Best Business Accounts?

Francaise

Hi everyone,

I am new in here, this is my 3rd post now.

I'd be happy to receive some of your guidance in regards to the best business accounts to have for small to medium businesses.

I am currently with HSBC and the transaction charges are a little too much. I do transfers online, in general.

Can you help?

Cheers all!

:j

steve1980

It's the million dollar question for which there is no correct answer.

I'm with HSBC with an 18 month free banking period

Premier_2

Francaise wrote: »

Hi everyone,

I am new in here, this is my 3rd post now.

I'd be happy to receive some of your guidance in regards to the best business accounts to have for small to medium businesses.

I am currently with HSBC and the transaction charges are a little too much. I do transfers online, in general.

Can you help?

Cheers all!

:j

If you do the majority of your transactions online, ask HSBC about their Business Direct account - fee free transactions (and no monthly charge) for most day-to day banking

https://www.business.hsbc.co.uk/1/2/business-banking/business-bank-accounts/business-direct-account

Lots of other options available in this sticky on the subject:
https://forums.moneysavingexpert.com/discussion/2103019

malc_b

I like the co-op. Again online is mostly free (just cheques cost AFAIR). If you are with the FSB you get an annual £25 bonus. The co-op web site isn't the best but then not many banks have good web sites IMO.

missile

RBS & Natwest direct banking are free for most transactions. You may prefer to have a business advisor and pay for the privelidge? Santander is expensive and sh1te

Glitterpix

Hijacking this thread a little, but I too have a small business that I've just started up, and am looking for banking for it.

Do I have to get a business account, or could i just open up a basic personal one for it? (i have a shop on etsy)

Premier_2

Glitterpix wrote: »

Hijacking this thread a little, but I too have a small business that I've just started up, and am looking for banking for it.

Do I have to get a business account, or could i just open up a basic personal one for it? (i have a shop on etsy)

Most personal bank accounts prohibit use for business purposes within their terms. Speak with your bank if unsure, as they may simply switch your personal account to a business one if you start using it as such.

Bubble16

I use Santander who have been fine for the last four years for me and don't charge me anything.

Premier_2

Bubble16 wrote: »

I use Santander who have been fine for the last four years for me and don't charge me anything.

Which account do you have, exactly?

Santander, in common with most banks, offer free business banking for the initial 12/18 months
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237898427431&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

But thereafter appears to charge a monthly fee
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237898427441&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

CleanShirt

Premier wrote: »

Which account do you have, exactly?

Santander, in common with most banks, offer free business banking for the initial 12/18 months
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237898427431&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

But thereafter appears to charge a monthly fee
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237898427441&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

That would have been an old Abbey/ A&L free business bank account. If you only do online transfers. The Santander accounts charge depending how on big you are. The cheapest is £7.50 a month for free and unlimited transactions except physical cash deposits.

emmah89

I've gone for a slightly different route. my credit rating is poor and i couldn't get a bank account, so have gone for the CashPlus business card. Its a prepaid card, and there is a £29.99 yearly fee, however everything else is basically free, and is in my business name. Card came in the post today, so will be taking it down tomorrow to get it topped up and get the ball rolling as I've equipment to buy. But definately for anyone struggling, I'd recommend this, they give you an account and sort code too so you can receive bank transfers etc too. Only thing they dont do is cheques. Will keep me going until my credit score improves.