Business banking cost comparision

[VEIGHT]

I think it's time to have a look for a new business bank account.

Am with Barclays and the fees seem to be increasing!

What are people paying currently? Any recommendations?

Monthly fee: £5.50
Cash: 90p per £100
Bacs: 35p per unit
Cheques: 65p per unit.

Less 50% discount.

Would be good to hear what you are paying, I can't seem to find a site that lists all the charges clearly.

[jammy_basturd]

Nothing with Cater Allen through ContractorUK. Brilliant customer service too.

[Wing Commander]

I can't offer anything to your survey as I too am with Barclays, but I am interested in how you secured a 50% discount!

I probably only flag up on their radar as amateur (read: fees etc to the order of £20) but I would be keen to reduce the amount I pay them as I feel that I don't exactly put a burden on their system. I only really use their online banking, pay in a cheque or two manually every month, and have a £500 overdraft.

I want to stay with them as I am with them for personal banking, so it is handy having it all on one app

[VEIGHT]

We have used them for 40 years.

We have used a large ish overdraft which they earn from plus we process lots of cheques. For a small business we 'spend' a fair amount with them. Hence the discount I think.

[williamp]

Wing Commander said:

I can't offer anything to your survey as I too am with Barclays, but I am interested in how you secured a 50% discount!

I probably only flag up on their radar as amateur (read: fees etc to the order of £20) but I would be keen to reduce the amount I pay them as I feel that I don't exactly put a burden on their system. I only really use their online banking, pay in a cheque or two manually every month, and have a £500 overdraft.

I want to stay with them as I am with them for personal banking, so it is handy having it all on one app

Phone them and ask to speak to your business manager. Explain the situation and see what they can do. There will be a charge with the cheques, so getting your customers to pay electronically will help.

[Wing Commander]

williamp said:

Wing Commander said:

I can't offer anything to your survey as I too am with Barclays, but I am interested in how you secured a 50% discount!

I probably only flag up on their radar as amateur (read: fees etc to the order of £20) but I would be keen to reduce the amount I pay them as I feel that I don't exactly put a burden on their system. I only really use their online banking, pay in a cheque or two manually every month, and have a £500 overdraft.

I want to stay with them as I am with them for personal banking, so it is handy having it all on one app

Phone them and ask to speak to your business manager. Explain the situation and see what they can do. There will be a charge with the cheques, so getting your customers to pay electronically will help.

Many of my customers were around when the pen was invented, and believe that the internet and computers are just a passing phase! Cheques are a necessary evil unfortunately. However, Barclays were in the news back at Christmas time saying they were developing their banking app to take photos of cheques and pay them in remotely. They said roll out would be April which seems to have come and gone. Hope they do do it, as driving into town is just a royal pain.

[insurance_jon]

Lloyd's tsb for main business banking.

No fees or charges for actual banking

Been with them 14 years now

[MrJuice]

Can you elaborate on no fees please insurance Jon? Please

I am with Lloyds. Have been since 2009. Credit valance varies between near zero and a lot. It's usually a lot. Yet they charge me the same as advertised. I feel I deserve a better rate in light of the big balance they sit on of mine

[dartissimus]

VEIGHT said:

I think it's time to have a look for a new business bank account.

Am with Barclays and the fees seem to be increasing!

What are people paying currently? Any recommendations?

Monthly fee: £5.50
Cash: 90p per £100
Bacs: 35p per unit
Cheques: 65p per unit.

Less 50% discount.

Would be good to hear what you are paying, I can't seem to find a site that lists all the charges clearly.

Bacs 35p? unbelievable, all online banking is free; I'm at Barclays and HSBC, & I pay cash into a machine at HSBC for free

[Fats25]

jammy_basturd said:

Nothing with Cater Allen

Same as.....

[VEIGHT]

They have 2 'Tarrifs' one is 'e banking' or something in which bacs is FREE however cheques are £1.50 each! (less discounts) or the one I'm on which is above.

What i'm looking for is someone that will process cheques for free?

Does that private banking above do that?

When people are saying banking is free, is that the monthly charge or do they not charge you for processing cheques?

[Fats25]

VEIGHT said:

They have 2 'Tarrifs' one is 'e banking' or something in which bacs is FREE however cheques are £1.50 each! (less discounts) or the one I'm on which is above.

What i'm looking for is someone that will process cheques for free?

Does that private banking above do that?

When people are saying banking is free, is that the monthly charge or do they not charge you for processing cheques?

I have not paid cheques in for a long time, but when I did they were free, and there are no BACS charges (below £10k I think), and no monthly fees.

Take a look a the terms and conditions.

http://www.caterallen.co.uk/reserve-account

Seems to be for first 30 transactions per month from what I can see at first glance.

[VEIGHT]

75p per transaction - thats more than barclays.

Thanks for the info though.

Anyone else?

[Fats25]

VEIGHT said:

75p per transaction - thats more than barclays.

Thanks for the info though.

Anyone else?

How many units you talking about per month for you?

[VEIGHT]

Over 500 bacs payments.

I can switch to a plan that gives free bacs payments but then (for Barclays anyway) the cheque payments become very expensive.

I need a bank that does free or cheap cheque processing.

[insurance_jon]

MrJuice said:

Can you elaborate on no fees please insurance Jon? Please

I am with Lloyds. Have been since 2009. Credit valance varies between near zero and a lot. It's usually a lot. Yet they charge me the same as advertised. I feel I deserve a better rate in light of the big balance they sit on of mine

Had a long standing deal that I have free banking (obviously borrowing attracts interest) as long as we keep our client account with them and it maintains a conservative balance

[insurance_jon]

MrJuice said:

Can you elaborate on no fees please insurance Jon? Please

I am with Lloyds. Have been since 2009. Credit valance varies between near zero and a lot. It's usually a lot. Yet they charge me the same as advertised. I feel I deserve a better rate in light of the big balance they sit on of mine

Had a long standing deal that I have free banking (obviously borrowing attracts interest) as long as we keep our client account with them and it maintains a conservative balance

[RegMolehusband]

Lloyds
Monthly fee: £5.00
Cash: Don't know
Bacs: 20p per unit
Cheques: 68p per unit
Direct debits: 0.43
Standing orders: 0.40
Debit card transactions: 0.40

[VEIGHT]

Thank you.

Can anyone help with the other 'main' banks?

[Zoon]

Bank of Scotland

Free banking, don't have an overdraft and never have. Transfer the bulk of the money out into an Aldermore savings account paying just below 2% interest. Not sure how the bank make any money out of us to be fair.