Business Bank Account Q

[Eve4Walle]

How easy is it to get and then set up a business account and what are the usual T&C's?

Meeting with the bank today and am very nervy! Just setting up our own business and an excited but scared too.

Any advice appreciated...

which bank?

We use hsbc and they have been rubbish!

is your business online or a shop(face to face transactions)

are you going to take credit/debit card payment?

NatWest.

It's a franchise.

hope it went ok

Natwest seem good, although have never used them myself.

Depending what sort of account you need, on-line businesses get different tariffs, ours had free automated payments but a punitive 0.5% charge on cash and counter transactions which meant I had to pay cash into my personal account and transfer it across... 'shop' type businesses need lower cash transaction charges but will pay for automated payments. Make sure you get the right account for your business!

You need a merchant account and a company to process credit card transactions - Streamline are pretty good, just remember it is pretty hard to switch once you are set up.

Best of luck

I've heard that A&L are quite good on charges. I think you use Post Offices to pay stuff in. Has anyone had any experience of them? (I'm a bit concerned that they will turn into Abbey soon and everything will change....)

I used A&L a few years ago for a while but i am a big online banker and their website was complete crap then. may be ok now.

I use natwest now - completely characterless but works ok which suits me fine

we are with royal bank scotland. Apparently natwest and rbs are the only banks who will consider you if you have bad credit history etc...
They both have the equivalent of a basic bank account without overdrafts and loans which anyone can supposedly open.
some of the others can be more difficult, not sure if that's what you meant?
Otherwise, I guess just a question of personal preference or actually which one is closest to you.
Look at your local branch, do they have the facilities you will need e.g. we use night safe most nights, but not all banks on our high street have one... worth considering!