Business bank accounts

[AndyStobbs]

So Barclay's have written to advise me they are putting my charges up on the back of completely re-jigging their business plans. To their own benifit ofcourse.
This is the final straw for me, it was bad enough being party to all of their (Barlcays) dirty dealings on the price fixing scandal, without having to endure their phone calls offering me extra services that 'could maker my banking easier' - they usually guffawed when I said "give me a years free banking and that'll be a good start".

Just having a browse through the other options, but they are all con artists. I mainly take cash and cheque payments, with some BACS, probably 75% cash or cheque. I refuse to have to pay for taking my own money out of my bank account, Barclays do charge over the counter but not from an ATM. HSBC and Natwest both charge for ATM withdrawals.

So to the other guys on here in business, who do you bank with and how do you rate them? This is clearly going to come down the lesser of evils.

 

[Welderpaul]

We use Yorkshire Bank, they have been a pain in the arris at times, but reasonable.

Still charge for putting cheques in, processing BACS payments, but other than the first free year, i dont think you will find free business banking.

 

[rtbcomp]

NatWest were a big disappointment to me. They quoted me £75 to set up a business development loan and charged me £165. They quoted me 30p (?) per transaction, but 10 transactions came to £5, time after time! After I complained they agreed to give me free banking as long as I kept in credit. I kept to my side of the agreement, they didn't. I complained to the Banking Ombudsman and lost. They then withdrew my overdraft. Complaining was pointless, I never got to correspond with the same person twice, their letters never covered all the points I raised. They miscalculated the balance on my business development loan (in their favour). They closed my account without notice. I had been a customer since I left school and my father worked for them all his working life. Even after my father died they short-changed me on his life insurance - twice. They have no morals whatsoever. There isn't enough server space on the internet to tell the full story!

I now trade cash only, one trade customer pays me by cheque, I pay these into my personal accounts in rotation so as not to arouse suspicion.

 

[gerrymoore]

Don't know about business accounts but I changed my current acct. to Santander after a VERY VERY long time with Natwest...wish I'd done it years ago!! They pay me for things like my council tax, broadband, etc. and give a good % on my balance...up to 3% every month...and I got a loan from them for my new car in 5 minutes - on a Sunday!!

 

[AndyStobbs]

I've accepted paying for the account a long time ago. Its the creeping charges that annoy me. I pay ALOT of bills in cash to avoid it ever getting near the bank.
So it looks like we can discount Natwest anyway, and Santander don't have a branch in town which is a must as I don't do internet or phone banking.

 

[Shox Dr]

As above, if possible use a personal account and keep quiet

 

[rtbcomp]

With another business I had a business account "free banking for life" with Alliance & Leicester. Needless to say they discontinued that just before Santander took them over.

 

[breezer]

Lloyds do an introductory deal on Business accounts - might be worth a look

 

[premmington]

We do bussiness internet banking with Natwest, costs are less as we take allot of BACS payments and Swift payments from abroad.

Big issue with us cheque costs, writing and recieving them!

I try and pay everything with card over the phone or BACS to keep costs down!

I never pay any cash into the bank! I mean never! I keep it or pay bills with it when I can!

But we had a trend of a downturn in customers paying in cash, but I am pleased to report this has stopped and more customers are arrivng with cash now!

 

[roofman]

I pay £25 a month for my business account with Natwest...for this i get nothing,not even any overdraft usage and i always have to request new paying in books ect. Not happy at all but working on the basis of better the devil you know ile sit tight and suck it up as my customers absorb my expenses anyway.

 

[Rig Pig]

Natwest are closing a load of small branches now so I will be changing banks, been with them 25+ years.

 

[AndyStobbs]

To be honest so far as day to day service goes I can't fault Barclays, I also have my current account with them and a personal credit card too. I've banked with them for 9 years in total now. Paying in books always ordered and come in the post, same for cheque books. Had the chip fail on my businesd debit card and swiftly got a new one. Helpful, friendly staff etc etc.
Reading some of the replies I'm starting to think perhaps the grass isn't greener anywhere else.
I don't need an overdraft so that isn't an issue.

 

[blenkie1]

I agree with shox dr use a personal account and say nothing. Its worked for me.

 

[Kent]

Gosh Nat West wanted me to wait six weeks just to have a telephone interview prior to placing another business account with them. I have about 6 accounts with Nat west! Told them to well "forget it" and took my business to the Yorkshire, chalk and cheese they actually wanted my business and I got the first year free.
No complaints in fact I am considering moving more their way. I mean Nat West were treating me like I was asking for their money

 

[galooph]

If you join the Federation of Small Businesses, you get free business banking - http://www.fsb.org.uk/business-banking

I was happy with the service back when I was self-employed.

 

[carbon]

I've been banking with the Co op for at least 5 years for my business. No charges in that time, one small hiccup when my business partner died, but was sorted quickly. I don't have a local branch so it's telephone/post office banking for me.

 

[rtbcomp]

I'd be inclined to keep personal and business accounts with different banking groups.

 

[AndyStobbs]

I'm not so confident in flying under the radar with using a personal current account for business purposes. There's rent on premises, insurance premiums, BACS coming in from various firms - referanced against an invoice number, not to mention paying HMRC the VAT every quarter.

It was merely an accident of fate that majority of my money resides in Barclays. I do have other lesder used accounts at other banks though.

 

[Rocketman]

I have a totally free business account!! It started out as Abbey but got taken over by Santander. I even get free prepaid envelopes to send cheque payments in.

After getting you all excited about I am sorry to tell you guys it's not available anymore to any new customers. Needless to say though I won't change unless I have to!!!

 

[blenkie1]

Andy I am in exactly the same situation VAT every quarter, rent, bottle rental, steel, insurance, and paid with cheques and bank transfer never said anything and I have been doing it for about 3 years, my brother over 10 years. I bank with Barclays and have 3 personal accounts with them. When I first set up an accountant came and give us a talk and recommened we get a business account (an ex bank manager) and said they had sophisticated software to find out if it was for business. Well its never found me out yet.