Which Bank for Business & Personal Accounts -Recommendations
Discussion
Having banked with HSBC for 20 year I have to say that were once a very good bank..
However for the last year they have been terrible. I do all my banking with them personal, business, mortgage etc. It all started about a year ago when I opened a new business account. The process took three months to simply just open an account, trying to get a fully working account has been a major struggle. There has been no end of issues and at the almost one year stage it still is not sort out fully.
Internet banking took 8x months to get operational and the commercial card still goes not work. Had about three cards and about six PIN numbers and it still does not work. I have operated my bank accounts as per the terms and conditions. As there are no business staff in the branches locally these days it is a nightmare trying to get anything sorted out. Telephone banking does not seen to work as nothing gets done. If you complain to the complaints team all you get is letter telling you how the complaints process works. They never solve the problem.
The final straw has come last night where they want me to go through a security review process on the phone which in not the securist way of doing anything. I also have to reprove who I am with a full documents check. I.e. Passport, drivers licence, utilities bills, council tax etc to prove I live where I do.. they already have all this information as they took it all when we recently open the new account and renewed our mortgage. I wouldn't mind if I could pop in to the local branch but they won't allow you to do that as you have to deal with them remotely. I WAS THEN TOLD THAT IF I DONT COMPLY WITH THE PROCESS I HAVE ALREADY COMPLIED WITH THEY WILL START WITHDRAWING MY ACCESSABILITY MY BANKING FACILITIES.
SO I AM AFTER RECOMMENDATIONS AS TO WHICH BANKS ARE WORTH MOVING MY BUSINESS AND PERSONAL BANKING TO.
However for the last year they have been terrible. I do all my banking with them personal, business, mortgage etc. It all started about a year ago when I opened a new business account. The process took three months to simply just open an account, trying to get a fully working account has been a major struggle. There has been no end of issues and at the almost one year stage it still is not sort out fully.
Internet banking took 8x months to get operational and the commercial card still goes not work. Had about three cards and about six PIN numbers and it still does not work. I have operated my bank accounts as per the terms and conditions. As there are no business staff in the branches locally these days it is a nightmare trying to get anything sorted out. Telephone banking does not seen to work as nothing gets done. If you complain to the complaints team all you get is letter telling you how the complaints process works. They never solve the problem.
The final straw has come last night where they want me to go through a security review process on the phone which in not the securist way of doing anything. I also have to reprove who I am with a full documents check. I.e. Passport, drivers licence, utilities bills, council tax etc to prove I live where I do.. they already have all this information as they took it all when we recently open the new account and renewed our mortgage. I wouldn't mind if I could pop in to the local branch but they won't allow you to do that as you have to deal with them remotely. I WAS THEN TOLD THAT IF I DONT COMPLY WITH THE PROCESS I HAVE ALREADY COMPLIED WITH THEY WILL START WITHDRAWING MY ACCESSABILITY MY BANKING FACILITIES.
SO I AM AFTER RECOMMENDATIONS AS TO WHICH BANKS ARE WORTH MOVING MY BUSINESS AND PERSONAL BANKING TO.
Its a race to the bottom with regard to service for almost all the banks in my opinion. I've experience of the RBS banking group with is now being called Williams and Glyn and is to be divested from Royal Bank of Scotland by 2017, they don't have a lot of branches, but I had a direct phone number for issues and apart from the credit checks when increasing the overdraft they were okay. Definitely not the cheapest option, but reasonable options in terms of separating the bill paying options completed by my staff and authorising completed by me or one of my partners.
When going for mortgage finance a couple of years ago Lloyds seemed to be the most keen to open the taps, smaller LTV and with fewer hurdles to go through, compared to RBS, but I suspect that's a sector thing (and its perceived safety), they all seem to give you an umbrella when it is sunny and expect that umbrella back when it actually starts raining, so I wouldn't be relying on overdrafts all the time.
When going for mortgage finance a couple of years ago Lloyds seemed to be the most keen to open the taps, smaller LTV and with fewer hurdles to go through, compared to RBS, but I suspect that's a sector thing (and its perceived safety), they all seem to give you an umbrella when it is sunny and expect that umbrella back when it actually starts raining, so I wouldn't be relying on overdrafts all the time.
I used to be a Business bank manager, and I would say it depends on the person ratrher then the bank. Most offer simmilar things (some dont do cash for businesses at branch like Santander, all have differeign charges so work out carefully whast each bank will cost you). But if you can have a good person (I like to think I was one) who wpuld go out of their way to help you, was located in a branch and could spare a few minute sif you just popped in, is worth far more then paying 50p less per year but never speaking to the same person twice. You are only relying their notes in that case.
I echo the above that it can depend far more on who, at the bank, you deal with than the bank itself.
I've been using HSBC for our business account for 8 years and never had an issue with them at all.
personal banking, I can only recommend First Direct. Always a real person on the end of the phone, with whom there is no issue of comprehension and understanding. Fast to respond and ever helful
I've been using HSBC for our business account for 8 years and never had an issue with them at all.
personal banking, I can only recommend First Direct. Always a real person on the end of the phone, with whom there is no issue of comprehension and understanding. Fast to respond and ever helful
Quotes I've had for Handelsbanken have been ok just normal charges really but from what I have seen so far they are a breath of fresh air. Just in the process of opening business and personal accounts.
I would also recommend the Co op they have been a lot better than HSBC but still a bit too centrally controlled.
Handelsbanken appear to be putting some common sense back into business banking so I'm looking forward to seeing if the initial impressions match up to a good ongoing relationship.
I would also recommend the Co op they have been a lot better than HSBC but still a bit too centrally controlled.
Handelsbanken appear to be putting some common sense back into business banking so I'm looking forward to seeing if the initial impressions match up to a good ongoing relationship.
I'm in a similar position with HSBC.
Been with them over 25 years and built my business up to £1m+ turnover.
Need to change from a sole trader to a partnership with my wife and this has been ongoing for nearly 3 months and not sorted yet.Their local business specialist just gave me a mandate to add my wife to my sole trader account which was incorrect and wasted 6 weeks.Business staff in branch and on phone couldn't care less-including the complaints dept.
Bloody frustrating - but from what I can gather all all banks are the same.
Been with them over 25 years and built my business up to £1m+ turnover.
Need to change from a sole trader to a partnership with my wife and this has been ongoing for nearly 3 months and not sorted yet.Their local business specialist just gave me a mandate to add my wife to my sole trader account which was incorrect and wasted 6 weeks.Business staff in branch and on phone couldn't care less-including the complaints dept.
Bloody frustrating - but from what I can gather all all banks are the same.
I've used MetroBank for Business Banking for a couple of years, partially because they can have an account opened and operational, and a debit card in your hand within a couple of hours.
The website is ok and everything works fine for everyday transactions ....until you actually need a human being to do anything, when it all goes wrong!
They will do almost nothing via telephone or email, instead encouraging you to visit a branch, where you're greeted by several people who offer you coffee, whilst waiting for a couple of hours (they refuse to make appointments) for someone to do some banking. The branch staff are usually hopeless, with no idea of what its like to operate a business, and no comprehension that taking time away from your business to wait for a couple of hours to deal with banking minutiae is not a good use of time!
Rant over!
The website is ok and everything works fine for everyday transactions ....until you actually need a human being to do anything, when it all goes wrong!
They will do almost nothing via telephone or email, instead encouraging you to visit a branch, where you're greeted by several people who offer you coffee, whilst waiting for a couple of hours (they refuse to make appointments) for someone to do some banking. The branch staff are usually hopeless, with no idea of what its like to operate a business, and no comprehension that taking time away from your business to wait for a couple of hours to deal with banking minutiae is not a good use of time!
Rant over!
Just a bit of an update on this hopefully fellow business owners might find it useful. We are a couple of months in with Handelsbank. After we got the accounts all set up the transfer process was easy. We were able to easily set up overdraft facilities including a very generous business one which I'm sure would have taken a lot more time/effort/paperwork with a normal high street bank.
We've tested the online banking out and pinged the security systems a couple of times. Payments released with no fuss. Staff at the branch are really helpful (Castleford) our account manager responds to emails at 10.PM hes a machine!
Anyway so far so good. Highly recommended. Its how a bank should be not all this multi layered computer says no BS. I think we'll give them a try for our BTL and other stuff as and when they come up.
We've tested the online banking out and pinged the security systems a couple of times. Payments released with no fuss. Staff at the branch are really helpful (Castleford) our account manager responds to emails at 10.PM hes a machine!
Anyway so far so good. Highly recommended. Its how a bank should be not all this multi layered computer says no BS. I think we'll give them a try for our BTL and other stuff as and when they come up.
A more accurate title for this thread is "Which bank is the least s
t?"
From experience, my only advice is to avoid RBS with the same verve you would a visually herpes-ridden lady in a nightclub.
We bank with HSBC and have no issues you with them at all - but our banking is limited to paying in, making payments and a company CC so haven't exactly tested them.
t?"From experience, my only advice is to avoid RBS with the same verve you would a visually herpes-ridden lady in a nightclub.
We bank with HSBC and have no issues you with them at all - but our banking is limited to paying in, making payments and a company CC so haven't exactly tested them.
AS THE ORIGINAL PERSON POSTING THIS THREAD I THOUGHT I HAD BETTER GIVE SOME FEEDBACK AS TO WHERE THINGS HAVE ENDED UP WITH HSBC AND SWITCHING BANKS.
I was given to the 10th January 2017 in which to comply with account verification process (Which is the same as setting up a new account but it is done remotely. This involves a telephone interview about your business and personal details and situation. HSBC was so inundated that they could not do this until after my account was due to be closed. Make sense of that if you can. You also have to get all your ID paperwork ratified but third party i.e.; Via your doctors or solicitors and both charge..... Solicitors £ 100.00 and Doctors £ 65.00 but they said don't even bother until February as they was too snowed under with the sick and needy. Cant argue with that one ).
So I was left with the situation where I was forced to take my business elsewhere and I talked to Santander, Barclays and Lloyds. I therefore told the regional head of business banking that as the bank was putting me in such a position I would be moving it at the earliest opportunity and I was in the process of setting up meetings with other banks. HSBC then decided having informed me that the account would be closed by the 10th January 2017 and there was no way of being able to comply with their process prior to this. HSBC then decides To hit me with advance agreement fees for a years overdraft facility that I would not be able to use on an account that would be closed. This was a bit disappointing considering I was in conversation with the head of regional business banking on moving my account elsewhere.
Out of the three banks I opened discussions with (Santander, Barclays and Lloyds) Barclays Bank came up trumps by not only offering to match the facilities I had with HSBC, They even bettered them on all aspects. It took 14x days to set everything up over the Christmas period and then we switched accounts over to them.
HSBC then Closed/Froze the account. I then had to close all other aspects like Corporate Card (That never worked) and the linked savings account.
It was very disappointing having been a good business customer of HSBC for over 20 years to be treated this way....
I would like to thank Barclays Bank for being very professional in their dealings with me and their assistance in opening up a new business account.
I was given to the 10th January 2017 in which to comply with account verification process (Which is the same as setting up a new account but it is done remotely. This involves a telephone interview about your business and personal details and situation. HSBC was so inundated that they could not do this until after my account was due to be closed. Make sense of that if you can. You also have to get all your ID paperwork ratified but third party i.e.; Via your doctors or solicitors and both charge..... Solicitors £ 100.00 and Doctors £ 65.00 but they said don't even bother until February as they was too snowed under with the sick and needy. Cant argue with that one ).
So I was left with the situation where I was forced to take my business elsewhere and I talked to Santander, Barclays and Lloyds. I therefore told the regional head of business banking that as the bank was putting me in such a position I would be moving it at the earliest opportunity and I was in the process of setting up meetings with other banks. HSBC then decided having informed me that the account would be closed by the 10th January 2017 and there was no way of being able to comply with their process prior to this. HSBC then decides To hit me with advance agreement fees for a years overdraft facility that I would not be able to use on an account that would be closed. This was a bit disappointing considering I was in conversation with the head of regional business banking on moving my account elsewhere.
Out of the three banks I opened discussions with (Santander, Barclays and Lloyds) Barclays Bank came up trumps by not only offering to match the facilities I had with HSBC, They even bettered them on all aspects. It took 14x days to set everything up over the Christmas period and then we switched accounts over to them.
HSBC then Closed/Froze the account. I then had to close all other aspects like Corporate Card (That never worked) and the linked savings account.
It was very disappointing having been a good business customer of HSBC for over 20 years to be treated this way....
I would like to thank Barclays Bank for being very professional in their dealings with me and their assistance in opening up a new business account.
Edited by Snapper7 on Friday 27th January 17:47
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