Business Banking

edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
33 replies 3.7K views
Lindsey_AnneLindsey_Anne Forumite
2 Posts
I'm on the look out for the best people to do business banking with. There are so many banks out there who have monthly charges & hidden fees, so I'm trying to find the most pocket-friendly!
As a small business it would be great to cut the costs, so if anyone has any tips, please spread the word!
Thanks :)
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Replies

  • lofty_2lofty_2 Forumite
    423 Posts
    I was also looking for a business account, is there any out that are totally free not just a few months free??
    Nice to Save. To save it's ____
  • PinManPinMan Forumite
    174 Posts
    I recently signed up with Abbey National as they have a 'no fees' business account. The interest rate isn't fantastic, but that's a small price to pay imo :)

    http://www.anbusiness.com
  • Thanks Pinman,
    I'll have a look into the Abbey National & see what I come up with. Lindsey Anne :D
  • I also recommend Abbey National's Free Banking. We have been with them for a few years now and have had no problems.

    The interest rate for £1 - £4,999 is gross 1.10% which I agree is quite low but at least all the business banking is free.

    You can also have a reserve account linked to your current account which is handy for saving for your tax bill!! The interest rate on that is currently £1 - £99,999 - Gross 3.50%.

    I have no complaints. :D
  • :)
    Have you tried alliance and leicester? Boyfriend has free business banking forever. You only pay if cash is paid in.

    Account can be used via branch telephone or post. Also can use the post offices.
    Really fiendly help line. 08005870800 7am - 12 midnight.
    https://www.alliance-leicestercommercialbank.co.uk.

    Account also pays interest. No debit card just cash card. Get roundthis by getting a credit card.
    Jenny
    happy when saving money
  • I'd like advice on this too. I've had my business for eleven years and been with barclays for that time but the service has gone off big-time. I need an overdraft (not at the moment but will) so has anyone got a good banker with a good overdraft deal and good service?
  • zcaprd7zcaprd7 Forumite
    1.1K Posts
    Abbey National for me (especially if its small business)...
  • Abbey national Got my business but you do have to watch you don't go over their transaction limits and you only get an electron card which i have found pretty useless when dealing with suppliers.
    Luckily the transaction limits are quite realistic and i have found a way around them by putting any cash into my current account in the guise of a salary and then doing a online bacs transfer which are free without limits.

    I think there is an option to get a visa delta card but unsure of conditions.

    Hope this helps
    I wonder if there will be any big changes when they get taken over by the spaniards.
    I like a Good Deal more
  • RafterRafter Forumite
    3.8K Posts
    moneysupermarket.com has listings of business bank accounts.

    Following a ticking off from the office of fair trading, most of them offer basic business accounts with no account charges these days (although you get very little interest as a result when in credit)

    Business banking is often more about the relationship with the manager as the business expands and has more complicated financial requirements though, so worth finding one with the best service and managers rather than just saving a few £'s a year in fees.
    Smile :), it makes people wonder what you have been up to.
  • We've been with the NatWest for just over a year now and never had a problem with them, completely the opposite in fact.

    Well apart from they only offered us 1 years free banking and therefor started charging last month...was thinking of switching to another bank so thanks for the Abbey tip :)
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