Need a business savings account - how difficult can it be?

FrustratedBusinessPerson

So it's simple enough, I have an established Ltd business. I have a current and saving account with one bank. FSA bank account protection only covers a certain amount of funds in any one bank so I decide I could do with an account elsewhere. Standing advice is don't got to the bank where you hold your personal account so I look elsewhere. TBH I'm not even bothered about the interest rate (its so poor at the moment), I just want a savings account quickly set-up in the same name as my established business that I can show in my company accounting. I don't need a difficult to run current account, regular access etc. I just want a bank to store some excess funds and they can do their usual bank stuff out of it and make loads of profits for themselves whilst they have it. i.e. win/win for the bank concerned.


Is there any bank out there that will let me set this up ideally online, where I don't have 23 days inactivity only to be told they now want to call me for 45 minutes of '20 questions' about my life, family, the universe and everything (NatWest!). All I want is an 8 digit bank account number and a sort code without another senseless resume that won't tell them anything more than they know to begin with. There is nothing untoward going on here, I just can't see why everything is made soooo difficult.


Answers of places to try would be most appreciated.

Futuristic

http://www.aldermore.co.uk/business/business-savings/

TheTracker

You might have better luck on the Small Biz forum in this thread which is dedicated to the topic.

Unfortunately I've always had a similar experience to you. The banks wants to cross sell, so they pretend to have "business relationship managers" and the like who telephone you during the process. In my experience I've either had to suffer a couple of 30 min phone calls or an in branch appointment. I tend to go with the latter, and just stonewall any questions that are none of their business (sic). At least in person I can provide all the ID and signatures. Like you, I do it when pots of money hit the threshold.

I wouldn't worry too much about any old adage that you shouldn't business bank with the same bank as your personal banking as long as you stay under limits.

FrustratedBusinessPerson

The Tracker, maybe I will try my personal banking bank. I must have missed the small biz forum when I was looking for somewhere to post - typical newby error.


The annoying thing is that I went into the NatWest branch did all the ID stuff, they took all their photo copies, I left a very sizeable cheque to start the account with, left a filled in application form, then they leave it 23 days and when I chased it they announce that they need to phone me with the 20 questions thing that I had set out to try and avoid in the first place and its not my local branch of NatWest it is the rotten regional business banking group of the Bank when all I want is a local solution!!


Futuristic - I've found Aldermore previously when I've been web searching. They do sound ideal, but its not a group I am familiar with and I've wondered how 'safe' they are as a bank? Does MSE have any thoughts as to their reputation?

Futuristic

FrustratedBusinessPerson wrote: »

Futuristic - I've found Aldermore previously when I've been web searching. They do sound ideal, but its not a group I am familiar with and I've wondered how 'safe' they are as a bank? Does MSE have any thoughts as to their reputation?

Search this forum, well received for personal banking on all scales so I assume business is just as good. FSCS protected as well.