Business accounts, which banks the best.

[Lorraine Clinch]

Hi Steve

I have banked with Barclays for a few years, they are good, but the charges stink on business accounts.
I recently got accounts with the Co-Operative, as I am a member of the FSB, and so get free business banking, BUT it is a complete pain in the ass to pay cheques in, the rigmarole of form-filling, putting in cheque numbers, account number and sort code for EACH cheque deposited, and queuing in the Post Office, then it takes ages for the deposits to show on the account – up to a week, even for cash.
The on-line banking is OK, but the viewing area is tiny, you only see about 3 transactions before you have to scroll to see the next 3!
I am seriously thinking about using Barclays again purely for the ease of use, fortunately the accounts are still open, can’t bring myself to close them!

[Martin Grimmer]

Hi Stephen,

I use the co-operative bank for the free banking etc. via FSB. Do all mine online – on the odd occaision have had to ring they have been pretty good. Also use them as I only have the Post Office near me – not any of the other banks.

Don’t know how they would be for getting loans etc – I use them just to pay money in etc.

Lorraine – I have never entered all the cheque details into my paying in book (although I know there is room to do so) – just cheque issuer name and amount (and my own reference). Also if you use online, you can change the dates that it shows (you must refresh/return) – that will show you all within the time band.

Martin

[Stephen Morriss]

Interesting as my wife was looking into the Cooperative account so we’ll have to ask them about the paying in side of things.

Apparently you can pay in at the Britannia, not that we’ve got one close.

Steve

[Warren Beard]

I left HSBC for the same reason and moved to Barclays and they have been great.

[Stuart Miller]

I have several accounts with HSBC, but a recent change of Business manager who I dont get on with has prompted a search by me also.
However after opting for Barclays and opening an account I now find I can’t get an overdraft without paying 4x the interest rate I now have at HSBC and other charges are much higher.
I might just have to stay with HSBC as they no doubt have the best rates and good online banking. Nothing I have found so far matches them.

[Cheryl Smith]

Im a customer of the coop after leaving natwest because of their charges…and being a member of the FSB (which means no charges) and their investments dont include companies that are involved in armaments, nuclear power generation, tobacco production or pornography amongst other things was a great pull for me too.
they are great for online banking and ive never had a charge….just interest they pay me!!
I pay in by the postoffice no problem…
id recommend them.
Cheryl

[John Thomson]

I am with Santander………no charges for a business account ( unless you pay in more than £3000 in cash per month), a VERY small amount of interest is paid on credit balances.

Downsides are you do not have access to counter staff as you use the automated machine to pay in cheques and cash( this is how they have no charges)……but as this out of action most of the time the counter staff have no option but to deal with pay ins…seems like an odd system but it works.
Cheques take 5 working days to clear…..even when they are Santander cheques 👿

I don’t have business manager but for me that is not an issue. Internet banking works well.

John

[John Gregson]

I don’t think Santander do a free (lifetime) business account anymore – maybe free for 1 year but after that the cheapest is £7.50 per month. I think the free one was when they took over Alliance & Leicester and honoured their free system to current customers.

I’m with Natwest but am looking around at the moment.

Cheers John

[Ian Pople]

Hi,

I am with Natwest but got a letter of then saying that Santander will be taking over the account.

Ian

[Stephen Morriss]

Interesting set of replies there.

We’ve not had any problems as such with the operation of the HSBC account but just lately we’ve had to sort out a few things that have meant having to talk to people and then it becomes a game of chasing up every single call.
They have NEVER phoned back when they said they would and have not done anything in the timescales they said they would, we’ve had them take payments for doing things minutes after getting off the phone but it’s days before they actually do it

All in all the last few months have been very frustrating for us and with 3 business accounts between our family it’s a lot of money to pay each month for such bad service.

Steve

[Alan Drury]

What you’re looking for is not the best bank to use but the least bad as they are all a bunch of money grabbing shysters. For the smaller companies or individuals some of the Building Societies can offer accounts that are favourable.
Alan D

[Denise Goodfellow]

We use Natwest, we have a lovely lady business manager, she can`t do enough for us.

We swapped over from Barclays, as they only ever had 2 counter staff, never had anyone business related in the building.

Having said that, I dare say, most banks will fall foul to the customers sooner or later, depending upon their problems etc.

[David Hammond]

I wouldn’t touch HSBC with a barge pole.

When I opened my account with them, starting a new business, they offered 24months free banking.

I deposited in excess of £10k with them.

Cheque book arrived, Credit Book Arrives, then nothing.

No Online Banking Details, no Online Banking Fob, nothing.

I then ring up to ask where my card is… to be told HSBC won’t issue me a DEBIT card, as there’s no lending on the account. That’s a DEBIT card that takes funds from my account.

Absolutely useless, the account manager obviously never listened to a word I said, about what I needed, then the cheeky bastards wouldn’t even give me all of my money back in one go.

I then went to Natwest (18 months free banking) and everything was sorted within a week. 🙂

Because I am with Natwest our CardSave terminal which is rebranded RBS merchant account, deposits the cash in 2-3days, whilst a non RBS group bank could take a little longer. This helps, because the electronic transfer fee will be less than paying in cash or cheques over the counter, and I usually ask customers pay large sums by card or BACS for this reason.