Business Banking

sonya99

I work through an agency and have a LTD company through which i am paid. I have a business account with Natwest currently and following a number of problems with them i am looking to move my account to another bank.

I know that all banks have charges for business banking (although most charges start from the 2nd year that you are with that bank) but i wondered if anyone had tried to compare business bank accounts that the various banks have? Or can anyone recommend a particular bank that has a decent level of customer service??

Thanks

sss555s

Abbey online is the one to go for for no charges.

It's a online/postal account so you don't have to talk to them much if at all which is a good thing

MrHelpful

I am in exactly in the same boat as you - have a ltd company and work via an agency. I use HSBC for my business banking... 2 years free banking, free £75 google ad voucher, excellent customer service - internet, tel, face to face.

If you want to open an account - happy to give honest frank advice. I can recommend you as a colleague and I think there is £50 in it....

save-a-lot

I have just opened an Abbey business account and if deposits are less than £3,000/month then there are no charges. You can pay-in via their machines.

sss555s

... That would be cash deposits your meaning.

There's a brief description of the charges on their page...

http://www.anbusiness.com/

toffeeblock

If you are holding back your VAT and Corp. Tax in your business account then you really want to get interest on this amount which will probably far exceed any bank charges. I am in the process of changing from the Royal Bank Of Scotland (zero interest on my account) to the Bank Of Scotland (part of Halifax). So far the switch is going really easily. The BOS is paying top interest rates, with guarantees for five years relaltive to Bank of England base rates for each year (and no tie-ins). Their charges are quite low for transactions, so are not a big factor.

Having shopped around recently this was by far the best deal in the market. One other benefit is that to get any interest with other banks often requires business savings accounts (as well as the current account) and constantly moving money around yourself - none of this is needed with the BOS.

I'm an agency contractor too, so have simple banking needs (so costs are kept low).