Business account for small residents company.

Bod_1234

I am the current director of a very small limited company, we own some shared land and car parking area for 7 households, Our income from each household is £125 a year, this covers adding a bit to our slush fund and covers yearly grass cutting and company registration fees, not much else.

We used to bank with LLoyds and this was free, however they now plan to charge us £60 a year to run this low use account, which whilst they might think isn't very much, it's a big % of our income.

Looking to switch, trying to find another bank that offers free banking.

Here is the catch, we do need the ability to pay suppliers, e,g. for grass cutting.  This historically has been via cheque, however we don't really need that, we do however need the ability to have multiple signatories, 2 of 3 authorised signers, so no single person can block a payment (we had an !!!!!! director that used his position as director to refuse paying anyone until he got "his way" on several pet issues).

Is there any UK business banks that offer this for free?

Futuristic

You can try Virgin Money, high street banks are your only option for something like this. 

MyRealNameToo

Bod_1234 said:

I am the current director of a very small limited company, we own some shared land and car parking area for 7 households, Our income from each household is £125 a year, this covers adding a bit to our slush fund and covers yearly grass cutting and company registration fees, not much else.

We used to bank with LLoyds and this was free, however they now plan to charge us £60 a year to run this low use account, which whilst they might think isn't very much, it's a big % of our income.

Looking to switch, trying to find another bank that offers free banking.

Here is the catch, we do need the ability to pay suppliers, e,g. for grass cutting.  This historically has been via cheque, however we don't really need that, we do however need the ability to have multiple signatories, 2 of 3 authorised signers, so no single person can block a payment (we had an !!!!!! director that used his position as director to refuse paying anyone until he got "his way" on several pet issues).

Is there any UK business banks that offer this for free?

Presumably you also want to avoid one person being able to make payments without needing authorisation from another?

HSBC has turned their SME account to no monthly fee and no fee for digital transactions... dont know what options they offer on payment authorisations or if they take not for profit firms.