Business banking switch - Advice please
Discussion
Hi all,
Hope you're all doing well at this strange time.
So my three businesses have all banked with RBS for several years but we have some good financial incentives to switch to another bank through the government backed scheme.
Firstly, does anyone have any experience with a bank called Habib Bank Zurich? They are one of the banks on offer to us and although I've found quite a few positive things from them themselves, I've found very little from a customer perspective, they only have 1 google review! The amount there offering to switch to them is actually half of what the others are offering, but this is a long term thing so I'm looking at the bigger picture.
One of my concerns, is our money just as safe being in a bank based abroad (Switzerland), although I haven't checked, so for all I know all banks are based abroad? Does anyone know is there any greater risk here and would you be comfortable?
RBS were great many years ago, I had the mobile number of my business bank manager but of course all that is long gone and I don't even have a branch now never mind a personal contact. Would you say a good relationship with your bank manager is important for growth in today's world? A few business mentors I follow say its important but we use a private finance company for all things like financing/commercial mortgages etc who I do have a good relationship with, my thoughts are this is a better direction as they act as a broker for many banks and lenders, so even if I did have a strong connection to a bank representative I would still use the broker as they shop the market.
Finally, have any of your banks you use for business left you impressed? I have a selection of others, most better known to choose from, but when you look at reviews you typically find many positive but also many negative so you can be better off not looking.
For reference our turn over is below 2m, I add this as I know some like Barclays show you more attention depending on T/O.
I'm not sure if I'm looking to much in to this, they could all be the same so just go with the one that is offering me the most money?
Thanks in advance,
Duncan
Hope you're all doing well at this strange time.
So my three businesses have all banked with RBS for several years but we have some good financial incentives to switch to another bank through the government backed scheme.
Firstly, does anyone have any experience with a bank called Habib Bank Zurich? They are one of the banks on offer to us and although I've found quite a few positive things from them themselves, I've found very little from a customer perspective, they only have 1 google review! The amount there offering to switch to them is actually half of what the others are offering, but this is a long term thing so I'm looking at the bigger picture.
One of my concerns, is our money just as safe being in a bank based abroad (Switzerland), although I haven't checked, so for all I know all banks are based abroad? Does anyone know is there any greater risk here and would you be comfortable?
RBS were great many years ago, I had the mobile number of my business bank manager but of course all that is long gone and I don't even have a branch now never mind a personal contact. Would you say a good relationship with your bank manager is important for growth in today's world? A few business mentors I follow say its important but we use a private finance company for all things like financing/commercial mortgages etc who I do have a good relationship with, my thoughts are this is a better direction as they act as a broker for many banks and lenders, so even if I did have a strong connection to a bank representative I would still use the broker as they shop the market.
Finally, have any of your banks you use for business left you impressed? I have a selection of others, most better known to choose from, but when you look at reviews you typically find many positive but also many negative so you can be better off not looking.
For reference our turn over is below 2m, I add this as I know some like Barclays show you more attention depending on T/O.
I'm not sure if I'm looking to much in to this, they could all be the same so just go with the one that is offering me the most money?
Thanks in advance,
Duncan
I've got a similar level of turnover and received a 5 figure offer for switching out of RBS and chose Metro (50% paid on switch, 50% paid 12 months later).
I looked at Santander and couple of others.
Been with Metro for about 6 months so far and service has been very good.
Account manager quick to answer any queries and I find their £50k faster payments daily limit very useful for my business needs
I run it alongside a Virgin Business savings account, which pays 1% with instant access, so keep spare funds in there.
There were some financial stability worries over Metro (hence their share price decline) so wanted to find another option to stay within the FSCS £85k compensation limit, just in case.
I looked at Santander and couple of others.
Been with Metro for about 6 months so far and service has been very good.
Account manager quick to answer any queries and I find their £50k faster payments daily limit very useful for my business needs
I run it alongside a Virgin Business savings account, which pays 1% with instant access, so keep spare funds in there.
There were some financial stability worries over Metro (hence their share price decline) so wanted to find another option to stay within the FSCS £85k compensation limit, just in case.
I'm not so much attracted to it, more put off the others via reviews etc and feedback from friends.
I like how they say they provide a dedicated relationship manager although that's what rbs say they do and I've never spoken to one.
At the moment my thoughts are they are all pretty much the same so just take the highest offer, but before I make final call I thought I'd ask the question as I'd not heard of them until today.
Interestingly I've just realised they have only offered a switch offer for my one business that has the bigger t/o and not the other two which are both smaller, where all other banks have offered for all three businesses.
I like how they say they provide a dedicated relationship manager although that's what rbs say they do and I've never spoken to one.
At the moment my thoughts are they are all pretty much the same so just take the highest offer, but before I make final call I thought I'd ask the question as I'd not heard of them until today.
Interestingly I've just realised they have only offered a switch offer for my one business that has the bigger t/o and not the other two which are both smaller, where all other banks have offered for all three businesses.
Duncan_autoshine said:
I'm not so much attracted to it, more put off the others via reviews etc and feedback from friends.
I like how they say they provide a dedicated relationship manager although that's what rbs say they do and I've never spoken to one.
At the moment my thoughts are they are all pretty much the same so just take the highest offer, but before I make final call I thought I'd ask the question as I'd not heard of them until today.
Interestingly I've just realised they have only offered a switch offer for my one business that has the bigger t/o and not the other two which are both smaller, where all other banks have offered for all three businesses.
How much money do you plan to transfer? Send it to Simpo Bank plc, Behind the Hot Water Pipes, Victoria Station and I'll send you 50% back as a switch bonus. I'll be your dedicated business relationship manager, well until I lose interest.I like how they say they provide a dedicated relationship manager although that's what rbs say they do and I've never spoken to one.
At the moment my thoughts are they are all pretty much the same so just take the highest offer, but before I make final call I thought I'd ask the question as I'd not heard of them until today.
Interestingly I've just realised they have only offered a switch offer for my one business that has the bigger t/o and not the other two which are both smaller, where all other banks have offered for all three businesses.
After all, you'd never heard of Simpo Bank either
Great stuff, just what I was looking for thanks all so far.
Starling and metro are on my list as is Santander but I have no experience with any of them so that's why I was just interested to hear Personal experience.
Clydesdale has offered slightly more than others and they've bought virgin money so be good to hear more on them.
I've been naturally drawn towards santander and the like just because there brand is stronger compared to metro and starling but you just never know until you speak to people.
Starling and metro are on my list as is Santander but I have no experience with any of them so that's why I was just interested to hear Personal experience.
Clydesdale has offered slightly more than others and they've bought virgin money so be good to hear more on them.
I've been naturally drawn towards santander and the like just because there brand is stronger compared to metro and starling but you just never know until you speak to people.
I did the switch last year, to Santander.
Santander were great.
RBS/Natwest were useless!
Whilst all most all of it was automated and seamless, Natwest seemed to think that if you transfered your account away, that was it, account closed, no access to any bank statements or anything! But they would keep the account for 5 years or so if anyone paid into it then it could be transfered to the new account. I spent so much time on the phone with 'Computer says no' jobs worths trying to get my statement data from them it was un-real.
Had to give up and just guess the last month or so of transactions!
So if you do move, download your statements every day to ensure you have some data.
V.
Santander were great.
RBS/Natwest were useless!
Whilst all most all of it was automated and seamless, Natwest seemed to think that if you transfered your account away, that was it, account closed, no access to any bank statements or anything! But they would keep the account for 5 years or so if anyone paid into it then it could be transfered to the new account. I spent so much time on the phone with 'Computer says no' jobs worths trying to get my statement data from them it was un-real.
Had to give up and just guess the last month or so of transactions!
So if you do move, download your statements every day to ensure you have some data.
V.
Gassing Station | Business | Top of Page | What's New | My Stuff