Small Business Bank Accounts Discussion Area

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  • Mrs_Chip wrote: »
    Hi

    Some help please - I want to open a Santander business account (don't all shout at once! All our personal banking is now with them, ex A&L) but they seem to need a company registration number. I will be a sole trader, and I didn't think I needed to resister the company, only with HMRC as self-employed?

    Sounds like they have got their wires crossed and are assuming that your business will be a limited company. Write to them (or phone) and tell them that it is not a limited company.
    Santander are fine for cash and cheque deposits if you are within reasonable distance of a branch ATM and want to bank out of hours. They even show the references on incoming BACS payments now (only re-started this recently). They can be a real pain though if anything non standard is required. Even silly stuff they can get wrong (like going through a period when they wouldn't send me any cheques that a customer bounced on me).
  • Mrs_Chip
    Mrs_Chip Posts: 1,819 Forumite
    Hi Paulgbdf

    When you complete the online registration you have to specify your trading style, so guess what I put ?! And it still asks questions about shareholders and company registrations! I guess I will have to do it the expensive way and phone them... but I am a bit up on the deal as they credited me £15 yesterday for time wasted on the phone trying to do something a Team Leader told me was possible when in fact it wasn't!

    Anyhoo, our business will mainly be cash-in, so hope to pay that in at the PO, only other use for the acct will be paying suppliers so hope that Santander will be able to cope with that! Not holding my breath on recent form!
    Think big thoughts but relish small pleasures
  • Mrs_Chip wrote: »
    Hi Paulgbdf

    When you complete the online registration you have to specify your trading style, so guess what I put ?! And it still asks questions about shareholders and company registrations! I guess I will have to do it the expensive way and phone them... but I am a bit up on the deal as they credited me £15 yesterday for time wasted on the phone trying to do something a Team Leader told me was possible when in fact it wasn't!

    Anyhoo, our business will mainly be cash-in, so hope to pay that in at the PO, only other use for the acct will be paying suppliers so hope that Santander will be able to cope with that! Not holding my breath on recent form!

    If you intend to pay suppliers electronically, you will probably need to provide a reference. If you have an account number with a supplier and can use that, then no problem as it's a constant. However, if you have to use a supplier's invoice number, this will be different every time. Santander insist that you have to set up a bill payment from scratch each time you wish to alter something. I do see the sense in this as being able to change a single detail on an outgoing transfer is a potential security issue. This is because you are texted a unique security number when you set up a new bill payment, but not for any subsequent payments sent via that particular route. I can see the sense of it but it can be a PITA. If they were to do what Co-op bank do and send you a random number generator with which to log in, it would save that hassle - and be more secure too as far as I can see.
  • Mrs_Chip
    Mrs_Chip Posts: 1,819 Forumite
    Thanks Paul, I will bear that in mind, in that case I hope the suppliers all provide account numbers!
    Think big thoughts but relish small pleasures
  • Hello, I hope this is the right area to post a question. I have a small business and turn over less that £25,000 pa on credit card sales. I have had my terminal, rented, for more that 20 years. One of the keys is getting stick and I hasve been offered a new mashine for £15/month HOWEVER exactly the same terminal can be bought outright in Canada or the USA (where I am off to next week) for $250 outright! Will it work in UK and why oh why are all UK businesses just sitting back and accepting this rip off by the banks and other credit card precessing companies! Any advice on how to avoid having to rent would be appreciated. Carey
  • Hi total newcomer, no doubt on wrong thread completely, but heres hoping, anyone tried claiming bank charges back for a small business account ? I am sure you all know, each quarter you receive a statement of charges, i went to court with Barclays as they claimed not to have my requested data ...long story ...barclays sent a barrister from London to sit on a very tiny county court in N. yorkshire to defend them against my request for my data ! Suffice to say, i lost, the judge said, Barclays have made it clear they do not have the information you request ! what don't have my data, what rubbish ! anyway the claim could have been worth thousands but no data ...no proof RUBBISSHHHH

    This was over 5 years ago now but it still stings ! Would love to try again :T
  • tommay
    tommay Posts: 85 Forumite
    lovinituk wrote: »
    I'm a sole trader and currently using a personal bank account solely for my business which I am happy to carry on doing so until they ask me to stop. However I have received a few cheque payments in the business name which means I can't pay them into my personal account.

    Can anyone suggest a business account I can open just for paying these types of cheques in? It will probably only be only a couple of cheques a month.

    I'm leaning towards Santander (depsite the reviews here!) but I couldn't see anywhere if they require a minimum monthly deposit into the account.

    I'd also like to know this.
  • lovinituk
    lovinituk Posts: 5,711
    Combo Breaker First Post
    Forumite
    tommay wrote: »
    I'd also like to know this.
    I went with Santander in the end. So far, so good! I'm still using the peronsal account as the main business account for now but I can now pay in cheques made out to the business name into the new Santander account.
  • I'm looking for some advice (sorry for the mass of text).

    A couple of months ago I was informed by lloyds bank that it was against the terms of my current account to be paying cheques from my employment into it (I am self employed) and I would need a business account.

    The way I understood the guy who was explaining the account to me was, the business account would in essence be another personal account and I could use it as such. I could deposit cheques and would have a debit card to withdraw money, make purchases online etc. And when I asked (as I know business accounts commonly have fees attached) he said I wouldn't be charged for it.

    Last week however I received an invoice for the maintenance fee for a Business Extra account. Aside from the fact I was told I wouldn't be charged and have been, I don't think this is the best account for me when all I want to do is deposit 1 or 2 cheques a month and transfer the money to my personal account. If I'm paying a monthly fee I'd like that to be going toward something other than the electricity to keep the computers running. Plus monthly fee and per transaction fee seems excessive.

    Would I be better looking elsewhere for a business account.
  • Savvy_Sue
    Savvy_Sue Posts: 45,936
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    -null- wrote: »
    Would I be better looking elsewhere for a business account.
    If you're being charged within the first year, almost certainly. But I suppose what you really want to know is, 'where'?

    Which is harder to answer: I believe Santander are free but have ghastly customer service. If you don't need a counter service, then you're not limited to branches within easy reach, so I'd hunt around. I thought most of the banks offered your first year free.

    And of course, phone your own bank and ask why you're being charged when you were told no charges. And read the terms and conditions for your account too.
    Signature removed for peace of mind
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