Best Small Business Bank account?

DaleUK

Hi All

Can anyone here advise me on the best small business bank account?

I have utilised my banks (hsbc) free banking period and now they charge me £5.50 per month, are there any better offerings out there?

I have relatively few transactions per month, so the priority here is reducing cost, retaining a debit card.

I did read the MSE page on this but the recommendations focus on those accounts for new businesses.

Thank you for you help and advise.

Dale

Percy1983

DaleUK wrote: »

Hi All

Can anyone here advise me on the best small business bank account?

I have utilised my banks (hsbc) free banking period and now they charge me £5.50 per month, are there any better offerings out there?

I have relatively few transactions per month, so the priority here is reducing cost, retaining a debit card.

I did read the MSE page on this but the recommendations focus on those accounts for new businesses.

Thank you for you help and advise.

Dale

Some offer free banking if you transfer to them, it may be worth talking to hsbc, if you are using a small amount they may reduce the fees rather than lose you.

DaleUK

HSBC will not budge at all

Percy1983

Take you business elsewhere, as mentioned many do offer free banking but it may not be for as long as the new business offers. Failing that just find which has the tariffs best for you.

pooch

https://forums.moneysavingexpert.com/discussion/2103019

londonTiger

all business banking is EXACTLY the same. Free banking for the first year and then around £5.50 ish per month. Barclays, santander and yours seem to offer the exact same deal.

there's not such thing as free business banking for life. business banking market is small compared to consumer banking and the banks won't undercut each other for your business.

Good luck switching your bank account! When I set up my business I tried to open a bank account contact lloyds, coop and barclays. Barclays gave me an appointment after 2 weeks of applyng. That's only becauuse I was willing to travel to any branch in 5 mile radius to get an appointment (local branch had a huge backlog and the appointment was a month wait).

Didn't even hear back from the coop or lloyds,

johnmcga

To be honest, I would grin and bear the cost, rather than waste time shopping around for another account. Depending on what your time is worth, you could easily waste more than you'll ever save on fees.

That's even before you've dealt with the issue of contacting clients to amend your payment details in their purchasing systems!

Granariesgirl

The FSB offer free banking to members with Co-Op but I have to say it has been a total nightmare to set up for us: nearly 2 months & they are still faffing about. NOT happy! :mad:

cheexy

Lloyds Business Banking is beyond bad. Please don't touch them with a barge pole. I spent more than 2 months opening an account with them. The same process has taken me less than a week with Santander Business banking.

cazz2013

cheexy wrote: »

Lloyds Business Banking is beyond bad. Please don't touch them with a barge pole. I spent more than 2 months opening an account with them. The same process has taken me less than a week with Santander Business banking.

I have had exactly the same experience - Lloyds customer for over 20 years - after constant screw ups and still no business account after 6 months I applied online (over a weekend) with Santander - 3 days later confirmation that my new account was open - card, online banking passwords, paying in book, and cheque book all arrived within 2 weeks. Totally stress free experience. Avoid Lloyds at all costs.

ACF95

Natwest, can't fault them at all