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):
18 months free
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)
12-18 months free
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)
18 months free
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. ]
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.
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
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.
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.
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.
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. ]
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.
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.
Just the fact that some geniuses were laughed at does not imply that all who are laughed at are geniuses. They laughed at Columbus, they laughed at Fulton, they laughed at the Wright brothers. But they also laughed at Bozo the Clown.