?

Cheers!

jonesMUFCforever

No - there will be charges for running a business account. Check to see if any bank will let you have a charges free period for switching.

Olipro

Santander offer free business banking have a look here

Do be aware however that they will *not* give you any branch services, you have to use self service ATMs for paying in cash, cheques and the like.

as far as BACS goes however, you get a full internet banking service and you can schedule outward payments at your whim.

ffacoffipawb

donttaxme wrote: »

Hi,

I currently have a business bank account with HSBC and was looking to set up BACS payments facility on it so I can schedule payments.

I have been advised there are set up and maintenance costs involved with this facility, does anyone know if this is the norm?

Also do any Banks provide this for free?

Cheers!

jonesMUFCforever wrote: »

No - there will be charges for running a business account. Check to see if any bank will let you have a charges free period for switching.

HSBC also offer a free (*) version, which suits me fine!

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

No charges for BACS payments.

http://www.business.hsbc.co.uk/1/2/business-banking/business-bank-accounts/business-direct-account/rates-and-charges

(*) I haven't been charged for anything.

donttaxme

I am happy to pay annual charges for a Business Bank Account but I do not agree to paying for an annual charge to do BACS payments.

ffacoffipawb - I am already with Business Direct at HSBC but have been told there will be charges, I will speak to them to clarify.

Thanks!

agsnu

There are also facilities to submit large volumes of payments directly into BACS (rather than going through your business internet banking facility). The same system is also used for Direct Debits. There would probably be annual charges for that at any bank.