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Business Bank Recommendations
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gazfocus
Posts: 2,466 Forumite


Evening all,
I have a ltd company that has banked with Santander ever since it was formed back in 2014. I’m not overly happy with Santander but not because they’ve done anything wrong, just things like not being able to set up new payees in the app, so I can only pay someone in the app if I’ve paid them before, and the lack of payment notifications on my phone etc.
So, I’m looking at potentially moving our banking entirely but want to start with another bank as a secondary account first.
I have a ltd company that has banked with Santander ever since it was formed back in 2014. I’m not overly happy with Santander but not because they’ve done anything wrong, just things like not being able to set up new payees in the app, so I can only pay someone in the app if I’ve paid them before, and the lack of payment notifications on my phone etc.
So, I’m looking at potentially moving our banking entirely but want to start with another bank as a secondary account first.
I do have a few of requirements:
1. I must be able to set up a new payee in the app.
1. I must be able to set up a new payee in the app.
2. I’d like to have multiple accounts for the same ltd company (the business has a couple of brands that are kind of run as separate mini businesses, currently all money goes into the one account but would like to separate it).
3. I need to have at least myself and our other director able to access the account but if employees can as well that’d be a bonus.
I’ve looked at the likes of Monzo, Starling, Tide, etc, but they only allow directors to access the account (Tide and one other which I can’t recall, only allowed one director to have access), so thinking a traditional bank might be the way to go, although would love to hear recommendations.
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Comments
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You should be able to set up new payees in your Santander account. I use Santander's online banking rather than their app and routinely add new payees.Have you told them of the problem and asked their advice on sorting it?
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martindow said:You should be able to set up new payees in your Santander account. I use Santander's online banking rather than their app and routinely add new payees.Have you told them of the problem and asked their advice on sorting it?0
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Bank accounts isn’t the solution to two, you can add different trading styles to a business account and no need for extra per account fees to do so. Management accounts can split the P&L by venture if they’re all the same entity.Challenger banks, like most new entrants, go after low hanging fruit which in FS business are SME as they are much closer in nature to personal customers than corporates.If you’ve outgrown the solutions offered by new entrants then you are probably back in the hands of traditional high street banks for now.0
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