Business banking and cash payments

Business banking and cash payments

Author
Discussion

BigBen

Original Poster:

11,610 posts

229 months

Tuesday 2nd September 2014
quotequote all
Hello,

The Mrs is in the process of starting a business that is likely to end up taking quite a lot of cash payments. What is the most cost effective way to bank the cash, seems that business accounts charge for cash handling.

It seems to me that you could pay it all into your current account for free then transfer it but also assume that opens up a world of HMRC and bank pain if anyone notices!

Ben

scdan4

1,299 posts

159 months

Tuesday 2nd September 2014
quotequote all
Join the FSB - they do a free banking tie in with someone. You can pay in at your local post office. There are other benefits but the banking alone saves us considerable money.

Most banks seem to offer 12 - 18 months free for start ups. We've used lloyds and barclays. We were pleased to leave both when their offers expired. The post office is a lovely service in comparison.

It gets expensive quickly if you don't negotiate free banking somewhere.

The Tea Boy

4,129 posts

234 months

Tuesday 2nd September 2014
quotequote all
yep FSB's banking is currently with the CO-OP bank, i decided not to join, but have just opened up an account with HSBC, 18 months free, so will see where we go from there. I too ake mostly cash and although 0.06% doesnt sound alot, it soon mounts up!! keep shopping and swapping (thats my plan)

Matt

Patch1875

4,893 posts

131 months

Tuesday 2nd September 2014
quotequote all
Don't think Santander charge.