Finally moving to become a LTD company and all the banks seem quite spendy… surprise surprise! They all seem to have some offers – I’ve found FSB have a deal with the coop for free banking but it’s still £130ish a year for the FSB…

Part of me just thinks I’ll go with Natwest as thats who the majority of my accounts are with so it’s all in one place…

Any advice appreciated!

All my payments come remotely and I never pay in cash/cheque

Thanks

We’re with HSBC for business (nearly 15 years now), mainly because I’ve always been with HSBC privately – since the Midland days.

It just works, as it should.

We do everything electronically and it works out at less than £10 per month in fees, no idea what other banks charge – but at this price I ain’t bothered to look.

It depends what you want from your business bank account?

For me I have few transactions compared to other businesses, I am not buying and selling stock regularly. And I will never go to a branch. But I will pay all my bills online for insurance etc, I don’t use an overdraft etc.

Must be able to accepts payments out of the EU.

So I looked at the online accounts, essentially if you do it online you get it the transactions free, and if you need to go in branch or get an overdraft etc they will bend you over.

This included if I had to go in branch to open it. If I needed to and couldn’t do it online (the application), they were out the process.

Pretty much all of them are free for 12 months or 18 months, so you shouldn’t be paying anything in the first trading year. If it’s not on there website then they will but you might need to talk to them.

Went with HSBC in the end, as I hate Natwest’s systems internally and customer facing (personal preference), Barclays took a month to acknowledge my request. The others required branch visits. HSBC won by default, and have been good so far.

Just accept they are all a bit crap, and how much this matters depends on the line of business you are in. So pick the one you resent the least!

Thanks for the advice – Did either of you bother with FSB?

I was a member of the FSB when I opened my Coop bank about 6 years ago. Let my FSB membership lapse about 5 years ago. Still kept the free banking with the FSB account. Having said that, I’m about to move to RBS.

I had a similar experience to Marcus – had FSB membership to open the Coop account, lapsed after a year , but still have the account

I have had no problems , but don’t use it a huge amount

Having said that, I’m about to move to RBS.

I wouldn’t based upon using it at a client…

Agree with BR on HSBC. No issues with them myself and the clients who use them don’t have problems either.
I can list those who should avoid including LLoyds, NatWest, Barclays and Santander. The later avoid like the plague.

Part of me just thinks I’ll go with Natwest as thats who the majority of my accounts are with so it’s all in one place…

Are you sure you want all of your money in one bank that may or may not go tits up at a moment’s notice?

I can list those who should avoid including LLoyds,

Why avoid Lloyds? I found them very good.

br – RBS always seem to get a bad press but in the 30 years or so my personnal account has been with them, I’ve had no problems.

Whats the online banking like with coop? as i’d be spending most of my time online with it that’s got a big draw for me.

Interesting about the FSB thing.. thanks for the tip!

I don’t really have any stored cash in my bank so not worried about it going tit’s up as it’s all in assets or other investments so thats not really a concern of mine at present.

I’m assuming I’ll see my business and personal accounts side by side in natwest that does sound appealing and 1 less system to master!

Why avoid Lloyds? I found them very good

Prehistoric online banking, unable to transfer money from one account to another at the same branch and no one seems to know why so you have get the account manager to do it. This is the same account manager that can’t calculate three separate figures and you spend half a day telling him he’s got the figures wrong until he blames someone else. Next time you go above your account manager to have transfer done that you should be able to complete online should be simple for her to do if she hadn’t forget to process it. Tries saying she was unaware of it until you forward her response to your request.

Whats the online banking like with coop?

Bloody awful, like from the 1990’s. I am with the Coop and would switch if I could be bothered. Again it all depends on what you are going to use it for. We do lots of currency transactions and would love to have a $ account with internet banking alongside our other accounts but this seem a technology marvel for most banks.

Price wise they all rip you off at every point they can. Coop are one of the cheapest along with Santander and few other ex building societies.

I don’t really have any stored cash in my bank so not worried about it going tit’s up as it’s all in assets or other investments so thats not really a concern of mine at present.

The amount doesn’t matter. If all your banking is with one bank, and they fold, if you don’t have an alternative method of processing your regular receipts and payments, you’re buggered until you can sort other arrangements.