HSBC increasing charges, suggestions for an alternative?

supermonkey

I'm yet to open my RBS account as I just havnt had time to go and do it!

I'm wondering with my business where some months there are only 3 or 4 transactions, whether I should just open an additional current account where I hold my personal current account now.

Cornwall2000

squowse wrote: »

applied for cater allen account via the forms and address given on the link.
had a response from them a few days later to verify my identity - just a letter requiring a signature (had already supplied photocopy of passport and a bank statement).

so at least we know the referral is working. I will report back on service and to confirm the offer (no minimum balance of £5k required).

Hi just to confirm that the account was opened successfully. Both times I have called the phone has been picked up after a few rings by a helpful human. They confirmed that the £5000 min balance wasn't a requirement.
The various bits and pieces take a couple of weeks at least to arrive and there is the usual array of codes and required passwords to use the internet banking. One advantage over HSBC is that the key fob code generator is no longer required.
One disadvantage is that transfers to my personal HSBC account now go overnight, not instantly.
HSBC account was closed by sending a letter to the branch - balance was transferred into the new account within a week.

zcacmxi

Breaking news from the bbc:
http://www.bbc.co.uk/news/business-23890694
"HSBC is to increase its charges for 700,000 small business customers from Sunday, with many losing their free banking service, the BBC has learned."

Another thumbs up for Cater Allen from me. Initially it took 2 weeks to open the accounts. Now the account is open though, the customer service on the freephone number is excellent.

I'm going in to HSBC tomorrow to close the accounts that will start charging!

Hopefully Cater Allen won't start charging, but if they do can switch somewhere else for 18 months free? Maybe back to HSBC?

spenderdave

It seems strange that the BBC are making out this is breaking news when all affected customers were told about it 2 months ago. When they were interviewing a chap on the 6.25 money slot on Today he said 'since it only was announced last night there has not been time for any reaction yet....'. In any case, Business Direct was NOT a free business account, it charged significantly if you wanted to pay cash in at a branch.

Closed my account earlier in the month.

socrates

over 6,000 views and a grand total of 2 thanks for the original link I provided for Cater Allen and how to avoid needing a £5k deposit for free banking

Someone posts up a link to win a pair of gloves and they get 300 thanks

Bring back the old days of MSE.......

Cornwall2000

socrates wrote: »

over 6,000 views and a grand total of 2 thanks for the original link I provided for Cater Allen and how to avoid needing a £5k deposit for free banking

Someone posts up a link to win a pair of gloves and they get 300 thanks

Bring back the old days of MSE.......

I did say thanks a million but the system didn't count them all..

Caladan

suzannesuzanne wrote: »

I thought i'd try calling HSBC to discuss any fee free alternatives (e.g. will they waive the fee in any circumstances) and they said there are absolutely no exceptions except for new start-ups. I told them I was definitely going to close my account then, and they didn't care at all. Bit shocked about it considering I have been a personal and business customer with them for ages. Hopefully I can move to Metro Bank, i'll have to go chat with them (thanks for the suggestion).

Well, if you're a customer service rep and you know for a fact the fee wont be waived, you tell the customer that.

If the customer then says they want to close their account - what more can you do than say "I'm sorry to hear that" and end the call?

It's not that they don't care, it's that there's nothing more they can do for you

Also, look at it this way - If they make an exception for one customer, and that customer tells another person who they haven't made an exception for, then that second person is gonna be pretty miffed and make a complaint to the bank.

If they then give Mr Miffed an exception, well, it all spirals out of control.

Edit:
Forgot my constructive part which was the original reason I was posting here, oops!

Free banking offers for switchers is from when you open the account. For startups it's usually from when you open the account (not the incorporation date), but if you already have an account elsewhere you're not a startup. I'm not aware of any lenders who do it differently there (i.e. use the incorporation date).

Cornwall2000

Just a little warning - my girlfriend got rejected by Cater Allen for the free account but they did offer her one with the minimum £5000 balance requirement.
I can only assume that either

a) they have been a bit inundated with application for the free account
or
b) they turned their nose up at the stated turnover of her company (£30k).

Apart from that our applications were very similar although my company has been going for a few more years than hers. (her is a year and a half old).

will_macdonald

Perhaps someone here can advise me on a business bank account for my Ltd & VAT registered business.

I really want the most minimal account possible.
- Online ONLY banking, I never deal in cash
- I do not want any business advisors
- I do not want or need a loan
- Debit/Credit card that let's me see transactions online and doesn't charge a fee to use it abroad, or online with a foreign company.
- Ideally a mobile app or decent mobile web interface
- Web interface that lets me download/search old transaction
- As low cost or free as possible

I am currently using Bank if Scotland. The main downside is that the Debit card charges to much to use outside UK. I bought a 79p app for my phone that incurred a £1 fee + a commission fee.

The credit card doesn't charge, but I can't see the transactions online.

Cornwall2000

Maybe get a Halifax Clarity card (or similar) on a personal basis and pay from your business account each month by direct debit?
This gives a mid-market rate and no fees and it's what I do when I occasionally buy goods for the business from oversea.