Business banking - who and why?

[Warners]

i couldnt be chewed with the hassle of changing for 100 quid a year. seems fair they provide a service after all.

 

Bank fees are such a small overhead its not worth worrying about...

[Goaty]

Bank fees are such a small overhead its not worth worrying about...

 

Our personal account with Natwest is going to charge £6 a day for using our prearranged overdraft up to a maximum of £90 a month. To me thats a day pay out of the 20 odd days I work a month. Whilst we seldom use it. If we fork out for materials or repairs and a customer doesnt pay for three months. It helps.

We are moving to Barclays,

 

I moved from Abbey national around 10 years ago when they were swallowed by santander. They charged £90 for going £36 overdrawn. I called in at 2 branches on 3 occasions and got fobbed off with various assumed actions to follow. They got dumped.

 

In other countries the banks do charge but I think many give better deals/service. Our banks want it all. Im willing to be a bank tart. Everybody wants the best deal from me these days. So we have to be the same.

[skyhuck]

Business account with Santander. 18 months in and they've started charging £7.50 per month.

I can live with that.

 

Really??

 

I've been with them of over 2 years, still free banking here.

[simsimo]

Are you a sole trader or ltd co? I'm (newly) ltd and with Barclays which is free for the 1st year then stay charging after that but I may well just keep swapping it each year as lots of banks offer the 1st year free. If you are a sole trader then you do not need a business account.

[JimM]

Really??

 

I've been with them of over 2 years, still free banking here.

 

Guess they changed the rules by the time I opened my account :-(

 

So far I've had no issues with Santander, do most of my stuff online. I also get my customers to pay by direct transfer instead of cheques if they can. I'm not sure though if I'd have to pay more with a greater turnover. At the moment I'm still small change to them I guess.

[Kev Stephenson]

If you are a sole trader then you do not need a business account.

 

You do if you get cheques paid to a company name (e.g Stephenson Tree Services) as the bank (HSBC at least) will not allow these to be paid into a personal account.

[treequip]

You do if you get cheques paid to a company name (e.g Stephenson Tree Services) as the bank (HSBC at least) will not allow these to be paid into a personal account.

 

Nor will Nat West and I think all the others

[Warners]

A bank account will only accept chqs in the name of that account.

[detritus21]

Bank with Santander. When i signed up it was free for life other than charges over certain limits. I went for a business account so there would be no arguments with the wife with regards to what money i make or spend in relation to the business

[Hodge]

I started out using abbey national business banking when I started and after 12 months I changed to a proper bank as abbey were shockingly poor. I started with Barclays as I knew my small business advisor and he set me up an account, I got an over draught and they changed all my standing orders over for me, there were a few teething problems at first but other than that they have been ok. Yes I get charged for the over draught, yes I have to pay to withdraw and deposit but they are a business out to make money as are we the user. I found free banking have poor service so I moved. I don't see the point of moaning about paying for a service if the service you get is acceptable. My advice would be to look at all the banks have to offer and pick one that you can put up with as I don't honk there is a bank out there that will give,give,give and not take something in return.

 

 

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