Best Business Bank Account - Advice Please

AlanS

I've recently set myself up as a Sole Trader, and would like to open a seperate business bank account. Most of the big banks are offering 18 months free banking along with various other freebies.

Who offers the best deals for new business accounts ?

My personal current account is with Lloyds TSB, so I was tempted to go with them because transfers between Lloyds TSB accounts is free even after the 18 month totally free period is up.

payless

Abbey is totally free - within certain transaction limits - but its postal/ internet only.

http://www.anbusiness.com/
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BTW , about 3 yrs ago, I got charged for transferring funds (online) from my LLoyds business account to my Lloyds personal account ?? -

Fatboy_NSS

payless wrote:

Abbey is totally free - within certain transaction limits - but its postal/ internet only.

You can also make deposits and withdrawals at cash machines, you just don't have access to the counter. Abbey is a great option for small business banking as long as you won't be handling large amounts of cash and you don't need the kind of business advice that the likes of HSBC, etc offer.

koru

See the small business and charities forum. Loads of discussion on this topic there.

katskorner

Also be aware that some business bank accounts advertise 18 mths free but actually that is only if you switch to internet only after 12 mths. It is still worth having a business bank account though because the banks often give free advice on your market sector and business plan reviews if you have an account with them.

iamchrisli

Not only Abbey offer free biz banking option, try A&L, they do similar account as well.
http://www.alliance-leicestercommercialbank.co.uk/content/SU010031.asp

fitorbust

iamchrisli wrote:

Not only Abbey offer free biz banking option, try A&L, they do similar account as well.
http://www.alliance-leicestercommercialbank.co.uk/content/SU010031.asp

All I would say with A&L is that thier online banking service is absolutely dreadful I am sitting here waiting for them to ring me back (again) and have never been able to access the account without them having to free it up. It's just not good enough - my wages were paid to my staff late last month because of the same problem.
I switched because of HSBCs ridiculous hike in charges but at least their online banking worked!
Lesley
How does anyone find the Abbeys online system works?

falcon21

I've been with Abbey Business Banking for almost a year and have found them very good, generally.

It's good for saving money because they don't charge (if you stay within the limits).

I have three reservations:

1/ Last time I asked, overdrafts incur a £50 per month flat fee plus interest

2/ You aren't allowed to use the counter service (have to use the automated machines) so even cash takes two days to actually arrive in your account.

3/ Their cards show only your name, not the business name (even if you are a ltd company). Minor point, but it doesn't look very professional in my opinion.