Business Bank Account

christm_2

Hi

I've just taken over a business and am currently looking for the best business bank account around. Don't know if this is the right forum, but would be grateful for any advice or links to any articles on the site about it (I did do a search for it but couldn't find anything)

Many thanks

Martin

jonesMUFCforever

We need more information.
Is it cash intensive? will you pay in loads of cheques? will you require facility to accept visa/mastercards? will you require loans or overdrafts?
Is it a Ltd company, sole trader, partnership etc etc etc

christm_2

OK Sorry - Will try and give info.
Not sure what you mean by 'cash intensive'.
The vast majority of payments into the account will be cheque - probably around 400 a year.
Don't require any loans and don't really need an overdraft but it's obviously a nice thing to have but it should be a necessity.
It's a partnership company.
Any other info needed, please ask.

Thanks

Martin

jonesMUFCforever

By cash intensive - paying in a lot of notes and coin and wanting a lot of change.
Bu partnership company do you mean limited company as in being registered with Companies house or just you and a friend joining forces as a partnership?
Have neither of you any previous business experience?
Do you have personal bank accounts now?
Do you have an accountant?
Have you had any advice from any Government agency?
Your first port of call IMO would be the bank that knows you best as a personal customer.

christm_2

Hi

It's a joint partnership with my wife.
Yes we have personal bank accounts - with Alliance and Leicester.
We can pay money into the account in cash or cheques - whichever would be easier.

Thanks

Martin

jonesMUFCforever

Have you spoken to A&L?
Not sure if they will divert you towards their girobank.
I'm sure that they can at least give you basic account information as it does not sound like you require anything complicated.

christm_2

Hi

Yes, I don't need anything complicated, but I just wanted to confirm that there was no 'best business bank account' the way there is a best current account etc.
I know some have charges etc for paying in cheques etc...

Thanks

Martin

PoorDave

I use Abbey, who are fee free but only operate by post/phone/online i.e. not branch based.

The fee free is i think up to a certain number of transactions per month. I only pay in 12 cheques a year, so it's fine for my needs.

Never had any problems at all with posting cheques in their pre-paid envelopes

christm_2

Hi

OK Back looking for more help.
I had decided on the Alliance and Leicester and their 2 year fee free business builder account. But then saw that you must deposit at least £1000 per month or they charge you £5 a month. With my business being a dance school, I have 4 terms which means I only get payments 4 times a year so I won't be having a monthly income as such therefore won't be paying in £1000 every month.
Should I still go with A&L and just pay the £5 a month charge or is there a better account for me out there?

Thanks

Martin

oldfella

I use Abbey - its free

Mike