Recommendation for business bank account
Discussion
My wife runs a relatively small business (TO below 200k pa) and has been caught up in the Barclays business bank account mess that was in the press this weekend. Poor comms from Barclays, account has been closed by Barclays, lots of calls to useless customer service. Nobody in the local branch can help because they don't do business banking, and despite filling out an online application for a new business account 2 weeks ago, absolutely nothing from Barclays.
In the meantime suppliers not getting paid, and she is receiving no income from customers. And she can't deposit the cheque Barclays sent her for funds in closed account as it's made out to the business that currently has no bank account!
What's the best bank for small business banking with good customer service? There are no borrowing requirements, cashflow is normally not an issue so do understand why it's not the most attractive thing for a bank to get involved in. But someone must be interested in the smaller businesses?
In the meantime suppliers not getting paid, and she is receiving no income from customers. And she can't deposit the cheque Barclays sent her for funds in closed account as it's made out to the business that currently has no bank account!
What's the best bank for small business banking with good customer service? There are no borrowing requirements, cashflow is normally not an issue so do understand why it's not the most attractive thing for a bank to get involved in. But someone must be interested in the smaller businesses?
Monzo are ranked at the top of the league tables for business banks:
https://www.bva-bdrc.com/products/business-banking...
Having had loads of hassle and being ignored by Barclays myself for 3 weeks, I switched recently - literally 5 minutes to sign up on the app and have the account open.
Paying in cheques is by post though, and can take a few weeks. I very rarely have them, so it isn't an issue for me.
https://www.bva-bdrc.com/products/business-banking...
Having had loads of hassle and being ignored by Barclays myself for 3 weeks, I switched recently - literally 5 minutes to sign up on the app and have the account open.
Paying in cheques is by post though, and can take a few weeks. I very rarely have them, so it isn't an issue for me.
Edited by Whataguy on Wednesday 1st March 15:10
I use Starling and rate them very highly. Monzo didn’t do business accounts when I opened the Starling one (changed from TSB, awful!) but if Monzo business accounts had been around then, o would have probably got one, I have a couple of Monzo personal accounts and also rate them Highly. Our great thing bout starling, which may be the same with Monzo is that you can do everything related to invoicing and Vat/tax returns on the website, if you subscribe to the business toolkit.
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