Business Bank Accounts

akj501

Hi All,

I hope your well and getting ready for Christmas! I wanted to ask you guys whats are the best business bank accounts? We have been trading for over two years and we are now going limited - this give us the opportunity to change our business bank account. We are currently with Natwest but we find that the service is poor and they are charging us a monthly fee for each transaction.

Can anyone recommend a UK based bank account that doesn't charge (or a smaller fixed fee) and integrates well into Xero?

Any help would be great

Thanks again Al

Dobbibill

Lloyds are doing a business bank account with free banking for 18 months.

They've also got a calculator to work out how much it would cost you after that time, depending on the type of transactions you do. standard cost of £6.50 every month. (I'm not sure if this is good in comparison to other business accounts but had the Lloyds page open in my browser so had a quick look for you )

Eg - all electronic payments remain free but there are charges for cash, cheque deposits etc.

eskbanker

There's a summary of low-cost business accounts at http://www.moneysavingexpert.com/banking/small-business#acc, but in terms of Xero integration there is a specific caveat:

These are effectively just like consumer bank accounts and have limited features. So if you need complex facilities, such as an account that automatically works with accounting software or need business assistance, you can get these from banks, but at a price.

or in other words, as with most things, you get what you pay for!

trailingspouse

Barclays also charge £6.50. But we get a 98p per month loyalty bonus!!!

All payments in to the account are electronic, and all payments out are by debit card or electronic - no charges for any of these. But we never pay in cheques and we never handle cash, so no idea what the charges would be for these.

Are they any good? No worse than any of the others.