Which Business Account to go for?

Serendipity_73

I have been a sole trader since 2007 and have always used my personal current account but I now want to open a business account so I can keep it separate. I mainly use Bacs but pay in a few cheques each week.

Have you got any advice on who is best to approach or shall I just contact them all?

Thanks in advance :beer:

Savvy_Sue

I would start by ruling out any which aren't convenient for you to use. If you're paying cheques in, you either need a local branch, or to be able to do it by post.

Then you find out how much the convenient ones would charge for paying cheques in, and rule out the ones who charge an arm and a leg for it.

No particular recommendations, I'm afraid ...

paddyrg

Banks may also have more than one tariff, depending if you back more electronically or manually. Cheques and coins paying in cost more on the LloydsTSB electronic tariff (a few pence more) but electronic payments are free. 18 months with no charges at all, so maybe ask your own bank you currently use which of their tariffs they recommend - if they have something suitable then it may be worth the convenience of staying with them.

Savvy_Sue

paddyrg wrote: »

so maybe ask your own bank you currently use which of their tariffs they recommend - if they have something suitable then it may be worth the convenience of staying with them.

although be aware that if either account gets into trouble, they can get stroppy and I believe move money between them, even if you really don't want them to!

Shouldn't be a problem if you don't have an overdraft on either, but be aware!

Of course there's nothing to stop you running two biz bank accounts, if you find one which is convenient and cheap to pay cheques into, but expensive for writing cheques from - you pay cheques in then transfer money by BACS and write cheques from the other account.

DKLS

I use Cater Allen, and have to say customer service is fantastic If I ring them I speak to a human, no automated call menus and staff who can action what you want to do!, I just wish they would roll out the same training to Santander staff. They are all part of the same group after all.

danthemoneysavingman

Another vote for Cater Allen from me

w211

If you're eligible, join the Federation of Small Businesses, and one of the benefits is free business banking with the co-op.

http://www.fsb.org.uk/business-banking

Alternatively just open another personal current account, and use that just for business transactions. I know it's probably against the bank's terms and conditions, but you said you've used a personal account since 2007, so it appears the bank is unlikely to find out.