Best Business Bank Accounts - Apply Online?

ProvidaGroup1

Hello, can anyone advise me which is the best business bank account for starting a new business that can be opened online? I have all the relevant documentation and good credit history but just don't have the time to go into the branch.

I have become increasingly frustrated when looking at the likes of Lloyds TSB and HSBC who claim to allow you to open an account online then say one of their business advisers will call you back and you are asked to go into the branch.

Ideally I want a simple business account, most banks are offering business advisers and mentors etc... that really puts me off all I want is a simple bank account with no fuss

Can anyone suggest anything?

Thanks

olly300

You need to go into the bank to verify your ID as a director and your company's details due to money laundering regulations.

It takes less than 15 minutes to open an account with HSBC. You just need to phone them up ask what ID you need to take into the branch with you. Contact the branch for an appointment (I walked in and was told to come back in half an hour so went shopping) and then go in for that appointment.

So I don't understand why you are refusing to do it.

Another way to open an account is to go through an accountant.

ProvidaGroup1

olly300 wrote: »

...

So I don't understand why you are refusing to do it.

I'm not refusing to do it, I'm just frustrated that banks are putting "Open an account online now" then stating you have to go into the branch :mad: - its misleading.

neilsedaka

Alliance & Leicester Commercial Bank account can be opened by phone from this link ...

https://www.alliance-leicestercommercialbank.co.uk/content/SB010002.asp

... or this link if you are starting a totally new business

https://www.alliance-leicestercommercialbank.co.uk/content/SU010031.asp

olly300

ProvidaGroup1 wrote: »

I'm not refusing to do it, I'm just frustrated that banks are putting "Open an account online now" then stating you have to go into the branch :mad: - its misleading.

Yep but loads of companies mislead. Seriously if you want to get an account with one of them then just comply.

BTW Alliance and Leicester are Santander, and due to the complaints on here, and on other forums I use involving businesses I would avoid them.

neilsedaka

I have two business accounts at Alliance & Leicester Commercial Bank and my experience has been good, apart from a very low limit for faster payments out of only £250 and BACS credits not being cleared until the day after deposit.

heloid

Hi very highly recommend the HSBC Business account. It's free too.

neilsedaka

According to this link the HSBC Business Current Account is only free for the first 18 months. The Alliance & Leicester Commercial Bank account is free for the forseeable future.

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

olly300

neilsedaka wrote: »

According to this link the HSBC Business Current Account is only free for the first 18 months.

Wrong I've had my HSBC Bus Current Account for years and it's been free all that time.

Oh and the faster payments limit is higher than £250.

BTW I did have to tell their advisors not to phone me up and try and sell me anything, which they complied with.

OP if you have an accountant see if they have any links with any banks as there are banks which aren't mentioned which have really good customer service.

ProvidaGroup1

olly300 wrote: »

Wrong I've had my HSBC Bus Current Account for years and it's been free all that time.

Oh and the faster payments limit is higher than £250.

BTW I did have to tell their advisors not to phone me up and try and sell me anything, which they complied with.

OP if you have an accountant see if they have any links with any banks as there are banks which aren't mentioned which have really good customer service.

I don't have an accountant as I'm just starting out and trying to keep overheads as low as possible. I'm looking into HSBC although the nearest branch to me is about an hours drive away.

Really all I want is a simple bank account, I don't mind paying a fee to use it or make transactions, want I dont want is the hassle or fuss of a 'local business manager' or 'dedicated business consultant' - I just want to open an account, preferably online and then never want to hear from the bank again apart from statements etc... Also since I'm paying for the account I don't particularly want to have to take in business plans and cash flow projections to show to justify to some complete stranger :mad:

olly300

ProvidaGroup1 wrote: »

Really all I want is a simple bank account, I don't mind paying a fee to use it or make transactions, want I dont want is the hassle or fuss of a 'local business manager' or 'dedicated business consultant'

They all seem to have that from asking other small business people about their banks.

Banks regardless whether it's personal or business make money by selling you services.

Anyway as I stated before tell them politely to leave you alone and they will.

ProvidaGroup1 wrote: »

I just want to open an account, preferably online and then never want to hear from the bank again apart from statements etc...

Try the bank you have your personal banking with. You won't have to prove your credit record with them or verify your ID for money laundering purposes.

ProvidaGroup1 wrote: »

Also since I'm paying for the account I don't particularly want to have to take in business plans and cash flow projections to show to justify to some complete stranger :mad:

As I said before I don't pay for my business account. I also did my business plan in the bank in my 15 min appointment. Their form was cr*ppy and small.