What Business bank account for a start up
Discussion
I’m currently setting up a video marketing consultancy business in my spare time.
I have a business plan in place, working with a graphic designer on logos, branding etc and I’m going to be spending the next 6-12 months developing my knowledge in the field, creating website content, videos etc before launching. (Im in no rush and I want the content to be great)
I’m going to finance the company over the first year solely from my savings and a small business grant.
I’m looking for a good business bank account with low fee’s and isn’t ran by complete idiots. Any pointers, (I’m Glasgow based if it makes a difference)
Thanks!
I have a business plan in place, working with a graphic designer on logos, branding etc and I’m going to be spending the next 6-12 months developing my knowledge in the field, creating website content, videos etc before launching. (Im in no rush and I want the content to be great)
I’m going to finance the company over the first year solely from my savings and a small business grant.
I’m looking for a good business bank account with low fee’s and isn’t ran by complete idiots. Any pointers, (I’m Glasgow based if it makes a difference)
Thanks!
Most business banks will give free banking for a period of time (but wont for swaping between banks after the free period is over). Will you be a sole trader or limited company?
Think about how you'll use the bank: cash? internet banking? Apple pay etc etc. Apps. These tend to be the differences between the bank's accounts. Most effecient (and cheaper for you) will be zero cash, electronic payments only. Do you need a credit card? They can be useful for cashflow and cheap IF you pay off the full amount when its due.
Businessess can also have hidden costs such as insurances, and some banks might be able to help with this too.
As to the service, like anything it is down to the individual. I used to be a business bank manager and was proud of my excellent customer service. Some of my colleagues could have worked for BL in the 70s, and its pot luck on where you're located as to what sort of service you'll get as we were fixed to a few branches.
Think about how you'll use the bank: cash? internet banking? Apple pay etc etc. Apps. These tend to be the differences between the bank's accounts. Most effecient (and cheaper for you) will be zero cash, electronic payments only. Do you need a credit card? They can be useful for cashflow and cheap IF you pay off the full amount when its due.
Businessess can also have hidden costs such as insurances, and some banks might be able to help with this too.
As to the service, like anything it is down to the individual. I used to be a business bank manager and was proud of my excellent customer service. Some of my colleagues could have worked for BL in the 70s, and its pot luck on where you're located as to what sort of service you'll get as we were fixed to a few branches.
uber said:
Go for a tide.co account and save all the rubbish of having to deal with and old school bank
I have just started a small business and signed up with tide - all done via their app in a few minutes. No monthly fees, just a small fee of 20p or so for some transactions and it's easy to categorise incoming/outgoing payments.
The app also generates smart looking invoices etc and directly sends to clients.
I had a query today, messaged them through the chat on the app and they responded within 5 minutes.
Couldn't recommend it more highly for a small business.
I set up with them in 1994. Now, it goes without saying the financial arena has changed somewhat since those days but.....i drew the line when i was told 3 years ago who would be looking after my account as my £1.5m turnover wasn't sufficient to warrant the person who had been my contact for the previous 10 years. this then morphed into an area manger who didn't visit the branch where i lived meaning any discussion i wished to have meant me travelling to them. their compromise was a telephone banking team for customers in difficult locations - um, they had a barclays in my town so clearly not that difficult.
overall, poor, inefficient, 'business managers' devoid of business understanding and only good when the good times are rolling.
I have probably described any of the high street banks but comparison notes with other peers confirmed they have got particularly bad in this sector of the market.
overall, poor, inefficient, 'business managers' devoid of business understanding and only good when the good times are rolling.
I have probably described any of the high street banks but comparison notes with other peers confirmed they have got particularly bad in this sector of the market.
I've never had any issues with HSBC, EXCEPT for a period of a few months (between contracts) where I was slightly into the overdraft but made no payments in, I started getting automated snotty letters.
A quick call to my account manager and they said the best thing to do to was to simply keep the computer happy - just set up a standing order for £1 a week and it ticks that box.
Otherwise fine despite loosing branches, But I don't deal much in cash, if at all.
A quick call to my account manager and they said the best thing to do to was to simply keep the computer happy - just set up a standing order for £1 a week and it ticks that box.
Otherwise fine despite loosing branches, But I don't deal much in cash, if at all.
Toaster Pilot said:
Bristol spark said:
Wouldn't advise HSBC...
Came here to say "not HSBC" 
They've said they will send a cheque made out to my business and will take up to three weeks. To say I'm annoyed is an understatement. My phone bill has just arrived while I'm writing this. I can't pay that either.
HSBC = Avoid!!!!!!!!!
To update on the HSBC issue regarding them closing my business account down...I received a letter stating HSBC had given inconsistent dates on account closures and to confirm that my account if it's to be closed down, will remain open until the 03rd January 2018.
I phoned up, gave them the reference number and they agreed the account should be open. They passed me through to remediations who then said they couldn't re-open my account. After complaining to every person I then got transferred to, I was finally told that they've done all they can and I'd need to go to my local branch (who I don't hold the account with) and sort it with them.
It's been four weeks now with no money. HSBC = Avoid!!
I phoned up, gave them the reference number and they agreed the account should be open. They passed me through to remediations who then said they couldn't re-open my account. After complaining to every person I then got transferred to, I was finally told that they've done all they can and I'd need to go to my local branch (who I don't hold the account with) and sort it with them.
It's been four weeks now with no money. HSBC = Avoid!!
Autopilot said:
To update on the HSBC issue regarding them closing my business account down...I received a letter stating HSBC had given inconsistent dates on account closures and to confirm that my account if it's to be closed down, will remain open until the 03rd January 2018.
I phoned up, gave them the reference number and they agreed the account should be open. They passed me through to remediations who then said they couldn't re-open my account. After complaining to every person I then got transferred to, I was finally told that they've done all they can and I'd need to go to my local branch (who I don't hold the account with) and sort it with them.
It's been four weeks now with no money. HSBC = Avoid!!
Have you tried emailing the CEO? Mr Stuart Gulliver Group Chief Executive Email stuart.t.gulliver@hsbc.com I phoned up, gave them the reference number and they agreed the account should be open. They passed me through to remediations who then said they couldn't re-open my account. After complaining to every person I then got transferred to, I was finally told that they've done all they can and I'd need to go to my local branch (who I don't hold the account with) and sort it with them.
It's been four weeks now with no money. HSBC = Avoid!!
While it's unlikely that you will get through to the man, my experience is that many of them at least read the emails sent to them, and they all have high level escalation team that can and do kick the local staff in the rear end.
Gassing Station | Business | Top of Page | What's New | My Stuff