Best Bank?

[Highland Forestry]

Hi All..

Just wondering if anybody has any thoughts on the best bank for business banking?

I'm looking to open a new business account, but am struggling to see any defined differences between the banks.

I'm currently with Bank Of Scotland but thier service over the last year has dramatically declined and with a letter from them last week stating that they are reducing overdrafts and upping rates I've decided to make a change.

 

Any thoughts most welcome, particularly from those with limited companies.

 

Cheers,

 

Matt

[Johny Walker]

they all piss in the same pot , i,m with hsbc they have gone down hill too

[RobArb]

abbey/santander do free business banking for life and i never had any problems, but not sure now they are santender and not abbey

[Peter]

They are all rubbish. I'm with HBOS, they havent been too bad but the charges just keep going up.

 

I was with Alliance & Leicester, I can honestly say that was the worst banking experience of my life.

[skyhuck]

 

Any thoughts most welcome

 

My thoughts are DON'T have an overdraft!!!!

 

They suck the life out of a buisness in my view

 

I've never had a business overdraft in the 15 years I've been in business.

 

I would recommend get a balance in your account of say £2k view that as your overdraft, if you go into it STOP spending till its back up to £2k

 

Over time I think its best to have at least 3 months turnover as a float, and treat that as your overdraft.

 

I work for MYSELF not the bank.

[Peter]

I do have an overdraft, but I have never used it. The only reason I have it was to show a certain level of available funds for my O licence application.

 

I certainly wont be renewing it if they want me to pay for it.

 

It is a sad fact of modern life that the best way of getting a good deal from banks is to switch your account every time the introductary offers run out.

[Nick B]

Good advice Skyhuck:thumbup1:

Not always easy to do I try and work with 1k as a float

and when it goes below that i tell the wife off:lol:

I am with HSBC but most Banks are the same, Pants IMO

[jojam]

RBS been good for us matt.We have a business manager unlike the clydesdale and B of S where it was call centre(when phoning answer was @@what is it you do again'').I think it's difficult too avoid the overdraft if you have employees,in a tight spell they still have too be paid!

[Chris Sheppard]

 

It is a sad fact of modern life that the best way of getting a good deal from banks is to switch your account every time the introductary offers run out.

 

I agree.

 

They all seem pretty poor - I started out with Natwest but they were useless (primarily the staff in that prticular branch) and then I swapped to HBOS - seemed to make less mistakes but because it was running through a Halifax branch and not an actual bank of Scotland, all I could do was pay money in there - anything else I had to speak to a call centre during office hours - not impressed.

 

Speak to a few and play them off against each other until you get a good deal and then swap when the deal runs out.

[Peter]

The HBOS call centre is open till 8pm weeknights and on Saturdays too, and you get to speak to a real (scottish) person too. The advantage with the call centre is that they do actually know their stuff, and they are usually pretty efficient too.

 

I also have a "relationship manager" but i havent spoken to her since she refused to give me dating advice......