I need to start up a business bank account and was hoping members on here could help me out a little in making sure i know my options. I'm starting a partnership, It's nothing big and we're only looking for a small starters account. Restrictions on number of deposits/withdrawls don't really matter much, I can't see us making or needing a ton of money any time soon so I was thinking of opting for a free business banking account and maybe build from there.
From looking around aliance and lester commercial and abbey national businessboth offer free business accounts. Both accounts have a few restrictions but nothing that seems like it will get in our way for a few years (main restriction is amount of cash deposited, but then it's just a 20-50p charge per £1000 therafter)
I was wondering if there was any downside to using free banking for a business? From looking at the other high street banks they all charge around £150 a year for a SMB and provide servies which I doubt we'll need, but they don't have any restrictions (obviously). We dont need finance or loans so that doesn't matter much. A interest free overdraft might be useful but not essential as we have minimal outgoing expenses.
I also wondered if anyone could recommend a bank they use if they are perticurly good, or if there are any internet based ones I should consider.
I know i'm not gonna get advice that's comparible to a Financial Advisor but I don't really think I need to see one, maybe if my business plan was more in tune and I had bigger and faster plans but at the moment we're just buiilding it up slowly and working it out as we go (for now )
thanks for your time & sorry for the read
Social Networking Bookmarks