[Closed] Business Bank Accounts

Just a bank account or do you need a credit facility, term loan etc? Any invoice discounting / cashflow finance? What online access do you need, and will you need to send CHAPS or SWIFT payments on a regular basis? Are you working purely in GBP or do you need any currency accounts?

Do you need a named relationship manager or will a business banking phoneline suffice?

Next thing is to pop into a branch and speak to an adviser to see what their offerings are. I can't recommend any in particular, but these are the sorts of things you should be considering.

Natwest are the best out there - speaking from experience of all of the High Street lot.
STAY AWAY from invoice finance unless you really, really have no other choice. Only they make any money out of it and will leave you at a loss with retentions, charges, etc.
The managers are always in branch and local too.

You're going to laugh, but I get on very well with RBS - lots of branches in Scotland at least, decent online banking, and very quick international transfers.

I started with RBS and moved to HSBC. The former were extremely inflexible and cautious. The latter were far more open to extending credit when I needed it and free for the first year. Six years later I can honestly say I have no complaints.

Thanks for the help guys.
Yes credit and short term loans. Yes ability to send payments. All my purchasing will be £. But I could very easily see payments coming in in € and even $...

I joined the Federation of small businesses as it gave me free banking with the Co Op bank for life.

They've been fine so far but Internet banking bit isn't as slick as Barclays an there's no app for the phone.

Cater-Allen, 6 years no grief

I've just opened one up at Barclays and they seem fine. I also bank with Barclays and it seemed to "help" as they have all me details and history.

From my clients experience as well as my own then HSBC and the worst Santander.

If you are a sole trader then you legally you don't need a business account but you do if you're going the limited route. If a sole trader just open up another personal current account. Limited look at the bank charges once the free banking period is finished and obviously the longer its free the better.

If you're going to be making payments as well as receiving them in Euros then open a separate Euro account to avoid the exchange rate fees each time you make a transaction.

HSBC for me, seven years in and always been helpful and accommodating to our needs.

also just went with Barclays, the business credit card with a 15k limit and interest free for 2 mths is better than an overdraft.

HSBC have been fine for the last five years for me.

But never had to get credit or gop overdrawn (fortunately), so maybe I haven't really tested them.

I'm with co-op. No charges as long as I keep a certain amount in my account. Their online banking website is shite though.

Dave

Barclays for me too...but then as Ive got my personal stuff with them it was very simple.

Its also free for the 1st year.

+10 yrs with HSBC and works well, but can't comment on credit/costs etc

Barclays once lost a cheque of ours for 12,000 Euros. It took a doorstepping the branch manager for them to get action. Our "relationship manager" just buried their head in the sand/failed to answer the phone.