What Business bank account for a start up
What Business bank account for a start up
Author
Discussion

Phunk

Original Poster:

2,101 posts

201 months

Thursday 9th November 2017
quotequote all
I’m currently setting up a video marketing consultancy business in my spare time.

I have a business plan in place, working with a graphic designer on logos, branding etc and I’m going to be spending the next 6-12 months developing my knowledge in the field, creating website content, videos etc before launching. (Im in no rush and I want the content to be great)

I’m going to finance the company over the first year solely from my savings and a small business grant.

I’m looking for a good business bank account with low fee’s and isn’t ran by complete idiots. Any pointers, (I’m Glasgow based if it makes a difference)

Thanks!

surveyor

18,705 posts

214 months

Thursday 9th November 2017
quotequote all
They are all idiots.

But Santander are straightforward idiots who do not make you go into the branch to meet more idiots... In fact given the farce that RBS can make in setting up bank accounts Santander were refreshingly different.

williamp

20,440 posts

303 months

Thursday 9th November 2017
quotequote all
Most business banks will give free banking for a period of time (but wont for swaping between banks after the free period is over). Will you be a sole trader or limited company?

Think about how you'll use the bank: cash? internet banking? Apple pay etc etc. Apps. These tend to be the differences between the bank's accounts. Most effecient (and cheaper for you) will be zero cash, electronic payments only. Do you need a credit card? They can be useful for cashflow and cheap IF you pay off the full amount when its due.

Businessess can also have hidden costs such as insurances, and some banks might be able to help with this too.

As to the service, like anything it is down to the individual. I used to be a business bank manager and was proud of my excellent customer service. Some of my colleagues could have worked for BL in the 70s, and its pot luck on where you're located as to what sort of service you'll get as we were fixed to a few branches.

uber

860 posts

200 months

Friday 10th November 2017
quotequote all
Go for a tide.co account and save all the rubbish of having to deal with and old school bank

shelf1985

138 posts

189 months

Friday 10th November 2017
quotequote all
As above when starting up i went with santander, unlike other banks they offered a path of zero resistance and all was sorted with a pain free phone call.

FrankAbagnale

1,842 posts

142 months

Friday 10th November 2017
quotequote all
uber said:
Go for a tide.co account and save all the rubbish of having to deal with and old school bank
I have just started a small business and signed up with tide - all done via their app in a few minutes.

No monthly fees, just a small fee of 20p or so for some transactions and it's easy to categorise incoming/outgoing payments.

The app also generates smart looking invoices etc and directly sends to clients.

I had a query today, messaged them through the chat on the app and they responded within 5 minutes.

Couldn't recommend it more highly for a small business.

Bristol spark

4,510 posts

213 months

Friday 10th November 2017
quotequote all
Wouldn't advise HSBC...

Toaster Pilot

14,867 posts

188 months

Monday 13th November 2017
quotequote all
Bristol spark said:
Wouldn't advise HSBC...
Came here to say "not HSBC" biggrin

kurt535

3,560 posts

147 months

Monday 13th November 2017
quotequote all
do not do barclays
do not do barclays
do not do barclays

MrGCC

28 posts

111 months

Monday 13th November 2017
quotequote all
kurt535 said:
do not do barclays
do not do barclays
do not do barclays
Whats wrong with Barclays if you wont mind me asking? I was looking at them.

Many thanks

kurt535

3,560 posts

147 months

Tuesday 14th November 2017
quotequote all
I set up with them in 1994. Now, it goes without saying the financial arena has changed somewhat since those days but.....i drew the line when i was told 3 years ago who would be looking after my account as my £1.5m turnover wasn't sufficient to warrant the person who had been my contact for the previous 10 years. this then morphed into an area manger who didn't visit the branch where i lived meaning any discussion i wished to have meant me travelling to them. their compromise was a telephone banking team for customers in difficult locations - um, they had a barclays in my town so clearly not that difficult.

overall, poor, inefficient, 'business managers' devoid of business understanding and only good when the good times are rolling.

I have probably described any of the high street banks but comparison notes with other peers confirmed they have got particularly bad in this sector of the market.

Flat-6

2,354 posts

200 months

Wednesday 15th November 2017
quotequote all
I've never had any issues with HSBC, EXCEPT for a period of a few months (between contracts) where I was slightly into the overdraft but made no payments in, I started getting automated snotty letters.

A quick call to my account manager and they said the best thing to do to was to simply keep the computer happy - just set up a standing order for £1 a week and it ticks that box.

Otherwise fine despite loosing branches, But I don't deal much in cash, if at all.

Ted2

567 posts

108 months

Wednesday 15th November 2017
quotequote all
They're all as bad as each other.

loafer123

16,746 posts

245 months

Thursday 16th November 2017
quotequote all

MetroBank have a reasonable reputation.

edh

3,498 posts

299 months

Thursday 16th November 2017
quotequote all
I'd recommend Santander. Very straightforward and my business account is free from any charges.

I use capital one for a business credit card - again no fee. Their website is rubbish though.

Autopilot

1,340 posts

214 months

Thursday 16th November 2017
quotequote all
Toaster Pilot said:
Bristol spark said:
Wouldn't advise HSBC...
Came here to say "not HSBC" biggrin
I'm a very firm believer of avoiding HSBC like the plague!! Despite going through the Safeguard questions, with no warning and no explanation why, they closed my business account last Friday. I went online to transfer money to pay my wages and while I could log in, the Accounts tab was missing. After investigation and some phone calls, it materialised they've closed my account and nobody including Safeguard can tell me why nor can it be reversed.

They've said they will send a cheque made out to my business and will take up to three weeks. To say I'm annoyed is an understatement. My phone bill has just arrived while I'm writing this. I can't pay that either.

HSBC = Avoid!!!!!!!!!

Autopilot

1,340 posts

214 months

Wednesday 29th November 2017
quotequote all
To update on the HSBC issue regarding them closing my business account down...I received a letter stating HSBC had given inconsistent dates on account closures and to confirm that my account if it's to be closed down, will remain open until the 03rd January 2018.

I phoned up, gave them the reference number and they agreed the account should be open. They passed me through to remediations who then said they couldn't re-open my account. After complaining to every person I then got transferred to, I was finally told that they've done all they can and I'd need to go to my local branch (who I don't hold the account with) and sort it with them.

It's been four weeks now with no money. HSBC = Avoid!!

surveyor

18,705 posts

214 months

Wednesday 29th November 2017
quotequote all
Autopilot said:
To update on the HSBC issue regarding them closing my business account down...I received a letter stating HSBC had given inconsistent dates on account closures and to confirm that my account if it's to be closed down, will remain open until the 03rd January 2018.

I phoned up, gave them the reference number and they agreed the account should be open. They passed me through to remediations who then said they couldn't re-open my account. After complaining to every person I then got transferred to, I was finally told that they've done all they can and I'd need to go to my local branch (who I don't hold the account with) and sort it with them.

It's been four weeks now with no money. HSBC = Avoid!!
Have you tried emailing the CEO? Mr Stuart Gulliver Group Chief Executive Email stuart.t.gulliver@hsbc.com

While it's unlikely that you will get through to the man, my experience is that many of them at least read the emails sent to them, and they all have high level escalation team that can and do kick the local staff in the rear end.

jammy-git

29,778 posts

242 months

Thursday 30th November 2017
quotequote all
Obviously it's a ballache to move bank, but after such disruption and failure to correct their mistake - would you even want it to be fixed and to stay with them?

jeremyc

28,237 posts

314 months

Thursday 30th November 2017
quotequote all
Consider using the same bank as that which your personal account is held.

It can potentially make all the AML and reference checking much easier (assuming you are a good personal customer ...).