Good business bank accounts
Discussion
How come my business account with HSBC attracts charges every single month even though I only ever receive foreign transfers to it and never pay out cheques? 
At the moment, I'm thinking of speaking to Handelsbanken first, followed by probably HSBC and Nat West. Definitely not going to try Barclays or Santander.
But tell me more about the FSB. Are any of you members? I'm not so fussed about the tax advice because that's what I pay my accountant for, but are there any other major benefits that'd make the joining fee worthwhile?
At the moment, I'm thinking of speaking to Handelsbanken first, followed by probably HSBC and Nat West. Definitely not going to try Barclays or Santander.
But tell me more about the FSB. Are any of you members? I'm not so fussed about the tax advice because that's what I pay my accountant for, but are there any other major benefits that'd make the joining fee worthwhile?
SGirl said:
How come my business account with HSBC attracts charges every single month even though I only ever receive foreign transfers to it and never pay out cheques?
It's worth speaking to your branch business manager and asking the question. They seem to have a fair degree of discretion, and want to keep you as a customer.My sole trader business was slowing down a couple of years ago. I spoke to the local manager, and she put me onto quarterly rather than monthly paper statements. As I said before, I've never paid any charges on that account in 8 years.
In a similar position a couple of months ago and after a fair bit of research ended up choosing NatWest. Really happy so far, as has been said on a 2 year free banking deal and then will be moving on to a setup where there are no charges for electronic transactions which make up 99% of our work.
SGirl said:
But tell me more about the FSB. Are any of you members? I'm not so fussed about the tax advice because that's what I pay my accountant for, but are there any other major benefits that'd make the joining fee worthwhile?
It's all online (see here http://www.fsb.org.uk/benefits) and the advice is 24x7 and way beyond what your accountant can be reasonably asked to provide quickly+free! 
Plus the FSB lobbies HMG on behalf of small businesses.Some of the benefits are not as useful, of course. But that depends on your type of business.
Hi,
In a business bank account, would you like;
First £10,000 cash paid in or withdrawn each month at our counters is FREE
200 FREE transactions per month
No monthly fee in the first 12 months of banking
No monthly fee after 12 months if you maintain a £2,000 minimum balance on your account
Convenience of a MasterCard® * debit card
Online and telephone banking
No charges on foreign transactions
Monthly statements
If so, take a look at Metrobank.co.uk
I've been a HSBC customer for a number of years now, and for various reasons useage of the account has been low. I don't have the free introductory banking anymore etc. Recently, they were a pain to deal with when it came to me forgetting my online banking password and to re-set it it went back to the dark ages in having to fax things, go into branch with ID to prove who I was etc which I thought was ridiculous. I thought it was all sorted until I found out various departments hadn't done x or y so I was without internet banking for well over 10+ days. I've decided to close off and move to Metrobank instead. Once my business venture grows, I really like the idea of continuous free banking so long as £2K balance is maintained. I currently don't evisage going over 200 transactions per month, but even if I do, I'm sure the individual transaction charges will be more than acceptable.
I know they're a small bank, and not 'well known' and they too, could also have issues. I like that they are open 7 days a week so during off peak, I can nip over to a newly opened more local to me in Uxbridge branch and not have to stand in big queues during usual banking hours.
Once I do get to operate this account more and in more depth, I'll report back on my experience with them over time, I just hope overall its going to be great!
Cheers, Dennis!
In a business bank account, would you like;
First £10,000 cash paid in or withdrawn each month at our counters is FREE
200 FREE transactions per month
No monthly fee in the first 12 months of banking
No monthly fee after 12 months if you maintain a £2,000 minimum balance on your account
Convenience of a MasterCard® * debit card
Online and telephone banking
No charges on foreign transactions
Monthly statements
If so, take a look at Metrobank.co.uk
I've been a HSBC customer for a number of years now, and for various reasons useage of the account has been low. I don't have the free introductory banking anymore etc. Recently, they were a pain to deal with when it came to me forgetting my online banking password and to re-set it it went back to the dark ages in having to fax things, go into branch with ID to prove who I was etc which I thought was ridiculous. I thought it was all sorted until I found out various departments hadn't done x or y so I was without internet banking for well over 10+ days. I've decided to close off and move to Metrobank instead. Once my business venture grows, I really like the idea of continuous free banking so long as £2K balance is maintained. I currently don't evisage going over 200 transactions per month, but even if I do, I'm sure the individual transaction charges will be more than acceptable.
I know they're a small bank, and not 'well known' and they too, could also have issues. I like that they are open 7 days a week so during off peak, I can nip over to a newly opened more local to me in Uxbridge branch and not have to stand in big queues during usual banking hours.
Once I do get to operate this account more and in more depth, I'll report back on my experience with them over time, I just hope overall its going to be great!
Cheers, Dennis!
Really bad experiences with HSBC. My company has banked with them since 1981 and the service they offer has got worse but charges have increased. They seem to have a policy of retiring their relationship managers. We have has three retire in the last eighteen months. It has got to the point where HSBC cannot be bothered get to know their customers businesses. They have mis-sold us financial product and hidden the cost if you want to opt out of said products.
Our company feels let down and deceived by them.
Get them to write everything down. Do not take the HSBC'S word on anything.
Handlesbank seems to offer all we are looking for so will change in nthe next six months
Our company feels let down and deceived by them.
Get them to write everything down. Do not take the HSBC'S word on anything.
Handlesbank seems to offer all we are looking for so will change in nthe next six months
Redarress said:
Really bad experiences with HSBC. My company has banked with them since 1981 and the service they offer has got worse but charges have increased. They seem to have a policy of retiring their relationship managers. We have has three retire in the last eighteen months. It has got to the point where HSBC cannot be bothered get to know their customers businesses. They have mis-sold us financial product and hidden the cost if you want to opt out of said products.
Our company feels let down and deceived by them.
Get them to write everything down. Do not take the HSBC'S word on anything.
Handlesbank seems to offer all we are looking for so will change in nthe next six months
We got to where you are in 2006. We felt HSBC's local and regional 'managers' had become drones answering to the nameless and faceless head-office bods and computers. They also spent more time trying to flog us sOur company feels let down and deceived by them.
Get them to write everything down. Do not take the HSBC'S word on anything.
Handlesbank seems to offer all we are looking for so will change in nthe next six months
t we didn't need (pensions, insurance etc.) than actually litenting to our requirements or providing valuable advice.We switched to Handlesbanken and have been very pleased with all aspects of their service and support and extremely relieved that we did so in a considered and timely manner prior to the GFC.
Well, I rang Handelsbanken. The guy was surprised at first that I'd phoned, because - as he put it - "they don't do introductory deals or free banking periods or anything like that, and we're not the cheapest either". I explained that I'm not looking for the cheapest deal, I'm looking for the best company to suit my needs, I do a lot of business with Sweden and they'd come highly recommended. So in the end he relented and offered to e-mail me the application forms the following morning.
Just waiting for the forms now.
Just waiting for the forms now.
Edited by SGirl on Tuesday 25th September 09:46
insurance_jon said:
you probably caught them off guard. They usually pick their clients, not the clients picking them.
Service is impeccible once your set up though
^This.Service is impeccible once your set up though
Often clients are referred via accountants. Whatever, they do seem to go to great lengths to vet new accounts. Or maybe that's just us.
Ah, okay. Well, you could've mentioned it to me before I phoned them. They can vet all they like anyway, my accounts are squeaky clean.
Not to worry. I can put Plan B into action if they're going to be picky. I've decided to hold off with going live until 1 November now so that I can get a new logo and website organised in the interim. (Any takers?) I haven't got time to open a bank account this week anyway, and I can't get the VAT registration transferred until I've got one.
They can vet all they like anyway, my accounts are squeaky clean. Not to worry. I can put Plan B into action if they're going to be picky. I've decided to hold off with going live until 1 November now so that I can get a new logo and website organised in the interim. (Any takers?) I haven't got time to open a bank account this week anyway, and I can't get the VAT registration transferred until I've got one.
SGirl said:
Ah, okay. Well, you could've mentioned it to me before I phoned them.
In which case, just to avoid confusion/embarrasment, I'll warn you that post GFC they may wish to scrutinise personal finances of directors and owners.O/T our manager tells us this has often thrown out some very interesting contrasts. Clearly they cannot name companies or individuals, but one new account they took on, a profitable firm with about 10 directors each earning £100k+ had an almost 50:50 split between those who managed to save a bit each month and the others who were (presumably trying to live the lifestyle) maxing out credit cards, overdrafts and using all sorts of vague loans and low-deposit high-interest car finance.
Thanks Digga - forewarned is forearmed! I did actually receive their mail this afternoon, and they were very positive about setting up the account for me. They reckoned that the only details I'd need to provide would be the usual ID details.
That said, they do have the disadvantage of me having to go over there in person to open the account - I simply can't afford the time off over the next week at least, and my accountant is leaning on me to provide the bank details so that she can get my VAT registration transferred to the new company. I'm not quite sure how I can circumvent this requirement, though, so I might have to just find the time for it somewhere.
Next job is to put my rates up to pay for all this fun and games.
That said, they do have the disadvantage of me having to go over there in person to open the account - I simply can't afford the time off over the next week at least, and my accountant is leaning on me to provide the bank details so that she can get my VAT registration transferred to the new company. I'm not quite sure how I can circumvent this requirement, though, so I might have to just find the time for it somewhere.
Next job is to put my rates up to pay for all this fun and games.
My small Business has been with Barclays for about 15 years, and for the last few years they are as much use as a chocolate tea-cup, depite us having an excellent record with them.
Most of the other banks I have looked into are as bad, but there don't seem to be much of an option for a small concern.
For us the last few years have been tough (as it has been for I suspect the majority), however we have always conducted our affairs extremely well with no 'nasties' or surprises and are still looking to the future.
Handelsbanken might be an option, but I do wonder what they 'real' criteria is for taking on a new account? Our credit rating is very good, but I know some banks like this expect you to have a very high asset ratio etc, so that means I am out.
Most of the other banks I have looked into are as bad, but there don't seem to be much of an option for a small concern.
For us the last few years have been tough (as it has been for I suspect the majority), however we have always conducted our affairs extremely well with no 'nasties' or surprises and are still looking to the future.
Handelsbanken might be an option, but I do wonder what they 'real' criteria is for taking on a new account? Our credit rating is very good, but I know some banks like this expect you to have a very high asset ratio etc, so that means I am out.
Digga said:
You can't! Welcome to the world of money laundering red tape.
Looks like my accountant may be disappointed if she thinks a bank account is going to be opened within the next fortnight, then. There's not enough hours in the day at the moment, I certainly don't have half a day free to go into town to show my face at a branch...GadgeS3C said:
Caulkhead said:
Santander are worth a look - I've got a ltd account with them and have found them helpful and enthusiastic, if not always overly competent.
My experience exactly of them - but from a personal banking perspective. Had to explain to them how their offset mortgage worked when I applied for one...Currently using Metro banks after closing all Santander accounts down.
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