Small Business Bank Accounts Discussion Area

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  • -null-
    -null- Posts: 15 Forumite
    edited 14 September 2011 at 8:22AM
    Is it first year of business or first year of having the account. I have been working for almost a year but paying the cheques into my personal account.

    tbh the whole business account thing has been a joke. The only "documentation" about the account I have received is a debit card, pin number and an invoice. No "named relationship manager", no free sage software. I'm not even sure if the account is held in my local branch as it says "Kilsyth" which is not local.

    I hate having to deal with stuff like this. I have confidence issues and having to complain fills me with fear.

    \rant

    -e- Looking at RBS's Business Banking Direct account atm. It's online, by post and over the phone so I assume I'd just post them cheques to deposit.
  • Savvy_Sue
    Savvy_Sue Posts: 45,938
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    first year of holding that account, afaik.
    Signature removed for peace of mind
  • I am starting a small business as a sole trader, but I have 2 CCJ's from 3 years ago, when I was a student.

    These are fully paid now but I can't seem to open a business account. The business will be very low risk and not my main source of income. I would not require overdraft facilities or any kind of credit.

    I can't afford to pay an accountant. I really would rather not use my personal account which I have been advised to do by HSBC who I personally bank with, but who have turned me down for a business account.

    Any advice would be appreciated
  • I'm looking at HSBC and comparing them to the others, it looks the easiest and the cheapest. I'm looking at the Business Direct a/c which is pretty much online banking. It's free for 18 months but has no monthly charge anyway. Only charges seem to be cash paid at branch or cash withdrawal at 2% of amount, Chqs paid in/out are free for first 20 then 75p/£1 each. Debit card payments foc, electronic payments foc. Looks good to me. Would welcome thoughts if you use them though :D
  • Hi does anyone know of an independent website that gives a review of merchant accounts for small businesses so they can accept credit cards? Or pehaps the lovely Martin would like to add this to MSE?
  • I need to open a business bank account. My business will be based in the city centre with access to all major banks/building sos.
    I will mainly be paying in large quantities of cash, with limited withdrawals. My current account is with Natwest I have phoned them and they can do 2 years free banking and have it set up in an afternoon with no forms or visits. I was thinking of doing this then in 2 years maybe moving account for another free one/a cheaper one.
    Is there an alternative account that would be better or any reason why I shouldn't do with this plan?
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  • Savvy_Sue
    Savvy_Sue Posts: 45,938
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    I need to open a business bank account. My business will be based in the city centre with access to all major banks/building sos.
    I will mainly be paying in large quantities of cash, with limited withdrawals. My current account is with Natwest I have phoned them and they can do 2 years free banking and have it set up in an afternoon with no forms or visits. I was thinking of doing this then in 2 years maybe moving account for another free one/a cheaper one.
    Is there an alternative account that would be better or any reason why I shouldn't do with this plan?
    The only downside to having your personal and business accounts in the same place is that if either goes pear-shaped, the bank can start moving money about, or withdraw overdraft etc. But if NatWest are offering a good deal for your needs, and it's convenient, you could always consider moving your current a/c elsewhere.
    Signature removed for peace of mind
  • -null-
    -null- Posts: 15 Forumite
    Is there any trouble moving money from a business account with one bank to a personal account with another.

    I set up a business account with lloydstsb and despite them saying they would sort out the fact I was being charged when I shouldn't have been they haven't so now I'm looking to move. But if I can't transfer money from the business account to my personal one then there is no point.
  • Do any banks still have a business advisor you can speak to at the local branch?

    When I opened a business account with Lloyds a few years back, one of the attractions was the fact I could speak to somebody at the local branch. They stopped doing this a while back and now it's all over the telephone, which is no good to me at all.

    I'm considering moving and I don't mind paying for good service.

    Thanks
  • I run a small commission-based business from home via the internet. I receive money via BACS into the account (on average three payments per month) and I then make a payment to my customers and a payment to myself which is the commission. I pay the commission into an HSBC savings account and then I pay that into my HSBC current account as my wages. HSBC have never questioned the use of my savings account but I suspect that is because I only pay in a maximum 30 or so amounts per annum and this obviously is below the amount that might make them think it’s being used as a free business account.

    When I started the business I simply needed a deposit account with my business name on it to comply with legal regulations for the type of business that I am in. I found that HSBC do an account called a Client Deposit Account which was ideal for my needs, however you can only open this account if you have an HSBC Business Current Account. Although I did not need a full blown Business Current Account with an overdraft, I applied to enable me to proceed to open the Client Deposit Account but was refused due to my bad credit history (CCJ’s). I could open a simple deposit account in my own name (which would have otherwise been ideal) because I have to have the business name on the bank account for incoming payments for legal reasons.

    I then took advice from this forum and opened a Halifax Treasurer’s Account which wasn’t ideal as it didn’t have full internet banking but I was allowed to have the account name in the name of the business and I could at least see online when I had received a payment and then I would go to the branch and withdraw cheques or cash.

    Halifax have now withdrawn the view-only internet banking facility from all treasurers accounts so I now have to go the branch nearly every day to check if I have payments in the account. The nature of my business is such that I never know when payments may arrive, so I have no choice but to keep going into the branch. This is a ridiculous situation that I cannot continue with and it has put me in the situation that I was in when I originally started the business and struggled to find a business account without borrowing facility such as business deposit account/ treasurers account/client account.

    Does anybody have any idea where I might get a business account without borrowing facility such as business deposit account/ treasurers account/client account that does not have a credit check in the application process?
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