best bank for business account

COOLTRIKERCHICK

up until now i have been using my personal account with barclays for any business transactions etc.....

but as the business in reality is turning out to be more than a small hobby business
i have stepped up a gear with the image etc of the business.....to a much more professional level to attract more and bigger clients etc.....

i have made an appointment to see the business banking manager to open a business account.....

but just wanted to know if there is a bank that is known for being a good bank for business etc...

ok i know that the advice and info... is exactly that .. and not a recommendation...)

any info would be appreciated...... thanks.....

mikewebs

Hi There

I can only go on personal experience. We use Co-op Business Bank for our church account and it has proved to be really good - always able to check balance on the phone, can always check last few transactions, and we can pay in through a local designated (by us) post office - thus helping a post office branch to stay open. Any queries we have had have been dealt with swftly and accurately (and to our favour!) and the call centre is in the UK! They also pay interest on credit balances.

All in all we find it a good bank to do business with.

COOLTRIKERCHICK

mikewebs wrote: »

Hi There

I can only go on personal experience. We use Co-op Business Bank for our church account and it has proved to be really good - always able to check balance on the phone, can always check last few transactions, and we can pay in through a local designated (by us) post office - thus helping a post office branch to stay open. Any queries we have had have been dealt with swftly and accurately (and to our favour!) and the call centre is in the UK! They also pay interest on credit balances.

All in all we find it a good bank to do business with.

thanks...do you know what they are like for new business fees and overdrafts etc ?

Torby

abbey?....we joined them after reading all the advice on this site

Treading_Water

COOLTRIKERCHICK wrote: »

thanks...do you know what they are like for new business fees and overdrafts etc ?

Most banks will give you free banking for about a year as long as you stay in credit.Don't know about overdrafts, but my business banking is done through Co op via the FSB ( Federation of small bsuiness) and banking is free forever - depending on certain criteria. I also have online access. The only negative is having to post cheque receipts (I didn't find the Post office option that good!!)

Kilty_2

I'm using Lloyds TSB for my business account and have no complaints whatsoever .

Savvy_Sue

There's a very long sticky about bank accounts at the top which might help, but I can only repeat what I've said before, do think about what you need from a business bank account. If you need to make cash transactions on a regular basis, you need a convenient bank branch. If your business is all cheques and direct payments then you don't. Make sure you know whether the bank charges for any, all or some transcations: in some cases there's a limit to how many cheques you can write each month without being charged - things like that.

So you need to know what your likely business needs are going to be to make sure there are no nasty surprises!

adypem

I use A&L business account. Never had any problems with them. I think they offer close to 6% on the reserve account.
Free banking for the first 2 years, no limits set on the amount of transactions either. All on-line.

Thats' my vote..

Tooticky

Book an apointment with a few and then see what they can do for you. The great thing about business banking is everything is negotiable.

It's easy to negotiate free banking for a period 6 months to a year and more if you've got good negotiating skills. Also, if you are a good customer, after the free banking period go back to the manager and say you're not happy with the charges and you're thinking about moving banks unless you get an extended period or a reduced rate etc.

Also really look at the type of banking that you do, if its mainly electronic then it doesn't cost the banks anything so unless they openly offer it it's likely you can negotiate to get all your online CHAPS,BACS and supplier payments etc charge free.

FYI I currently use Natwest - couldn't be happier.

COOLTRIKERCHICK

thanks for all your suggestions..... i have opened an account with lloyds..... 18 months free banking.... plus i walked into the local branch.... and an appointment 2 hours later with the buisness manager.... nad then 2 dys later had another appointment to opne the account and set up the overdraft fecility.... i done all that before my bank ...barclays.... even contacted me regarding a business account.....

Kilty_2

I had a similar experience - spoke to people from both Lloyds TSB and Barclays at a business startup exhibition.

Both promised to call me - Lloyds did so within a couple of days so they got my business. Two months after the exhibition (and a month and a half after my Lloyds account was up and running), Barclays phoned me.....