BUSINESS Banking

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
5 replies 696 views
AndyD_OHDAndyD_OHD Forumite
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
HI All,
I do apologise if this is not the appropriate section to post in.

I run my own little company and although it has been running for a few years, profits are still pretty low. With this in mind we had opened a Business Bank Account with the Bank of Scotland. They provided free banking to us, however this morning we received a letter from then saying that as of the 7th December they will be levying a banking charge of £15 per month. This is quite a substantial sum to be paying out every month, to be honest.

I wondered whether anyone could advise on where we could get free banking for our Company?

Cheers
Andy

Replies

  • johnmoney05johnmoney05 Forumite
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    I think A&L and Abbey.....
    You need to fund A&L £1000 every month to avoid fee...
    Abbey does not have such requirement...
  • Mc4ndyMc4ndy Forumite
    142 Posts
    Agree with above poster, A+L and Abbey are currently only two that I know of claiming free banking for ever. There are others with 1 year offers but typically they charge after that.

    We switched to A&L from Barclays (aaaargh) and I've been pretty happy with it. They were slow initially with application due to massive demand, but I imagine it's levelled a bit now. The internet banking was a bit naff too at first, but they have recently re-launched it and it is a lot better.

    You don't mention if your business deals with cash transactions. I know quite often they have a max cash limit you can pay in, with A+L I think it's £1000, if you go over this I think charges apply. Also as mentioned above they like to see £1000 or more deposited in a month otherwise they do charge £5.00
    Why do today what you can put off until tomorrow.
  • PBAPBA Forumite
    1.5K Posts
    Abbey let yoy pay in £3k cash and 100 cheques a month for free, and you can make 100 withdrawals (cash or cheque) each month free as well. Any usage above those limits is chargeable, but you'll never pay a monthly usage fee.
  • Also try HSBC business a/c direct no fee if most of the thing done online
    Spend smart, and save more.
  • Also see BEST BANBK A/C FOR SOLE TRADER thread
    Expect the worst & hope for the best...
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