Looking for a new business account.

[busybeeee222]

I want to open a business account as my business will become a limited company in April.

I was just wondering who everyone Banks with for business and if any banks stand out as having any better resources etc.

[Kazzyhoward]

Depends on your requirements really.

There are a few online only banks such as Mettle, Starling, etc., which are fine if you will be doing all banking online and have simple banking needs.

If you're going to be handling cash, you need a bank that will give you facilities to pay in at a bank branch or local post office, and fees vary enormously between banks for cash handling.

If you want loans or other finance, then a High Street bank may be needed as most online/basic banks don't offer loans etc.

For basic/online, I'd suggest Mettle, but if you have more complex needs then HSBC seem best of a bad bunch for High Street banks. Co-op is good for cash (you can pay into Post office) and is pretty cheap for cash handling compared with High Street banks - can also get charges cheaper if a member of Federation of Small Businesses).

[busybeeee222]

Thank you for your reply.

I really only need the account to do the following:

Receive payments for invoices I send
Pay myself and staff
Pay a few direct debits

It is very unlikely I will need cash deposits.

I do not need finance or loans at the moment but could possibly need this in future.

[doadeer]

I'm happy with natwest because my current account is with them and it's all very easy

[Jxtina86]

I use Starling and found it easy and quick to set up. It's free too and you can pay extra for their business toolkit for invoicing etc.

I also know plenty who really like Mettle - you also get FreeAgent free I believe with that which is good for reconciling, sending invoices and auto chasing payments.

[twowheelsgood]

I use Starling, Mettle and HSBC for business. I would recommend Mettle hands down. You also get free FreeAgent online accounting. Just in the process of restructuring my companies under one umbrella and will run the whole thing through Mettle.

[busybeeee222]

Thank you for the replies :)

@twowheelsgood can I ask what you like about mettle ovbe rthe other accounts?

[FrillyGoatFluff]

Not TSB - the online and app log ins are an absolute BALLACHE!

[ginislife]

I'm an accountant and always recommend Nat West because I've banked with them for over 30 years and they've always been good - and their App is great. HSBC is a pain as transactions don't import properly into accounting software, Barclays bank statements don't print properly, Lloyds duplicates or misses transactions in accounting software.
A client has recently had to move away from Mettle because they've struggled to make payments on line. Because it's a new bank the sort code and account number aren't recognised. Tide doesn't accept cash in. Starling are refusing more than they're accepting at the moment.

[Zuve]

The Starling Bank ist outstanding and will also help you budget etc. Cash is handled easily at the post office. The card can be taken abroad. Its by far the best out there and won many prizes

[DelilahBucket]

I've been with Santander for 11 years and highly recommend it. I personally wouldn't use HSBC or any of the newer online only banks. Far too many stories of people's accounts being closed at random with HSBC being the worst offender by a long shot and quite a few of the online banks have poor fraud detection systems and are also known to close accounts because of glitches in their systems stating the account is money laundering.

[Jumpingvert]

@DelilahBucket

I've been with Santander for 11 years and highly recommend it. I personally wouldn't use HSBC or any of the newer online only banks. Far too many stories of people's accounts being closed at random with HSBC being the worst offender by a long shot and quite a few of the online banks have poor fraud detection systems and are also known to close accounts because of glitches in their systems stating the account is money laundering.

Don’t use HSBC. They threatened to close my account for no reason and when I looked into it they had done it to loads of people - there was a thread about it on here and it was on Moneybox on R4 as well