Small business bank account any recommendations?

Crater

Hi

Would appreciate any recommendations for a low cost current account for a small business. I literally just need an account in the trading-as name as I don't employ or have loans.

We had a passbook account but the .... bank is closing all those accounts, no idea why. (They can't cost much to run. Unless they are closing a lot more branches but just haven't said so yet.)

OldMoneySaver

https: //www.moneysavingexpert.com/banking/business-bank-account/#which [remove space before double slash]

K_S

@Crater https://www.moneysavingexpert.com/banking/business-bank-account/#which

Crater

Thank you both for that signpost.

Wd appreciate any recommendations from life, but realise that is more difficult.

Speedbird676

I have used both Starling and Metro Bank for my business - no issues with either.

Metro Bank have a requirement that your balance remains above £6,000 for free banking.

mika_dm

Virgin Money M account for Business, no charges, easy to use app. I have been with them for 2 years now. So far, so good.

dingling68

I have been very happy with my Starling business account, which has been open about 18 months now.

No monthly charges, unless banking / withdrawing cash.

The added "spaces" to use as savings pots are ideal, even if they do not generate any interest.

Crater

Belated thanks for your responses!  Still pondering but these are useful.

Crater

Update - now that I look at the detail, sadly Starling Bank don't deal with "general partnerships" at all.  Nor do Monzo. This is quite widespread among the Online banks.  (I wonder what they know about partnerships that the rest of us don't?) 

lr1277

Crater said:

Update - now that I look at the detail, sadly Starling Bank don't deal with "general partnerships" at all.  Nor do Monzo. This is quite widespread among the Online banks.  (I wonder what they know about partnerships that the rest of us don't?) 

That raises the question on which organisation your partnership banked with till now? Especially an organisation that provided a passbook.

Anyway according to this article, you may not need a business account for a partnership and suggest a personal account will suffice. I don't know if this statement applies to your partnership type:

https://www.moneysupermarket.com/business-finance/business-current-accounts-explained/

What kind of account do you have with your current organisation? A business account or a personal account?

Perhaps you need to investigate if the bricks and mortar banks will offer a personal account to a partnership.

Or as this page suggests convert to a Limited Liability Partnership:

https://www.starlingbank.com/resources/business-guides/setting-up-a-business-partnership-or-llp/

In which case you can get a business account from Starling.

HTH