Business Banking

chat.box

Hi Everyone

I am currently in the process of setting up my own business and need to open a Business bank account but my credit it not good. Does anyone know where the best banks would be to get an account?

isofa

I'm not sure about credit ratings, I assume they will all run checks.

I've found Lloyds TSB to be good, Natwest I expect to offer a good service.

Just barter for a long period of "free" banking, as after the first year many business accounts have a monthly management fee, plus fees to cash and pay cheques and other transactions.

Personally I'd avoid Abbey (appalling service) and Barclays (poor IMO).

oldfella

have used free Abbey business for many years with no problem, though have never had to talk to them

A&L is also free

davidlee

chat.box wrote: »

Hi Everyone

I am currently in the process of setting up my own business and need to open a Business bank account but my credit it not good. Does anyone know where the best banks would be to get an account?

There is quite a variance in the fees attached to business accounts and the cost is always more than personal bank accounts. Hence, don't just open a business bank account anywhere. Take some time and choose the best one.

neilsedaka

I would recommend the Investec business cheque account, two of which I have been running there for over ten years. Good service, no problems, no fees, and a reasonable credit interest rate. The only drawbacks for me are no online banking apart from being able to see the statement every day, and no faster payments yet. No overdrafts so ensure that you are always in credit.

http://!!!!!!!.com/6yoftp

neilsedaka

Hmmm, wonder why that !!!!!!! would not display. Here is the original.

http://www.investec.com/UnitedKingdom/PrivateBank/BankingandTreasuryServices/BusinessOLD/ProductsOLD/

wiseradvisor

neilsedaka wrote: »

The only drawbacks for me are no online banking apart from being able to see the statement every day, and no faster payments yet. No overdrafts so ensure that you are always in credit.

Online banking is necessary for any business account.
How do you manage without it!

nrsql

I also bank with investec and have never needed online banking for my business.
They give you prepaid envelopes to do anything you want and will take phone or fax instructions - I have rarely needed this.

robp

I use Cater Allen.

Very impressed with their courteous phone manner.

Internet banking side isn't the best, but works for what I need.