Business bank account

[Shaoxter]

Are there any out there which don't charge a monthly fee?

And if not, why not? I started my limited company 3 years ago and have switched once already but now the free period is ending again and I don't fancy paying £7.50 a month for making 5-10 transactions. Don't deposit cash, don't need cheques and don't need an overdraft.

Switching was really easy last time so I'll probably just do it again. But why all the hassle when I use the business account much less than my personal ones? Wouldn't it make more sense to charge per transaction?

[illmonkey]

You're proof that it's not worth charging by transaction.

Do you not think they do the math before coming out with these fees?

[Moulder]

My Santander business account is free.

[jammy_basturd]

I got a Cater Allen account through ContractorUK (not a member of ContractorUK and my business is a Ltd company), because it was opened through CUK there is no minimum balance and no fees. Also recently opened a secondary, savings account, had to go through CUK again, but again no fees and no minimum balance. Cater Allen also have great customer service.

[Zoon]

Don't pay anything with bank of scotland.

[Shaoxter]

jammy_basturd said:

I got a Cater Allen account through ContractorUK (not a member of ContractorUK and my business is a Ltd company), because it was opened through CUK there is no minimum balance and no fees. Also recently opened a secondary, savings account, had to go through CUK again, but again no fees and no minimum balance. Cater Allen also have great customer service.

Interesting, thanks for that! Their logo looks suspiciously like the Santander logo...

According to the websites, BoS and Santander (who I'm with currently) both charge fees after an introductory period.

[jammy_basturd]

Cater Allen are owned by Santander, but currently operate completely independently. Whether that'll change in the future, who knows, but they've owned them for a while now and I've not noticed any changes in 2-3 years.

[Jockman]

£5.50 per month with HSBC.

[911Ads]

I've been with Cater Allen for 10 years..very happy with the service and never had to pay a monthly fee.

Worth noting At present, they only pay interest on balances over £100k. Not sure what other banks pay.

[RizzoTheRat]

I think Cater Allen allow a certain number of transactions per month for free but then charge after that. The limits plenty high enough for a one man band contracting company but worth checking if you're a bigger business.

[pherlopolus]

I am with Cater Allen (the private bank of santander) and is completely free and was opened by my accountant. Aldermore do some good business savings accounts also.

Cater Allen take 24 hours to do transfers which is an issue if you need money quickly moving, but you do get a deferred bank card which delays all transaction until the end of the month.

As said Cater Allen have excellent customer services!

[Ozzie Osmond]

If you bank electronically with Barclays it's a flat £6.50 a month and pretty much everything else is free. Struck me as very good value.

[pherlopolus]

Ozzie Osmond said:

If you bank electronically with Barclays it's a flat £6.50 a month and pretty much everything else is free. Struck me as very good value.

6.50 a month better value than free?

[Ozzie Osmond]

Not a lot of Cater Allen branches on my local High St. It's a "private bank". Your accountant may have introduced you there and their services may fit your needs, but I'm not sure it's really suitable/available for Joe Public.

[jammy_basturd]

For high street banking with Cater Allen you use RBS branches.

[pherlopolus]

Ozzie Osmond said:

Not a lot of Cater Allen branches on my local High St. It's a "private bank". Your accountant may have introduced you there and their services may fit your needs, but I'm not sure it's really suitable/available for Joe Public.

the only difference with a recommendation is that they wave the charges for balances under £5000, if you keep £5000 in there it is free for anyone...

[jammy_basturd]

pherlopolus said:

the only difference with a recommendation is that they wave the charges for balances under £5000, if you keep £5000 in there it is free for anyone...

Open the account through ContractorUK and there is no minimum balance. Free banking, even if you have £1 in the account.