Business banking?

Thread: Business banking?

  1. evilsatan's Avatar

    evilsatan said:

    Default Business banking?

    Does anyone here have any suggestions about which bank to go with for a business account? Below are some notes from my own research today, I discovered that Natwest have removed their tariff which allowed for free electronic banking which seems to differ from most other banks and seeing as almost all of my transactions are BACS/standing order/direct debit they probably aren't the best any more. Looked on reviewcentre.com and all business banks have below 3 stars which doesn't help...

    I am using Quickbooks with it so need automated bank feeds to be compatible.

    My notes (may not be accurate):
    RBS online:
    18 months free
    £6.50 monthly
    Free electronic payments in/out
    Cash payments in/out 1% first £1500, 0.8% thereafter (ATM withdrawals free)
    Cheques in/out 65p (free when using immediate deposit machine or night safe)


    Lloyds (same as RBS)


    Santander:
    12-18 months free
    £7.50 monthly
    All day-to-day banking free
    If exceed £1000 cash deposit in a month 0.5% charged on remainder
    0.25% gross interest paid on credit balance (Interest is calculated daily and paid monthly)


    HSBC:
    18 months free
    £5.50 monthly
    If exceed £3000 cash deposit in a month 0.5% charged on remainder for first 12 months, 1% on all deposits after
    Branch credits/withdrawal 90p
    Various charges:
    [Only registered and activated users can see links. ]


    Barclays : **manual QB import**
    12 months free
    £6.50 monthly
    Cash payments in/out 1.5%
    Cheques/assisted payments in/out £1.50


    Natwest:
    24 months free
    £5 monthly (business plus tariff)
    Free electronic payments in/out
    Cash deposits 0.95%
    Cheques and other debits 84p
    Cheques paid in at branch 32p
    BACS payments 18p per item
    Foreign currency payments 2.75% (min £1)
    Cheers

     
  2. spyke's Avatar

    spyke said:

    Default Re: Business banking?

    was with HSBC for around 20 Years, business account...... no issues really used to get bombarded with sales pitches from time to time, fees were around £10 a month but I guess that depends on the amount of transactions.

    Switched to Santander last year and they have been great for me.....still on free banking till July , you only get 18 months free if you have your personal account with them.

    Like the banking app and alerts they have too!!
     
  3. piggzy's Avatar

    piggzy said:

    Default Re: Business banking?

    I am also looking into this atm and have had loads of people recommend Cooperative Banking to me. Apparently fee free for 2 years but not had chance to look into it.

    Might be worth a gander.
     
  4. WRATH OF BOD's Avatar

    WRATH OF BOD said:

    Default Re: Business banking?

    stay away from Santan, business account,been with for over 10 years, they dont allow depositing cash over the counter, you have to use a machine in the bank, takes 7 days for cheques to clear,
    our credit card payments take 3 working days to clear. its a fucking joke
     
  5. Mobileman's Avatar

    Mobileman said:

    Default Business banking?

    Closed my hsbc business when started charging to pay in and withdraw cash !!


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  6. Ashley's Avatar

    Ashley said:

    Default Re: Business banking?

    Quote Originally Posted by piggzy View Post
    I am also looking into this atm and have had loads of people recommend Cooperative Banking to me. Apparently fee free for 2 years but not had chance to look into it.

    Might be worth a gander.
    Read that Co-op are in a bit of trouble with there banking.

    Would that be a risk?
     
  7. evilsatan's Avatar

    evilsatan said:

    Default Re: Business banking?

    Sounds like they are all as bad as each other atm, MSE recommend Santander but I have heard bad things from people I know who use them, I think practically all of them charge to deposit cash/cheques now. Will read up about co-op, I know the FSB use them but don't think it's worth the money for me to join via that atm looking at the other FSB benefits.

     
  8. BertRoot's Avatar

    BertRoot said:

    Default Re: Business banking?

    Am with Cater Allen and been fine for me for the past year or so. Reviews are bad and they don't offer the useful features many need but my accountant can get in there and I don't pay for transactions so all good.

     
  9. evilsatan's Avatar

    evilsatan said:

    Default Re: Business banking?

    Cheers, will see if they are supported by automated feeds in quick books.

     
  10. hoponbaby's Avatar

    hoponbaby said:

    Default Re: Business banking?

    Personally my business account is with Barclays but deal with most of them. Imo too much of it seems to be if you have a decent business manager, from a features and costs perspective I don't think there's much of a difference between the main players.
     
  11. TheThingIs's Avatar

    TheThingIs said:

    Default Re: Business banking?

    Been with Barclays for many years and had no probs. Xfers are instant, chqs clear in 3 full working days. I only ever put cheques in. If I want to put cash in then I put it in my personal account and xfer it over for free Online statements, alerts, good banking app on my phone. I pay about 6.50/month plus 1.50 for a chq deposit.
    You see, TheThingIs, eventually you'll be all right![Only registered and activated users can see links. ]
     
  12. evilsatan's Avatar

    evilsatan said:

    Default Re: Business banking?

    If it weren't for the Barclays transactions being manual import rather than automated then I would have gone with them as have had recommendations for them from clients

     
  13. hilljd00's Avatar

    hilljd00 said:

    Default Re: Business banking?

    I am also looking at the same thing; I created a spreadsheet. Feel free to add/edit it as it seems it would help a lot of us out

    [Only registered and activated users can see links. ]

    If anyone wants to edit the spreadsheet, ping me your email address and I will add you so you can add/edit at will. Will be a lot easier then multiple documents etc
    Last edited by hilljd00; 4th April 2016 at 06:31 PM.
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  14. piggzy's Avatar

    piggzy said:

    Default Re: Business banking?

    Is it just me or is it a bit "dark ages" having all these charges on business banking ???

    Do the rest of the world do this? I can understand a nominal fee per month but all the extra's seem to take the piss.
     
  15. hilljd00's Avatar

    hilljd00 said:

    Default Re: Business banking?

    It is a piss take especially when there is no cost to the bank especially cash submission; they already have the staff there, normally doing nothing - Lloyds.

    At present, I take card payments through Stripe as Lloyds wanted my arm to take payments. Realex Payments were who I looked at as well
    --

    It would be great if everyone could add to the spreadsheet to have compile a better/fuller list.
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  16. evilsatan's Avatar

    evilsatan said:

    Default Re: Business banking?

    Eden up applying for Santander, they seem to offer all the features I use regularly free and as a kicker they pay a quarter percent interest where the others pay none. I signed up for a personal account first to get 18 months free business banking.

     
  17. hilljd00's Avatar

    hilljd00 said:

    Default Re: Business banking?

    What features?
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  18. hilljd00's Avatar

    hilljd00 said:

    Default Re: Business banking?

    Quickbook has a sale on at the moment - [Only registered and activated users can see links. ]

    I'm looking at Simple Starts
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  19. evilsatan's Avatar

    evilsatan said:

    Default Re: Business banking?

    I have Essentials, if you speak to them on the chat they should give you a better discount, I got 50% off for the first year. They always have a sale on the website, you can get cashback using Quidco/Topcashback but the 50% off works out better.

     
  20. hoponbaby's Avatar

    hoponbaby said:

    Default Re: Business banking?

    I get 0.5% on my Barclays base rate saver but don't think they're offering it now - still shit but haven't got round to finding something better.