Business Accounts

[Brian Hays]

Most banks will give you free banking for at least 12 months. I use Barclays, they gave me 18 months free banking as I had a current account with them.

[Brian Curtis]

Hi

Try Alliance and Leicester – I had some info the other day and am thinking about changing. You can make upto 50 non-cash transactions free of charge each month and thereafter pay 30p per transaction.

I use LLoyds at present and they give you free banking the first year, 50% off the second year and 25% off the third year.

I refuse to pay cash in to my business account cause they charge so much.

Brian

[Alan Drury]

If you are self employed just have a personnal account, if in credit banking is normally free, keep your bookwork tidy, providing the taxman can see the money coming in and the money going out he won’t care what account its in. Tidy bookkeeping will save on your accountants bill as well
Alan

[Lee Harris]

Hi

We used to use Alliance and Leicester but would not recommend them if there were the last bank on earth. Now bank with Lloyds -TSB.

Reasons for leaving Alliance and Leicester:

Would not return phone calls / Could not do internet banking / Takes about WORKING 8 days before you can draw on a cheque paid in / Erroneous bank charges

Reasons joining Lloyds-TSB:

Can talk to our business manger / FULL internet banking – pay bills on line / Maestro card with out asking / Lloyds cheques cleared same day, when paid into your own branch but most importantly, HE LISTENED.

I know we all have our own experiences with banks but I now have a contact that has been out to see us, has sat down and talked to us and has a better understanding of what we do.

Alliance and Leicester did not pay out on two cheques – £400 – when we had about £2,500.00 going through with only a day before they where cleared. Cost us £60

Hope this helps you choose a goob bank
Regards
Lee

[Graeme Speirs]

Im also with lloyds tsb and have to say Ive been delighted with them, over 2 years up and running, great online access, friendly staff. and if you do need to speak to someone there is a direct line to a customer rep so no need for — press 1 for this, press 2 for this (:) , all in all I would recommend them – no charges for year 1 either which is good.

[Kev]

We use Natwest.
1st Year free banking, direct line to the bank, direct line to the bank manager if he is busy we will get a return call within the hour, also all Natwest staff have mobiles so you can get hold of the person you need even when they are on lunch ( that really gets them).
Bank charges not to bad, Cheques, Cards,etc. but Cash is expensive to bank, its the same story with any bank when it comes to cash.

As we handle quite large amounts of cash per week we tend to use it to pay all our bills, wages and stock ( only written 3 cheques in the last 12months )
That also means our bank charges are not to bad. If we were banking the cash every week we could easily add £50 per month to the account charge.

If you do use your personal Bank account make sure you keep all records of what money going in or out is your and what is for your business.

You will get many people saying go with this bank or that bank and many people saying the would never go with this/that bank. Go and visit them all and ask what they can offer you. Each business is different some will get more Cheque payments than cash so they will be better off with bank A, while others may get more card payments so use bank B. You might get paid all cash 😎 Pay the bills, lose some 🙄

Now thats confused you even more 😮 im off.

Cheers Kev

[J. Hulme]

quote Brushman:

If you are self employed just have a personnal account, if in credit banking is normally free, keep your bookwork tidy, providing the taxman can see the money coming in and the money going out he won’t care what account its in. Tidy bookkeeping will save on your accountants bill as well
Alan

If you’re suggesting using a personal account for business transactions now that’s really a bit naughty and I’m sure your bank won’t have the same bohemian attitude, does your accountant agree with this irregular practice ?????

[J. Hulme]

quote ZS123:

Hi,

Im just starting out will be working on my own from home, and need some advice on bank accounts! Have been round the banks this morn and got general info but would like peoples advice/ recommendations. I wont be VAT registered and there seems to be charges for everything on business accounts! Does anyone just run it throught there personal account? I mainly testing the water and see how things go so dont wanna commit to charges etc.

1st thing to do is get a business account, they’ll soon stop you using personal accounts for business transactions. Owning a business comes with all the mither too, paying for each cheque, BACS, incoming / outgoing transactions will be the least of your problems. Do it the conventional and correct way from the start and it’s one less worry, plus it is more professional.

[John Singh]

I’m with the Abbey

Free business banking all the time
No charge for transactions
No monthly or annual fee
Business name on your cheque book etc
You can open up a Business Reserve account as well to put your tax money aside

Its uncomplicated – Thats why its suits me

John

[Phill Fenton]

Banks are a favourite gripe of mine (what’s new 😕 )

We’re with the Natwest and used to have a business account manager that knew us personally and used to visit regularly. He left a few years ago and now it’s all internet banking and telephone call centres. I don’t rate them at all!!. All bank staff now have an agenda to sell as many services as they can – insurance etc… 🙁 ). Long gone are the days when there was some one there who actually knew something about you and your business and were able to actually makle decisions 🙄 .

My advice about banks would be to forget about loyalty and all of the old fashioned virtues and play them at their own game and simply shop around for the best price.

[Deleted User]

thanks for the advice everyone very helpful! will visit Abbey have been to most others, guess ill just have to pay the charges at some point anyway!
Outline I will prob just pocket all cash transactions and have the customers write cheques direct to my suppliers……… :lol1: Thus no need for an accountant and his irregular practices!

[ttj designs]

Hi there,

Royal Bank of Scotland worth a look too. We opened up with them a couple of years ago. We dont have a massive turnover or anything, as we are only part timers but it keeps the taxman happy.

RBS is much like the abby, free banking, company name on cheque book etc. Dont charge for cheques in, but do charge for cheques written though.

Also offer a good online banking service. You also get issued a business advisor….. but never used him yet !

try it…. you might like it!

Addie

(:)

[John Childs]

My advice would be to steer well clear of building societies pretending to be banks. Stick to mainstream banks.

Other than that it’s down to the people involved at the local branch of the bank you choose. If you can’t get on with them then go to another until you find individuals you can deal with. Treat them just as you would any other retailer.

If you find a good manager then follow him. They are a rarity and valuable so if he gets moved to another branch then move your account with him.

[Brian Hays]

If you find a good manager he will be gone inside 6 months John 🙁

[Brian Hays]

…and in my experience they are gone further than you can follow…

…..then maybe tha’s just me!!! 🙂