Best Business Bank - any thoughts?

[Dagmar]

I need to open a new business account, but looking around I see some of our banks are a bit shaky. I'm happy for my personal account to stay where it is, but the business account, well..............

 

I pulled the following from another site;

 

"Bank shares plummeted today amid concerns that the latest government package to stabilise banks and encourage lending would not solve the deepening economic crisis.

Royal Bank of Scotland was the biggest faller in the FTSE 100 share index, its price collapsing by more than 66%, to 11.6p, after it warned of the largest loss in British corporate history of up to £28bn and its chief executive, Stephen Hester, admitted that full-scale nationalisation of the bank had been considered.

 

The taxpayer already owns 58% of RBS but this will soon rise to 68% when £5bn of preference shares owned by the government are converted into ordinary shares.

 

The first day of dealing in shares of the newly created Lloyds Banking Group resulted in a 34% drop to 65p. The bank, which now has more branches than any of its rivals, issued a trading statement insisting that Lloyds TSB had been trading "satisfactorily", while HBOS, which it rescued in a deal brokered by Gordon Brown, had not suffered any "significant change" in its trading position.

 

Unlike RBS, Lloyds TSB is not asking the government to convert the preference shares it owns in the combined bank into ordinary shares, which means the taxpayers' stake is staying at 44%.

 

Eric Daniels, the chief executive of Lloyds, said the bank was "continuing its ongoing constructive dialogue" with the government about the wide range of measures announced today. Among them is a plan to sell insurance to banks to help them cap the losses on loans that have turned sour in the credit crunch.

 

HSBC, the only bank listed on the stockmarket not to have raised any fresh funds, insisted it would not need to use the government insurance scheme."

I'm thinking HSBC then!

 

Any opinions?

[Taxus]

We use Abbey Business,

 

Pretty much free banking all ways - unless you are shifting in excess of £250,000 p/a.

 

Look at their web site http://www.anbusiness.com.

 

I can never understand why we should be charged to pay money into a bank, and pay for them to use our money to earn more money for them - or am I massively overcomplicating something simple....?

 

Anyway, we have been with Abbey Business for nearly 5 years, a few minor grizzles but generally very very good. Help centre is a tad north of the border tho - which makes for some interesting conversations

 

Remember - other business banking institutions are available -

 

Taxus

[Jason James Gairn]

My business account is with HSBC and has been for 20 years. I've found them helpful when I've needed a loan in the past, you actually get to speak to a person when you need too. Fees arnt horrendous either. But at the end of the day it is a bank and as such I expect them to get nasty soon.

[MattyF]

im with HSBC ..my old man went through them all over the years and settled with HSBC as his buisness bank, they definietly helped his buisness grow and his new buisness now ive no complaints either, been with them for 2 years as my buisness bank and they have done nothing but help me.

[Johny Walker]

My business account is with HSBC and has been for 20 years. I've found them helpful when I've needed a loan in the past, you actually get to speak to a person when you need too. Fees arnt horrendous either. But at the end of the day it is a bank and as such I expect them to get nasty soon.

 

hsbc, been with them 3yrs like dm said:001_cool: you get to talk to real person in an office, not dm jjg

[skyhuck]

I have had various accounts with Yorkshire Bank, for the last 25 years.

 

In 2000 I opened a business account for my LTD Co, it was for 1years free banking. They have never charged me.

 

Then last week I got a letter saying they have just realized that I should be paying, I have told them if they start charging me I will move banks.

 

If they have not need me too pay for for 9 years, why now?

 

I have never gone overdrawn, and do all my finance with them.

[Tom D]

I'm with RBS and despite thir current difficulties they've been fine.

 

However if I was starting now I would definately go with northern rock if possible. The government has singled them out to lead by example, extending credit where other banks are not. And since the government alrady own it it cant go bust again.

[volvo]

Is there a good one?.

Been with Clydesdale for 40 odd years but the customer service is pretty poor now is the yorkshire any better (same group?..

You have to phone up to speak to the business side now and they say they will call you back and you might be lucky.

I think i would change to hsbc but there isn't a branch near us.

Just watching the news and now i dont know.

[Mesterh]

Lloydstsb at least there is half a chance that they wont go under!

[ukminch]

I'm with Lloydstsb and their well I'm not happy with them.

 

You used to dial the business centre and get straight through to a person, now you have to press 1 press 2 enter this etc a definite downfall.

 

Also switching money between personal and business isn't instant.

 

A couple of occassions in order to prevent going overdrawn, ive had to physically go into a bank draw out money and pay it in, because they couldn't do it over the phone.

 

Sometimes they are happy to pay things against uncleared sometimes they are not - It makes no difference if you speak to them. On occassions they suggested taking money out on the business credit card to ensure funds were available.

 

Simple things seem to get messed up, and when my account was cloned it took weeks to sort out - luckily i had money in a HSBC account.

 

In other words their fine whilst you've got money in your account. But if you don't get paid for 3 months for work that you've done they aren't that helpful.

 

However I can see things from their point of view and things that are my fault I accept I will be charged for. What I don't get is their inflexibility to altering an overdraft for a day when they can see you have money in other accounts.

 

I'm now in a much better situation and am looking at moving banks. I think that Natwest seem to be about the best from my research, but who knows. I do know I don't want Lloyds to make any more money out of me!!

 

Rob