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Author Topic: business bank accounts?  (Read 3095 times)

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bigegg

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business bank accounts?
« on: 08 December 2013, 20:54:02 »
I'll be setting up a ltd company in the new year.
Just selling a few bits.
"Bigegg Independent Traders"

Already got a yellow three-wheeler (til I put the other wheel back on the transit  ;D )

Any way, I need a business bank account.
Does anyone have any recommendations?

cheap is better, but not the most important - service, reliability and decent online is paramount, don't mind paying a bit extra for that.

ta




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05omegav6

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Re: business bank accounts?
« Reply #1 on: 08 December 2013, 21:00:52 »
Avoid Barclays at all costs.

Use Lloyd's myself, no better or worse than for personal banking... be warned though, business charges make the personal account charges look like Disney money >:(
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Sir Tigger KC

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Re: business bank accounts?
« Reply #2 on: 08 December 2013, 21:03:40 »
It's like everything else bigegg shop around!  ;)

I had one with Lloyds a few years ago and they offered 2 years free banking as an incentive to sign up.  :y

I used it for the 2 years then closed it just before the fees started to kick in!  8)
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malcy_p

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Re: business bank accounts?
« Reply #3 on: 08 December 2013, 21:07:19 »
I've been with Barclays for over 20 years for my business accounts. They have never let me down, great on line banking and mobile apps.  :)

Their savings interest rates are shite but I usually keep less than 10k in the business, siphon it out and invest it properly!  :y
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ted_one

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Re: business bank accounts?
« Reply #4 on: 08 December 2013, 21:09:54 »
Had a business acccount with Natwest back in the nineties,I got wise pretty quick after I got billed £75 a pop for two  informal meetings with the manager....God knows what they charge now :o
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Andy H

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Re: business bank accounts?
« Reply #5 on: 08 December 2013, 21:37:08 »
Quote from: malcy_p on 08 December 2013, 21:07:19
I've been with Barclays for over 20 years for my business accounts. They have never let me down, great on line banking and mobile apps.  :)

Their savings interest rates are shite but I usually keep less than 10k in the business, siphon it out and invest it properly!  :y
I have also had a business account with Barclays for over 20 years. I don't make many transactions so the charges aren't great (and they are tax deductable in any case).
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kevinp58

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Re: business bank accounts?
« Reply #6 on: 08 December 2013, 22:28:15 »
I had a business account for years and got fed up with all the crap that goes with it, paying for cheques to write and pay-in also for pay-in cash and charging for just about everything  >:( >:( so closed it and opened a current account, NO charges  ;D So if you can just keep a current account.  :y
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bigegg

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Re: business bank accounts?
« Reply #7 on: 08 December 2013, 22:49:39 »
Quote from: kevinp58 on 08 December 2013, 22:28:15
I had a business account for years and got fed up with all the crap that goes with it, paying for cheques to write and pay-in also for pay-in cash and charging for just about everything  >:( >:( so closed it and opened a current account, NO charges  ;D So if you can just keep a current account.  :y

That's what I've done for the last six years - trouble is a LTD *must* have a bank account in it's own name.
 :(
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malcy_p

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Re: business bank accounts?
« Reply #8 on: 08 December 2013, 22:57:34 »
Shop around the different tariffs banks offer. Barclays offer several. The one I'm on is free for all online transactions (going out) and all transactions (coming in). I very rarely write cheques these days - in fact my company cheque book dates from 2003.

Everything (pretty much) can be done on line (HMRC for PAYE, NIC, VAT etc) and most switched on people take transfers in preference to cheques.

/m.
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malcy_p

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Re: business bank accounts?
« Reply #9 on: 08 December 2013, 23:00:06 »
Just checked - the last company cheque I wrote was to HMRC in 2008...  :)

Also, if you are going to go VAT registered, make sure you weigh up the pros and cons. If you do register, look into the Flat Rate scheme - works nicely for me!  :y
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kevinp58

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Re: business bank accounts?
« Reply #10 on: 08 December 2013, 23:00:16 »
Try the post office not sure but think they might be able to help  :-\
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bigegg

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Re: business bank accounts?
« Reply #11 on: 08 December 2013, 23:02:19 »
Quote from: malcy_p on 08 December 2013, 23:00:06
Just checked - the last company cheque I wrote was to HMRC in 2008...  :)

Also, if you are going to go VAT registered, make sure you weigh up the pros and cons. If you do register, look into the Flat Rate scheme - works nicely for me!  :y

I've been VAT registered as a sole trader for 5 years - works out at about 1200 a quarter refund.
I sell (sold) 2nd hand books - so no VAT to charge, but lots to reclaim (electric, diesel, rent, packaging, stationery... - soon adds up)
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bigegg

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Re: business bank accounts?
« Reply #12 on: 08 December 2013, 23:05:27 »
Quote from: kevinp58 on 08 December 2013, 23:00:16
Try the post office not sure but think they might be able to help  :-\

looked at them - they only offer a "counter service" to their "partner banks".
Useful if a customer wants to pay me at a post office, but there's only Santander that allows the post fofice to accept cash  >:(
And I wouldn't touch a Santander account with Esta's
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zirk

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Re: business bank accounts?
« Reply #13 on: 09 December 2013, 00:38:00 »
If your going down the LTD route then you can buy a LTD Co off the shelf with a Bank Accounts included, ie ABC LTD T/A your Name of Choice, other wise get an Accountant to do it ir all for you and probably pay a bit more!

Other wise do it all yourself, but be prepared, as its no longer easy with the big High Street Banks, which is what you need really if your serious about your Business.

Be prepared for proposed Business Plans, Market Research and Forecasts to open a Business Account, other wise you will just get rejected, also Credit References must be good for the Directors even for a LTD Company.
 
One one forward could be a simple Telephone Banking Business Account, which you can update over the Net to on line Banking within days of acceptance, giving you all the benefits of simple banking, payments in and out free of charge, Debit Card, Cheque Book, etc all for around £10 a month or free for the first 12 months, NatWest are good for this, takes about a 10 min Telephone Interview to set up and generally gets accepted on the same day.  ;)
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Plomien

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Re: business bank accounts?
« Reply #14 on: 09 December 2013, 08:02:38 »
best bet is to look at what the banks offer, HSBC have offers on as do the other banks, you need to see what meets your needs and is low too free charges
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