SB: Business Bank Accounts

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  • flossy_splodge
    flossy_splodge Posts: 2,532 Forumite
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    I've had a business bank account with the Abbey for over a year and absolutely no probs or complaints at all. All works well. That's got to be a first!! Good Luck
  • rprinter
    rprinter Posts: 75 Forumite
    Golden rule according to me is use a different bank from your personal accounts.

    I'd also like to say, out of the Big 4, FORGET LLOYDS TSB. Useless. I'd move to NatWest if I could, they still have proper, local, bank managers or so they say.
  • flossy_splodge
    flossy_splodge Posts: 2,532 Forumite
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    Sorry to hear your comments on Lloyds TSB. My local branch is good, but then any probs I head straight for the CS manager who is a very lovely lady who seems to be a human being, not a processor of systems and procedures. But then I alo have dealings with HSBC, RBS and Natwest and have no probs at any . Might be the reason is I head straight for the top in the event of difficulties and am sorta on first name terms with the managers at most of those banks mentioned. Unfortunately too many dimbo's stillbeing employed where they shouldn't. That's why I notify managers immediately if any probs as if I was in their shoes I would want to know. Only exception to this is ....Yep you guessed... the HALIFAX. In my local branch the manager is worse than the dim wits who staff the place.
  • buglawton
    buglawton Posts: 9,235 Forumite
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    I joined A&L commercial bank recently, this and the Abbey are the 2 main Free options. Up and running quite fast BUT they take up to 4 weeks to get your Internet Banking working. So you have to manage by phone banking on 0870 only numbers. I called with a simple Inquiry today and was told, 6 minutes' queue, equals 54p before even speaking to anyone! I'm staying with them but be warned!

    Meanwhile there is an excellent money saving route for new market & internet traders that can cut your setup costs for a package of online + customer present + customer not present payment methods involving A&L. I plan to put a detailed separate post out on this as it might be a bit off-topic right here.
  • buglawton
    buglawton Posts: 9,235 Forumite
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    I discovered just the other day that you can connect a Merchant Account to a non-business account. So if you are just starting and need to accept Credit Cards for instance, in theory you can apply for the Merchant status straight away. They might ask a few more questions than normal.
  • Tony_H_3
    Tony_H_3 Posts: 2,643 Forumite
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    I have also chosen ALCB for my business banking purposes and explained that net banking was essential. I have since found out that the current delay is upto 7 weeks for internet banking and am not a happy bunny. Applying for this account has been a long & drawn out process. I hope it's all worth it.
  • Janner
    Janner Posts: 37 Forumite
    I have to agree that the A&L account setting up process is painfully slow.

    If I were doing it all again, I would probably just open another personal account with my main bank. The nature of the transactions certainly wouldn't alert them to the fact that the account was being used as a business account. So long as you aren't going in each morning with sack loads of coins and bundles of cheques, I can't really see them being too bothered anyway.

    The only (possible) downside would be not having my trading name on my account, but I don't really see that being a real issue. Any other possible issues with using a personal account?
  • Savvy_Sue
    Savvy_Sue Posts: 46,021 Forumite
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    Janner wrote:
    The only (possible) downside would be not having my trading name on my account, but I don't really see that being a real issue. Any other possible issues with using a personal account?
    I believe it's more and more difficult to pay cheques into an account which doesn't have the same name as written on the cheque. Even if you ask for cheques to be made out to your name rather than your trading name, people will sometimes forget, so that may be a bit of a hassle.
    Signature removed for peace of mind
  • buglawton
    buglawton Posts: 9,235 Forumite
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    The only free Biz banking options at this moment appear to be the Abbey and A&L.

    Note: It is possible to receive CC and DC payments via a Merchant Service that's connected to a PERSONAL account. And the Taxman does not care what type of acct you have.
  • Mark7799
    Mark7799 Posts: 4,803 Forumite
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    A lot depends upon what you want out of the Bank - it's rare to get it all from the same place
    * Free banking
    * Credit interest
    * Face to face contact with the person making lending decisions on your account
    * Are you planning a business which deals heavily in cash - in which case location may also be an issue (parking/security)

    Sometimes it also depends upon the ability/personality of the people in the Bank you go to (if you want/need to develop a relationship with your local business manager)
    Gwlad heb iaith, gwlad heb galon
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