HSBC increasing charges, suggestions for an alternative?

Wywth wrote: »

Do you have a link to the place you can apply online please?

This was my original suggestion (post#3), but I can only see where to apply by phone

I did find it somewhat ironic that the electronic/ direct/ online account was the only one that you dont appear to be able to apply for online and must actually talk to someone about.

polymaff wrote: »

2. They only permit one style of business per account. The example we discussed was a Management Consultant who receives Publishing Royalties. "That's two accounts, then, Sir"

What do they mean "style"? A trading style aka trading name? Do they mean business activities?

If it is the former, do you really need multiple trading styles?

If it is the later, how are they going to know? You get 10 payments a month they will not know if that is from contracting, affiliate marketing or book sales. Google could be paying you for any one of the three and a bacs/ faster payment wouldnt specify. Secondly, you could go for a suitably vague business description that covers all your activities unless you really are running a butchers, management consultancy and primal scream therapist under one entity.

Wywth wrote: »

I'm not trying to defend the bank in any way (in fact I'm looking to ditch & switch myself) but after I read this, and thought about it, I think I understand where they are trying to come from...

All true of course. But speaking as an editor, I sense that these cleverly worded statements have just one primary aim, which is to be as persuasive as possible in their attempt to convince us all that they're doing this for our benefit and that we're all going to be so much better off. For a few users, that might be the case, but the majority who opened a Business Direct account and used it effectively in accordance with the reason they chose it in the first place (free banking) will be £66 a year worse off, and I just detest the patronising overtones in HSBC's literature that come across as little more than a suggestion that such charges are all for our own good. It would be so much better if they just came clean and told it the way it really is for the majority of their customers.

As for the cost of maintaining your £5000 minimum balance with Cater Allen to achieve free banking, don't forget that they pay a very healthy interest rate on their free business bank account amounting to 0.25 per cent AER on balances of £100,000...

by referring to the SIC codes

EXACTLY - so how would RBS respond to our:

74909 - Other professional, scientific and technical activities not elsewhere classified.

As I said in my conversation with RBS, "we make profits - how we make profits changes by the week". The response, and I've found this true with all major banks we've talked to, was words to the effect: "don't care - you fit our model or we're not interested" - and that model is distressingly incompetent and outdated.

Bankers!

socrates wrote: »

Apparently Cater Allen has no minimum balance requirement if you apply via IT Contractor

http://www.contractoruk.com/money/free_business_bank_account.html

No minimum balance required (please note the application form is a generic one, you do not need the £5,000 min balance if introduced by us)

Great find.

Arrived here from the small business banking thread.
I was already looking at ICICI. They have a branch 2 mins walk from my current workplace but not 100% sure about phone and online service. I can;t go into the branch at the moment as I'm on nights. They don't mention a monthly fee on their website. I phoned to check and was pleasantly surprised to get an answer at 8.30pm (one of the benefits of an Indian bank I suppose) but he could only help me with personal accounts despite me having chosen business banking in the usual telephone menu.

I was unaware of the RBS business direct account despite many internet searches, thanks for that. Not sure I have got 45 mins of my life I want to give them answering yes to a million irrelevant questions on the phone though. If it's my only option I'll take it.

So the Cater Allen looks interesting. Does anyone have experience of banking with them? How similar to Santander are they? I've found Santander have really improved the service beyond recognition in the last year or so.
What's their internet banking like?

Thanks a million.