Which Bank for a Ltd Company?
Discussion
Depending on the nature of your business i.e. if just invoicing and online transfers:
CashPlus- free
Metro Bank - free 50 transactions a month if you keep a £5k balance (They partner wth some accountants to offer a £2k min balance offer rather than £5k with 200 transactions too)
Cater allen - 30 free if £5k balance
Most other banks do a 12-18 month free period.
CashPlus- free
Metro Bank - free 50 transactions a month if you keep a £5k balance (They partner wth some accountants to offer a £2k min balance offer rather than £5k with 200 transactions too)
Cater allen - 30 free if £5k balance
Most other banks do a 12-18 month free period.
Edited by hyphen on Thursday 26th January 15:32
Dicky Knee said:
The least hassle will be the bank you use personally.
This. I didn't do this and regret it. Metro were useless - they couldn't understand that although most of my clients are in regulated industries I am not regulated. Ended up with TSB who are ok but not cheap. Would have been easier to use Lloyds I've recently set-up a sister company to an existing. Our existing bank (RBS) produced about 6 different forms to complete print sign send off. I usually miss something and rather than sending the original forms back, they will send me blank forms to fill in...
Santander so far have been a breath of fresh air....
Santander so far have been a breath of fresh air....
I opted for the same bank as my personal banking, Lloyds. I got "free banking" for first 18 months I think.
They have been a right PITA the number of times their security system won't let me pay for things - fair enough first time was a Mac, but subsequently Trainline gets regularly blocked for me. Then I run up a big 'phone bill trying to sort this out. You just don't know this sort of hassle until you experience it though.
This leads to lots of swearing - and I often seem to be in the middle of an open plan client's office ...
I've stuck with them for the slight paranoia that money from there to a personal account doesn't have to go inter-bank (especially with the regularity that someone's systems will go down on a Friday!), but for "excess" funds - i.e. Money set aside for CT and future expenditure - I thoroughly recommend Aldermore who seem to get better and better to use. If they did a business current account I'd probably switch.
They have been a right PITA the number of times their security system won't let me pay for things - fair enough first time was a Mac, but subsequently Trainline gets regularly blocked for me. Then I run up a big 'phone bill trying to sort this out. You just don't know this sort of hassle until you experience it though.
This leads to lots of swearing - and I often seem to be in the middle of an open plan client's office ...
I've stuck with them for the slight paranoia that money from there to a personal account doesn't have to go inter-bank (especially with the regularity that someone's systems will go down on a Friday!), but for "excess" funds - i.e. Money set aside for CT and future expenditure - I thoroughly recommend Aldermore who seem to get better and better to use. If they did a business current account I'd probably switch.
surveyor said:
I've recently set-up a sister company to an existing. Our existing bank (RBS) produced about 6 different forms to complete print sign send off. I usually miss something and rather than sending the original forms back, they will send me blank forms to fill in...
Santander so far have been a breath of fresh air....
I second that, I have three different business accounts with three different banks. Santander where by far the easiest to set up. And the online and app banking is very simple!Santander so far have been a breath of fresh air....
Thanks for all the advice.
My first choice was based on the common sense that I should go where my personal account is being held and it looks like some of the issues above mean that it isn't always plain sailing. I had a feeling that this was the case that is why I posted here. Anyway I am going to stick with this choice (18 months free) and see how it goes.
Thanks again.
John
My first choice was based on the common sense that I should go where my personal account is being held and it looks like some of the issues above mean that it isn't always plain sailing. I had a feeling that this was the case that is why I posted here. Anyway I am going to stick with this choice (18 months free) and see how it goes.
Thanks again.
John
I have personal and business account with RBS but to be honest I'm not entirely comfortable with it. for now the convenience factor is keeping me there but it's a few too many eggs in the same basket.
I have had scenarios like needing to extend my personal overdraft a few years ago and apparently nobody but my business account manager (That I'd never met because they'd been through three of them in a short time) was able to okay that even though it was my personal account that predates the business. They were on holiday and I had a serious run around trying to get it sorted.
It makes me worry that if I was ever in distress financially on either the personal or business side then there's no 'containment' there and literally one bank / person could turn the lights off on me just like that.
I have had scenarios like needing to extend my personal overdraft a few years ago and apparently nobody but my business account manager (That I'd never met because they'd been through three of them in a short time) was able to okay that even though it was my personal account that predates the business. They were on holiday and I had a serious run around trying to get it sorted.
It makes me worry that if I was ever in distress financially on either the personal or business side then there's no 'containment' there and literally one bank / person could turn the lights off on me just like that.
buggalugs said:
I have personal and business account with RBS but to be honest I'm not entirely comfortable with it. for now the convenience factor is keeping me there but it's a few too many eggs in the same basket.
I have had scenarios like needing to extend my personal overdraft a few years ago and apparently nobody but my business account manager (That I'd never met because they'd been through three of them in a short time) was able to okay that even though it was my personal account that predates the business. They were on holiday and I had a serious run around trying to get it sorted.
It makes me worry that if I was ever in distress financially on either the personal or business side then there's no 'containment' there and literally one bank / person could turn the lights off on me just like that.
My experience is that relationship banking exists only in the marketing brochure.I have had scenarios like needing to extend my personal overdraft a few years ago and apparently nobody but my business account manager (That I'd never met because they'd been through three of them in a short time) was able to okay that even though it was my personal account that predates the business. They were on holiday and I had a serious run around trying to get it sorted.
It makes me worry that if I was ever in distress financially on either the personal or business side then there's no 'containment' there and literally one bank / person could turn the lights off on me just like that.
Banks will shower you with offers of loans and overdrafts when you don't need them. If you have a problem you are on your own.
My recommendation is that when you get the first inkling you may have a problem (and before it is visible in your personal or business accounts) borrow as much as you can. Draw it and put it in another bank.
Edited by Dicky Knee on Friday 27th January 22:35
We used to use Cater Allen (née Flemings) but their lack of counter services was a real pest for paying in cheques, back when cheques were a thing, so we moved to HSBC Business who also had free banking for low volume companies. But these days HSBC charge £5.50 pcm and we're considering going back to Cater Allen as we no longer need to pay in cheques.
buggalugs said:
It makes me worry that if I was ever in distress financially on either the personal or business side then there's no 'containment' there and literally one bank / person could turn the lights off on me just like that.
Indeed. This is one of the reasons I have always kept business and personal accounts at different banks, and also never taken a bank's credit card. ClockworkCupcake said:
We used to use Cater Allen (née Flemings) but their lack of counter services was a real pest for paying in cheques, back when cheques were a thing, so we moved to HSBC Business who also had free banking for low volume companies. But these days HSBC charge £5.50 pcm and we're considering going back to Cater Allen as we no longer need to pay in cheques.
Going by the paltry interest rates I'm not quite sure why you'd bother.Gassing Station | Business | Top of Page | What's New | My Stuff