Ltd. company bank account

thelawnet

I need to open one, quickly, any ideas the fastest? Just for a new, very small ltd. company don't need any overdraft, just somewhere to validate my company's Paypal account!

Mattygroves2

How about wherever you currently bank ? I wouldn't expect it to be quick though unless you are the only director.

thelawnet

I am the only director, they said 14 working days with my current bank (Lloyds).

InsideInsurance

HSBC I walked out with the account set up, online banking etc

Make sure you fully check exactly what they require, particularly if you have multiple shareholders. It took me months to get an account with Barclays because of their prescriptive way of wanting the share certificates drawn up - they even rejected their own template

AmTheMan87

I have looked into starting my own business a few times and looked at various business bank accounts. As well as the high street options, there is an account available via cashplus... set up same day, get your details and card a few days later.. might help > http://www.mycashplus.co.uk/business/our-solutions/business-account-alternative/default.aspx

henm2

With HSBC there is a fairly quick online application process for new business accounts for new businesses. http://www.business.hsbc.co.uk/1/2/DA_APP?productType=UEADN&ES_STATE_RESET=true
Much better than waiting for an appointment.

sansin

Avoid this bank at any cost. My accountant asked me to open business account in this bank for monthly invoice payment and I am regretting since then.

Pros - Even if you have bad credit you can have business account with them.

Cons -
- BEAR IN MIND this is not a full fledged bank, its a DAMN pre-paid card.
- Looks like they have only few custom service people, I tried 4 times in a day and kept holding for 10 minutes everytime and no answer.
- Guys on the customer service side are very rude. When I showed displeasure and want to close the account he immediately said yes make your account balance 0 and call us again as if he eagerly awaits that customer should close their account with them
- By default they have some limit on their pre-paid card and when it goes beyond that all your client payment would start failing.
- On internet banking there is no way you can send them message asking anything. You have to CALL them and then you have wasted your day.
- Internet banking have very limited options.
- Withdrawing any money using their card would incur charge around £3 per transaction!
- They do not accept all type of transaction (I forgot the term) so if your client pay you in that particular way then you won't receive the money.

CKhalvashi

HSBC would be my bet for trying on this.

Everytime I've gone to see them, they've been able to speak to me there and then about whatever has needed doing (both personal and business).

10/10 customer service IMO.

colsten

HSBC have had some very bad bad press in recent months as their money laundering checks have taken on new dimensions. Not only did they not allow people to withdraw cash from their own accounts, sometimes they weren't even permitted to deposit cash and cheques into their accounts without providing proof of the source of the funds.

This might not faze you but if it might, do some more research first.

CKhalvashi

colsten wrote: »

HSBC have had some very bad bad press in recent months as their money laundering checks have taken on new dimensions. Not only did they not allow people to withdraw cash from their own accounts, sometimes they weren't even permitted to deposit cash and cheques into their accounts without providing proof of the source of the funds.

This might not faze you but if it might, do some more research first.

I've not been stopped yet, and I've had several abnormally large cheques paid in/out in the last few months.

All banks are required to know their customer, and generally when I go into the bank, I have copies of invoices etc anyway, clipped to the cheque in a folder (it's just the way we've always worked internally as a company)

The more organised you are, the less likely it is to flag up.