free account for semi-dormant company

chiefdave

I have a Ltd company which was setup for a small business I was running, to all intents and purposes it's a hobby. I was advised to set it up as a Ltd company from day 1 in case I ever wanted to progress it from a hobby to a full time business as it would give the company some history.

Anyway the issue I have is that the company is now pretty much dormant except for 1 - 2 payments recieved every year by direct transfer. These payments are fairly small, under £1K annually (usually under £500) in total, and once recived get transferred into my personal account as repayment on the money I put in on day 1. HSBC, who I currently bank with want to now charge me £60 a year for the account which I'd rather avoid if possible as it seems a bit much to pay out what will be around 10% of income on fees.

What are my options here, I've looked at all the major banks and can't find any free accounts, I did see a cashplus business account but had never heard of them so wasn't sure it would be wise to sign up to that. Could I just open a second personal account and have payments made to that so long as the accounts are still done correctly?

innovate

You need a business account for a business. Have you tried the small biz forum, they might have better suggestions. I seem to remember seeing a recent post that said Metrobank offer free business banking.

InsideInsurance

Metro are free only if you meet certain minimums/ maximums and a £15/month fee if the balance goes below £2k

RBS has a Business Direct bank account like the old HSBC Direct which has no service charge and so that may be worth looking at.

jonesMUFCforever

Where do the payments come from?
Could they be addressed to you as an individual in future?

If so clean the ltd company 's balance from the account THEN wind up the company and get future payments paid into any personal account.