New business bank account?

[anonymous-user]

Our business account used to earn some beer money for doing nothing due to the(minimal) interest, now i know rates have gone down but i see Lloyds have dropped the rate to ZERO! So, anyone recommend a business account that earns something or a good place to stick a wedge in to earn some interest?

[anonymous-user]

Just to add, their business savings account rate is now 0.10! IIRC this was 0.65, so if anyone knows of better rates elsewhere please let me know! Cheers

[dcb]

Dave_ST220 said:

Just to add, their business savings account rate is now 0.10! IIRC this was 0.65, so if anyone knows of better rates elsewhere please let me know! Cheers

Maybe

http://www.moneysupermarket.com/businessfinance/

might help ?

Personally, I find the UK business bank account sector to be much
of a muchness.

I've had four different accounts in as many years and I'm moving again
soon anyway.

[anonymous-user]

Who are you moving to if you don't mind me asking? TBH i'm sitting here thinking will it be worth it anyway-we'll prob have 1% or less base rate by March

[Neil135]

I have 4 Deposit accounts at the moment and i would recommend HSBC, Barclays or RBS steer clear of Alliance and Leicester i can see me closing this b4 Christmas as they don't know there arse from there elbow

[anonymous-user]

Thanks, i noticed RBS rates were "great", aren't they now part of Lloyds?? Crazy...........

[m4tt]

Dave_ST220 said:

Thanks, i noticed RBS rates were "great", aren't they now part of Lloyds?? Crazy...........

RBS owns Natwest and have significant Government backing. Lloyds are taking over HBoS (Halifax and Bank of Scotland).

Overall in my experience of working for and banking with various banks I would recommend HSBC as being the best apart from their lending criteria is very box ticky rather than actually being submitted to proper credit committes unless you are talking corporate (>£25m t/o)

RBS and BoS are both good for more complex lending applications which despite being outside of standard criteria, if there is a reason to do it they will try and help. (worth noting BoS no longer really pitch into the sub £5m t/o market)

As for savings accounts they are much of a muchness, HSBC will never be drastically competitive as they lend less they need your money less. RBS and BoS need your money more so will pay a premium for it.

Barclays IMO don't know their arse from their elbows unless you happen to get a very good Manager who will invariably have too many customers and don't add any value.

Lloyds I haven't had any dealings with so wouldn't like to comment.

HTH

[mwg123]

I have the same issue as i am with Lloyds. Myself and co director just wired a load on money to our personal on line saver accounts! And will wire it back when we need it!

Matt

[Mattt]

mwg123 said:

I have the same issue as i am with Lloyds. Myself and co director just wired a load on money to our personal on line saver accounts! And will wire it back when we need it!

Matt

Can you do that without any tax implications (even BiK on interest?)

[mwg123]

We have a directors loan account which is greater than the amount we have taken out so there is no issues with us in that respect. Although we will of course have to pay tax on the interest from our personal accounts!

But in a case where there is no directors loan account. Can you not just lend yourself some money and pay it back???


Matt