bank account advice

Irishorangutan

I was wondering if anyone can help me.

I currently have an RBS business account, but the charges are as much as 20 - 30 quid a month.

I know Abbey have a good deal for business customers, but I also noticed that they dont' have any in branch support. This is my main concern - as although I usually use internet and phone banking, I do deposit money in my branch. Can I still actually deposit business money at a branch?

Also, does anyone have alternative suggestions for a business account? Currently i'm throwing away 200 - 300 quid on charges a year!

thank you in advance.

observer_2

Most bank charges end up the same, swings and roundabouts. You might save £50 here and there, but unless you are really getting ripped off the easiest way to cut charges is to.... make some more money !

Savvy_Sue

Is this cash you're talking about? Because if it's cheques, then I've been using postal paying in of cheques for lots of accounts and have never had one go astray.

I would phone and ask them, anyway. They may have an arrangement whereby you can pay cash in elsewhere - work is with Unity Trust (we're a charity) so have no branch facilities. To cash a cheque I have set up arrangements with the two nearest 'other' bank branches. It took a while, but it works. Likewise I can pay cash in at these branches.

Irishorangutan

observer wrote:

Most bank charges end up the same, swings and roundabouts. You might save £50 here and there, but unless you are really getting ripped off the easiest way to cut charges is to.... make some more money !

Not sure I agree with this really. Abbey have a free for life policy. Now obviously if I'm paying in over 100 cheques per month then I will be charged at 50p per cheque. However, currently i'm charged something like 60p per cheque, straight away.

That's just an example. I will definitely save around 200 - 300 a year switching.

Making more money does help, but at the end of the day, doesn't matter how much money i'm making, I don't want to give any money away for free to a bank, if I can get it cheaper elsewhere!

I phoned about the pay in thing, and it seems fairly straight forward - just a case of popping it in an envelope and in their machines.

johnllew

A&L free business banking (as long as you deposit at least £1000 per month).

- Online and telephone access.

- You can make deposits at your local Post Office.

- They have a linked Reserve account that pays 4.25% AER.

https://www.alliance-leicestercommercialbank.co.uk/business-current-account.asp

I use them and they're fine - website & customer service not up to Smile standards but you could save a lot on charges.

Skeps

The CO-OP also do free business banking. If no local branch you can pay in at your post office but it will take 5-7days before it shows on your account.
You can also TART your business account by using the 18month free banking offered by many banks OR a neat little trick is this..... Set up a tart or free personal account. Pay in your monies to that account and then write a cheque from the free account to your business account on the same day of each week to empty your FREE account. By showing both accounts to your accountant (tpo prove no underhanded dealings going on) you can save vertually all your banking costs.
I know a person who did that for 3yrs while setting up his garage business. The bank finally offered him free banking to reduce THEIR costs... HaHaHa.!!!
Regards