Problems with Business bank, wanting to change companies.

[gtidriver]

Good Evening, my wife and I own a business, we've had it nearly 3 years but the account since 2014, and are having issues with the Company that we have our business account with. Id like to leave the Company but can't due to having a loan/mortgage with them. Lots of little things have annoyed us since the beginning and we want to move on, they say that we can't do that, although in a previous conversation I was told that wasn't a problem.
Could I start up another company, say with our company name plus a 2 after it and then open up a separate account at a different bank and just have the loan/mortgage coming out the original account, obviously id be setting a standing order up to transfer said funds into each month.

Many thanks for your advice.

[2 sMoKiN bArReLs]

Seems a bit complicated.

Can't you just open another business account elsewhere & have the majority of transactions going through the new account?

[deggles]

Just open another account with someone else? You're not limited to one account per business.

[2 sMoKiN bArReLs]

Pick a charge free account so you don't double up on the standing charge (assuming your present account has fees)

[SuffolkDefender]

Use Starling bank; just apply in the name of the existing business, and, as others have said, pay enough into the existing account via standing order to cover fixed outgoings, such as a loan. That's it. The bank doesn't own you or the business.

[Ziplobb]

ex banker here
open another account with your chosen bank.
Ensure that there is a regular standing order to the current account at the old bank that is enough to service your loan commitments under the agreed terms and conditions. Unless you start missing payments its unlikely anyone is going to get their knickers in a twist.

Alternatively talk to the new bank about refinancing the commitments you both have elsewhere.

[gtidriver]

Wow super fast answers.. Oh I still have a small amount on the bbl to pay the company as well, I forgot that bit sorry. Its frustrating as ive been told I can't open a separate account as I can't have two business accounts open.. thank you..

[gtidriver]

Ziplobb said:

ex banker here
open another account with your chosen bank.
Ensure that there is a regular standing order to the current account at the old bank that is enough to service your loan commitments under the agreed terms and conditions. Unless you start missing payments its unlikely anyone is going to get their knickers in a twist.

Alternatively talk to the new bank about refinancing the commitments you both have elsewhere.

We took out a 15yr mortgage and loan in 2019. I don't have those details at hand but surely I wouldn't be tucked up for the full term. im sure that they are fixed interest rates for the first five years.

[Ean218]

gtidriver said:

Wow super fast answers.. Oh I still have a small amount on the bbl to pay the company as well, I forgot that bit sorry. Its frustrating as ive been told I can't open a separate account as I can't have two business accounts open.. thank you..

They may have told you that you cannot open two acounts with them, but you can have as many as you like with other banks.

However there may be something in your mortgage/loan agreeement about keeping your main account with the lender.