Free Business Banking, any tips?

bnoc

I run a very small limited company, just me and my fiance, we're looking for a new current & savings account for the company.

To date we have banked with Lloyds who offered us an introductory free banking service, however the intro period is coming to a close and we don't make enough money as it is so don't fancy paying out to a bank.

Any hints/tips/suggestions?

saxmund

Abbey offer a "free for life" business banking service, we set it up for our residents' association. The process of setting it was rather painful, due to having to get money laundering stuff off five directors, but if it's just you and your fiance it shouldn't present too many problems.

kennyboy66_2

Alliance & Leicester also do free business banking (upto £1m turnover). The interest they pay on balances > £1k is poor though.

ziknik

I heard Carter Allen are the best (part of Abbey).

I use HSBC Direct. It has a number of free transactions a month and no monthly fee.

HSBC are currently doing 18 months free banking on their standard bussiness current account

gt94sss2

I was going to suggest HSBC as well. Depending on your needs, one account is 'permanently' fee free and another offers 18 months of free banking.

OTOH, my parents have had very bad experiences with A&L's business accounts..

Regards
Sunil

WallyMan

Cater Allen are the best. I've been with them for years. perfect for small husband/wife companies. Free providing your transactions are a reasonable number per month. Plus they give pretty good interest

gkf

Abbey are ok once you are up and running. They managed to 'lose' and later 'find' my daughter's application. Took quite a few weeks to get account up and running, but fine now. Also read in the newspaper of other people having similar problems. Benefits are good though.

ziknik

gt94sss2 wrote: »

I was going to suggest HSBC as well. Depending on your needs, one account is 'permanently' fee free and another offers 18 months of free banking.

OTOH, my parents have had very bad experiences with A&L's business accounts..

Regards
Sunil

One of my mates had a lot of trouble with A+L too. They spent too weeks considering his application and then asked to see loads more paper work and gave hime a few more forms to fill out.

Took him 6 weeks all in

Kilty_2

WallyMan wrote: »

Cater Allen are the best. I've been with them for years. perfect for small husband/wife companies. Free providing your transactions are a reasonable number per month. Plus they give pretty good interest

They sound good, but I get the impression you need to have a reasonable turnover in order to open an account.

Also, if Abbey refused me, I assume Cater Allen would as well?

bendabomb

Two years free banking for new accounts with lloyds at the moment.

Nemesia

After setting up 2 business accounts over the past 5 years I would not recommend the Abbey. Not only is it a long process to set up (I had forms go missing, had to request forms 4 times) but once you are up and running the service is not great.

I have noticed a significant increase in the amount of time they take to answer the phone (typically 10 mins+). They tell me that they have had staff shortages.

The other problem is the amount of website downtime. Nearly every day it falls over or seems to take ages to process a transaction then kicks you out. When I've complained about it they never admit to there being a problem.

Hope this helps. I'd be interested to know if other users are experiencing the same problems.