Best Business bank

sunny12_2

Please can anyone suggest best business bank which is free and not chargeable.

Regards
S

Ebe_Scrooge

You mean a business account?  All banks will charge for a proper business account - a lot of the well known high-street banks will give it for free for the first one or two years.  Aside from that, check what the charges will be.  For example, if they charge a high fee for cash and cheque deposits but have a lower monthly charge, that may suit you if you rarely need to deposit cash or cheques.  And remember, any fees are a legitimate business expense which can be recorded on your tax return.

lr1277

Do you need to deposit cash?

There is a thread further on down this page about Santander reducing their opening hours for walk-ins. So if you need to deposit cash or cheques at the end of the working day, you may have to wait till the next day.

Could you do some of your business transactions at the Post Office. Many banks encourage this way, but some do charge for transactions at the PO.

Futuristic

Virgin Money launched fee free account if you don't need any in person services. Others Monzo/Starling for same. 
 
https://uk.virginmoney.com/business/current-accounts/m-account-for-business/

If you need to use cash/cheques or branch then there won't be any free apart from intro offers. 

sunny12_2

Ebe_Scrooge said:

You mean a business account?  All banks will charge for a proper business account - a lot of the well known high-street banks will give it for free for the first one or two years.  Aside from that, check what the charges will be.  For example, if they charge a high fee for cash and cheque deposits but have a lower monthly charge, that may suit you if you rarely need to deposit cash or cheques.  And remember, any fees are a legitimate business expense which can be recorded on your tax return.

There wont be any cash or cheque deposits.

sunny12_2

Futuristic said:

Virgin Money launched fee free account if you don't need any in person services. Others Monzo/Starling for same. 
 
https://uk.virginmoney.com/business/current-accounts/m-account-for-business/

If you need to use cash/cheques or branch then there won't be any free apart from intro offers. 

There wont be any cash or cheque deposits. Regarding the Starling bank they have other services, do you know this services will help to fill up tax returns, cooperation tax etc without having any account or is it same as virgin bank,

Zanderman

Futuristic said:

Virgin Money launched fee free account if you don't need any in person services. Others Monzo/Starling for same. 
 
https://uk.virginmoney.com/business/current-accounts/m-account-for-business/

If you need to use cash/cheques or branch then there won't be any free apart from intro offers. 

Intro offers are worth trying though, as some last for 18 months, 2 years etc and can be switched to another intro offer afterwards. The main business I run has been fee-free by doing this for 6 years or so now. But you have to be happy to switch now and then.

Re cheques, the opportunities differ depending on whether the business needs to issue cheques or merely pay them in. That Virgin account, for example, may not offer a cheque book but it does have does offer a cheque paying-in facility. Which, despite what the 'no-one-needs-cheques-anymore' brigade tell us now and then, is a very useful function from time to time.

sunny12_2

Which Bank do you bank business bank. Do you have any idea of starling bank where they offer other services.

eskbanker

sunny12_2 said:
Regarding the Starling bank they have other services, do you know this services will help to fill up tax returns, cooperation tax etc without having any account or is it same as virgin bank,

sunny12_2 said:

Do you have any idea of starling bank where they offer other services.

If you need assistance with tax returns, corporation tax, etc, these will typically be regarded as services provided by accountants rather than something that your bank could help with....

sunny12_2

eskbanker said:

sunny12_2 said:
Regarding the Starling bank they have other services, do you know this services will help to fill up tax returns, cooperation tax etc without having any account or is it same as virgin bank,

sunny12_2 said:

Do you have any idea of starling bank where they offer other services.

If you need assistance with tax returns, corporation tax, etc, these will typically be regarded as services provided by accountants rather than something that your bank could help with....

Thank you esbanker.

c-m

Possibly Starling unless you exclusively deal in cash. There a long term review here: https://moneysavinganswers.com/business/banking/starling-business-bank-account-review/ (external site)

Not sure what Monzo offers in that regard. 

I know the Starling business toolkit (or whatever they call it) offers some tax features but I won't think you can file self assessments directly from there like you can with dedicated account software. 

Tide claims to offer some accounting options and is easy to open. CountingUp is pretty much dedicated to this kind of thing. Neither Tide nor CountingUp are banks, though the latter does have FSCS protection. 

Coconut used to be another one, though it looks like they decided to scrap the account and focus on the bookkeeping side of things.