Best Business Bank Account

dejongj

Didn't realise that Northern Rock did business accounts...that's a good rate at their business reserve....

maz168_2

WOW!

These were the answers I was just looking for. Thanks everyone. Just wondering if anyone has tips in the personal indemity insurance, liability etc you need to have. Anywhere that you can get comparisons off etc?

Any help is much appreciated,

Thanks,

elliebean_2

We use the Abbey for our business account. It's free forever providing your transactions fall within certain parameters each month. We've been with them for 2 years and never had any problems with them yet. Details can be seen here: http://www.anbusiness.com/
We did have to set the account up in person, but do all our banking online now.

Can't help with the PI and PL insurance question, as we get ours at a reduced rate through a professional institute that we're members of.

Swattie

adypem wrote: »

WHA, I've now found out that the problem didn't appear to be at the Carter Allen side, all my documents have been mislaid by FileTravel. As a result I am hoping to kick FileTravel into touch, get my own local accountant and open my own business account with A&L.

The only draw back with Carter Allen is the absense of internet banking which is something I would like

Cater Allen will have internet banking from 1st May 2007.

muckydevil

Hi All,

I signed up with Barclays a year ago mainly because it was free of charges for a year, but guess what the year is now up!!

My accountants are recommending using Carter Allen, basically opening a reserve account with them at the same time as opening an Asset 30 account. I was put off as they did not have online banking but looking at the email trail hear that now seem not to be the case ;-)

However from the post here it looks like Alliance and Leicester with the business current account and business reserve account look pretty good. Has anyone got any ideas which bank to go for?

Also if you are earning interest on the money is there any easy way of getting paid that into a personal account?

adypem

muckydevil wrote: »

Hi All,

I signed up with Barclays a year ago mainly because it was free of charges for a year, but guess what the year is now up!!

My accountants are recommending using Carter Allen, basically opening a reserve account with them at the same time as opening an Asset 30 account. I was put off as they did not have online banking but looking at the email trail hear that now seem not to be the case ;-)

However from the post here it looks like Alliance and Leicester with the business current account and business reserve account look pretty good. Has anyone got any ideas which bank to go for?

Also if you are earning interest on the money is there any easy way of getting paid that into a personal account?

I can't see anywhere on the Cater Allen website saying online banking, although I do know a lot of people using them.

My application with A&L (Ltd company account) is taking a long time, they are now quoting 25 working days in order to setup.

Regarding the interest earned on the money in the business account, I think and correct me if I'm wrong that this is subject to tax.

dejongj

muckydevil wrote: »

Hi All,

I signed up with Barclays a year ago mainly because it was free of charges for a year, but guess what the year is now up!!

My accountants are recommending using Carter Allen, basically opening a reserve account with them at the same time as opening an Asset 30 account. I was put off as they did not have online banking but looking at the email trail hear that now seem not to be the case ;-)

However from the post here it looks like Alliance and Leicester with the business current account and business reserve account look pretty good. Has anyone got any ideas which bank to go for?

Also if you are earning interest on the money is there any easy way of getting paid that into a personal account?

I don't have any experience with Carter Allen so I can't really comment other than my own interpretations...A&L have been smooth and easy to setup for me, all online, just a single form for some signatures and that's it....I quite like it that their online service also allows for CHAPS instructions for those important same day payments.....That and that their interest rates are the best around (except for the Northern Rock deposit but then you have the delay in sending money), and that you can bank over the counter at any post office when required....

Paying interest directly into a personal account!!! Naughty man! You can't do that, and it is taxable income for the company....

muckydevil

Thanks guys, certainly sounds like A&L CA, A&L Business Reserve and a Northern Rock Business Reserve account maybe the way to go, even if A&L takes a while to setup.

I know paying interest direct into a personal account is a bit naughty but just how do you get access to all the interest you earn from these savings accounts. Or do they get classified as credits to the compnay hence just become part of your normal Salary/Dividend calculations?

dejongj

muckydevil wrote: »

I know paying interest direct into a personal account is a bit naughty but just how do you get access to all the interest you earn from these savings accounts. Or do they get classified as credits to the compnay hence just become part of your normal Salary/Dividend calculations?

It is income earned by the company, thus contributes to the P&L of the company...So what's left is subjected to CT and then usual calculations when you want to declare Dividends...

Bean_Counter

Since a few people have mentioned Cater Allen, I pay in cheques at Royal Bank of Scotland branches if that is of any use to anyone.