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Original poster

Need to open Company Bank Account - which bank do you hold yours with?

26 replies

FeelingLucky · 08/10/2008 20:31

And would you recommend them?

My accountant said that I might need to shop around for one which doesn't levy a monthly charge.

OP posts:
KatyMac · 08/10/2008 20:32

I understand Co-op is very good

But I only have a deposit account & don't admit to it being business (not with co-op)

whomovedmychocolate · 08/10/2008 20:32

Lloyds is £5 a month for small businesses - for the first six month or so it's free at most places, but you need to look at the cost of transactions etc - there are no free banking accounts for businesses. Look at how you will receive payments, ours is cheaper for electronic transax than cash or cheques but you do still have to pay something. Oh and the interest payments are shit too.

Sorry to shatter any illusions.

Original poster
FeelingLucky · 08/10/2008 20:40

WMMC - Thanks for your tips on looking at cost of transactions, etc. (Hadn't thought of this).

KatyMac - wondered about Co-op because of ethical dimension but wondered if I shouldn't go with a bigger bank because of crisis at moment ... or am I being ignorant??

aaarrggghhh ... scared of all this armageddon in banking talk

OP posts:
KatyMac · 08/10/2008 20:42

I think co-op is fairly safe - but as you say - who can know

whomovedmychocolate · 08/10/2008 20:42

Feelinglucky - I think I just explained the entire banking system on your other thread

You don't have to worry about this unless you are banking a lot of money. In any case, go with one of the big five and you'll be fine. Lloyds will be the biggest within a week or so but HSBC or Barclays are also good bets. but we moved from Barclays because they were utterly shite at very simple things when we were with them.

Katie - you are playing a dangerous game. If you use a personal account for business purposes, the banks can close your account instantly and back charge you business rates. Just a thought

FiveGoMadInDorset · 08/10/2008 20:44

just opened mine with natwest, so fingers crossed but is free for 2 years.

KatyMac · 08/10/2008 20:44

Well as a childminder - the person opening the account said I didn't really count

I don't know the business banking manager knows it's my business money

Should I worry?

geordieminx · 08/10/2008 20:46

Mines is through Barclays - not had any problems with them.

Mums is through co-op. She has had a few minor problems but they have always ben very keen to compensate her if they balls up

QuintessenceOfFrankenShadow · 08/10/2008 20:51

We had one with Natwest. We moved to HSBC. They were crap at sending payments abroad. Nearly all my payments went missing, they sent to wrong banks, wrong regions, wrong country, every friggin time, and it took WEEKS to get it back. An absolute horror. No such problem at all with hsbc.

FiveGoMadInDorset · 08/10/2008 20:59

Would like to have been with HSBC but the nearest one is 17 miles away.

Original poster
FeelingLucky · 08/10/2008 21:02

Is it important to be close to your bank for a company account then?

My personal account is in a branch in Sheffield and I'm in London and there's no problems.
Is it different with company accounts?

OP posts:
Original poster
FeelingLucky · 08/10/2008 21:02

Is it important to be close to your bank for a company account then?

My personal account is in a branch in Sheffield and I'm in London and there's no problems.
Is it different with company accounts?

OP posts:
Posey · 08/10/2008 21:03

Ours is with the co-op, chosen originally when company opened 11 years ago because of its ethical dimension. Afaik there have never been any problems with them.

fymandbean · 08/10/2008 21:08

Do not go with HSBS they have been terrible with us - things don't get set up high carges etc etc. Natwest is much better.

fymandbean · 08/10/2008 21:09

sorry HSBC

onceinalifetime · 08/10/2008 21:10

HSBC, no problems so far. Abbey were a pain to set up and we gave up, despite free banking and other incentives.

PersephoneSnape · 08/10/2008 21:12

I'm with the abbey for mine - don't use it a great deal, but it's FREE forever.

whomovedmychocolate · 08/10/2008 21:14

My bank comes and sees me, but then again they like me a lot because I have a lot invested with them. It's better to have a local branch so when things go wrong you can go and yell at someone instead of having to go through a call centre!

Niecie · 08/10/2008 21:17

I'm with Barclays. It is free at the moment (first 12 mths) but I don't think they charge a lot even then. It depends on the size of your business and the number of transactions you do. I think I will have to pay for writing cheques but since I don't expect to do many of those I should find it fairly cheap.

They also give you a lot of software some of free and some for a small fee of about £2.60 per month. The software is worth it though - Sage accounting package is one bit which is very expensive to buy.

thehairybabysmum · 08/10/2008 21:44

Alliance & Leicester..free for ever.

Pleased with them so far.

FiveGoMadInDorset · 08/10/2008 22:09

Feeling lucky - I bank a lot of cash and checks so needed a bank with a branch near me not necessarily where I set up the account.

Flamesparrow · 08/10/2008 22:11

hsbc here - for the google adwords and a convenient local business advisor branch... which they shut 2 weeks later so I have to go to one with nightmare parking

alliance & Leicester is sounding good the more I hear though

Flibbertyjibbet · 08/10/2008 22:15

If you bank a lot of cash then the CO-op bank business account might be best. You can do all the banking stuff online and at any post office and there are tons of those about.
If you are with the Federation of Small Businesses a co-op business bank account is free for life.
Most of them (inc barclays) do first 12 months free, my 12m with barclays just ended and they wrote to tell me that unless I tell them otherwise they will be not paying me interest on any credit balance in exchange for not charging me any bank charges (prob still charge for bankign cash tho).
Most of them will do 12m free, I managed 3 years on free banking that way!

FiveGoMadInDorset · 09/10/2008 07:22

I phoned the federation of small businesses, I emailed them as well and weren't interested so if you go that route then good luck

FiveGoMadInDorset · 09/10/2008 07:22

I phoned the federation of small businesses, I emailed them as well and weren't interested so if you go that route then good luck