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Business Bank Accounts

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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 :)

Comments

  • Dobbibill
    Dobbibill Posts: 4,191 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    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.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • eskbanker
    eskbanker Posts: 36,942 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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!
  • 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.
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
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