Business Banking

Sirshocking

Hi Peeps

I run a small business online, and have and have a current account for banking. This now needs to be upgraded to a business account so I can get a merchant number for processing payments. I have searched this site with no results for a recommendation for a bank that doesnt charge or at least the minimal charges. We take mainly electronic payments and the very odd cheque. So any recommendations would be grateful. :j

david29dpo

I have recently opened one with Barclays, free banking for 12 months.

myrnahaz

HSBC just gave me 18 months free business banking.

TomsMom

We have an Alliance & Leicester business banking account - Alliance & Leicester Commercial Bank, 0870 010 2276 (sorry about the 0870, can't find another number in our files but can probably be found on saynoto0870.co.uk)

If funded with £1,000 per month (by any means - cheques, cash, automated credits) the banking is FREE, no time limit just free if you pay in £1,000 monthly. If less than £1,000 there is a monthly charge of £5.

You can pay in £1,000 cash with no charge, most banks charge you for depositing cash.

We left Barclays because of their charges.

We have a current account with A & L Commercial Bank and it pays 0.2% interest (OK, not much but better than paying bank charges). We have linked it to their Instant Reserve account which currently pays 4.04% interest. Any spare money we keep in the Instant Reserve to earn interest, and we can very quickly and easily (online banking) transfer enough into the current account when payments out are due.

david29dpo

So much for my Barclays account! A/L hear i come! thanks!

Mark7799

Abbey offer 'free' transaction banking for life.

inmypocketnottheirs

Mark7799 wrote: »

Abbey offer 'free' transaction banking for life.

Correct. For a small business Abbey probably is the best bet.

PS Mark, it looks like you have spilt a tin of Alphabetti Spaghetti in your sig!:eek:

aeuerby

Abbey do indeed offer free banking for life.
But to get this you can only pay money or cheques in at a cash machine/electronically or post the cheques to their clearing centre.

Cheques can take upto 5 days to clear (including the day you pay in at the machine) and cash paid in at a machine does not hit your account for 2-3 workings days.

Still one of the best for a small business though - but not as convenient for us as the nearest Abbey branch is a pain to get to!

Mark7799

inmypocketnottheirs wrote: »

PS Mark, it looks like you have spilt a tin of Alphabetti Spaghetti in your sig!:eek:

It's an old Welsh saying 'a nation without a language is a nation without a heart'

buglawton

I second what TomsMom says. The A&L online business banking takes a bit of getting to grips with (and always indicates a balance that's a day or 2 out of date when compared to the auto phone service) but turns out to be powerful, designed for larger companies to use too.

Never had a serious spat with A&L yet. You can use Post Offices to deposit your cheques and cash.

silvercar

Natwest offer free banking for at least a year. No problem with paying in funds.