Best business bank account for cash deposits?

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edgibs
edgibs Posts: 8 Forumite
in Small biz MoneySaving
Hi,
I am a newish business owner and am about to come to the end of my free Banking period with tsb. Does anyone have any suggestions for a business bank account with reasonable charges for large regular cash deposits (mostly coin).

Don't mention the co op as they don't want my business...

Thanks in advance
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  • Savvy_Sue
    Savvy_Sue Posts: 46,024 Forumite
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    No, not particularly, but ... obviously you need somewhere where you can pay cash over the counter. You might think that would restrict you to banks with a branch near you, however many banks now let you pay money in at the Post Office. So if you have a PO nearby, that could broaden your search.
    Signature removed for peace of mind
  • Rappa
    Rappa Posts: 51 Forumite
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    edgibs wrote: »
    Hi,
    I am a newish business owner and am about to come to the end of my free Banking period with tsb. Does anyone have any suggestions for a business bank account with reasonable charges for large regular cash deposits (mostly coin).

    Don't mention the co op as they don't want my business...

    Thanks in advance

    I know you said don't mention the -op offer this service as a number of our local market trrdaers are believed to use them.

    Which begs the question, why do you believe the Co-op do not want your business?
    The answer to that question may well restrict your choice a lot further ;)
  • Rappa
    Rappa Posts: 51 Forumite
    edited 20 September 2018 at 9:11AM
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    Here is the same question you asked last time you visited this site, 3 years ago, which received a response then
    https://forums.moneysavingexpert.com/showthread.php?p=69563455#post69563455

    I'm not sure even the Co-op or PO would accept £80k per month in coinage. That is an amount our local market traders could only dream about.

    How have you been handling this for the last 3 years when you last asked???
  • edgibs
    edgibs Posts: 8 Forumite
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    Hi Rappa,
    Using free Banking from HSBC for the first 18 months as I was a new business. Then switching to tsb who offered 12 months free banking
    to any business whether start up or not. Now I am nearing the end of that term I am looking again.
    Co op refused my application without explanation as is their right. A lot of post offices are unable to manage the cash quantities I deal with. So I am telling the internet looking through each banks small print to find their rates for cash deposits. The average is 0.50-0.60% per £100 paid across the counter.which doesn't sound like much until dealing with what I pay in. So I was posting to see if anyone had any recommendations.
  • martindow
    martindow Posts: 10,218 Forumite
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    I can't find any information online but maybe Metrobank would be worth a look if there is a branch near you. They have cash counting machines that issue a chit to pay into your account. If business banking is allowed to do this it would also count the cash for you.
  • edgibs
    edgibs Posts: 8 Forumite
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    Thanks but I have my own coin counter. I am looking at metro bank though as I've heard good things about them.
  • rhysadams
    rhysadams Posts: 303 Forumite
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    Don't even go there with the Co-op, I applied for my old busines and they refused me as my business was against their ethics, even though at the time the Co-op had exactly the same business operating under its umbrella.



    Have you had a look at Santander?
  • martindow
    martindow Posts: 10,218 Forumite
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    There are probably small shops near you that regularly need change. If you could exchange your coins for notes to pay in that may give you a greater choice of banks.


    Alternatively why not stick with TSB and pay their fees? They obviously are happy to deal with your piles of loose change.
  • gingerdad
    gingerdad Posts: 1,919 Forumite
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    yorkshire bank where doing 25 months free banking - we then paid in at the post office no problems

    we are now on the 18 months free with HSBC and will switch again.

    if you don't need cash then starling bank is offering free business banking for life
    The futures bright the future is Ginger
  • J_B
    J_B Posts: 6,443 Forumite
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    gingerdad wrote: »
    if you don't need cash then starling bank is offering free business banking for life


    But, not for our Ltd Co business with two equal shareholders! :(
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