New Business Bank Account
Discussion
We've just fallen foul of the HSBC closing business bank accounts - I know there is a topic here discussing the merits but reading through it there only seemed to be two Banks recommended - Tide and Metro.
Does anyone else have any other recommendations for a Business Bank Account please?
Does anyone else have any other recommendations for a Business Bank Account please?
I've had nothing but issues with HSBC. Have another business account with Barclays and they've been spot on. Maybe not the cheapest fees-wise but their app is by far the best of all the banks I've been with in the last couple of years (Halifax, TSB, Santander and HSBC).
Not sure on your usage, but it's is a great selling point for me as it saves a huge chunk of time not getting the laptop out to make every single little payment. You can also deposit cheques by photographing them (up to £500) which literally saves me nearly an hour round trip per cheque as we deal with them so infrequently.
Useful
Not sure on your usage, but it's is a great selling point for me as it saves a huge chunk of time not getting the laptop out to make every single little payment. You can also deposit cheques by photographing them (up to £500) which literally saves me nearly an hour round trip per cheque as we deal with them so infrequently.
Useful
x5x3 said:
thank you for the replies - we have a simple account - a couple of transactions per month.
If you are a member of the FSB or like the look of what they offer then the Co-Operative Bank has a deal with them that gives members free business banking, or at least they used to. I used to use it in the early days and found it very good. I wouldn't necessarily recommend it for larger businesses with hundreds or thousands of monthly transactions but in your situation it would be an option.The only reason I switched is because I bought premises and part of the mortgage deal was that HSBC wanted my banking. I would happily still be using them today otherwise.
I find HSBC to be really good but that's often because I get on well with our manager so can go straight to him with issues. I have also used Lloyds (useless) and Barclays (aggressive).
Tyre Smoke said:
I've banked with HSBC for the last ten years. Never had any issues, always easy to deal with.
What do you mean 'you have fallen foul of HSBC closing business accounts' ? Surely they haven't unilaterally just decided to close your account?
indeed they have - please see the link on my first post.What do you mean 'you have fallen foul of HSBC closing business accounts' ? Surely they haven't unilaterally just decided to close your account?
Well actually, they haven't. They've asked for a Safeguard review within 60 days in the link. Then 14 days. If you can't be arsed to do that, then why shouldn't they close your account? If you can't demonstrate you aren't money laundering which shouldn't be difficult if you aren't, then expect the bank to act.
Tyre Smoke said:
Well actually, they haven't. They've asked for a Safeguard review within 60 days in the link. Then 14 days. If you can't be arsed to do that, then why shouldn't they close your account? If you can't demonstrate you aren't money laundering which shouldn't be difficult if you aren't, then expect the bank to act.
I got the same letter. Got to the day of my appointment...no call. Booked another and then answered all questions they asked. I was under the understanding they were asking me about both of my business accounts as they asked about both. I then got a letter saying as I had not replied they would be closing my account in March. Phoned up and no one knew what was going on but could only tell me the computer said they were going to close the account.... Turned out I also had to fill in a form online...answering the same questions for the other business account. This form was broken so I could not complete it, Ring customer services, known issue, will be fixed in TWO weeks time. Ask for 2 weeks extension then to the closing of my account...no can't do that computer wont let me.
Have now filled in the form last week but have no confirmation that they are now NOT closing my account...customer services still don't have a clue what is going on and I can get 3 or 4 different answers off the same person. Lost all faith that the account will stay open come March so I have had to start moving transactions and DD to a new account with someone else.
I have been with HSBC since I was a kid...I have always had brilliant service until now. The issue is that the one time the service is shoddy it is putting my life and business at risk.
When looking online there are plenty of stories similar to mine where they have thought they have done everything only for the account to then be closed. Even if I received a letter on Monday morning saying thanks for all your information, your account is now safe and will not close...I don't think I would trust it.
Tyre Smoke said:
Well actually, they haven't. They've asked for a Safeguard review within 60 days in the link. Then 14 days. If you can't be arsed to do that, then why shouldn't they close your account? If you can't demonstrate you aren't money laundering which shouldn't be difficult if you aren't, then expect the bank to act.
er, the link was to a general discussion on Safeguard.In my case I completed the form online within the deadline.
yet still they closed the account.
x5x3 said:
Tyre Smoke said:
Well actually, they haven't. They've asked for a Safeguard review within 60 days in the link. Then 14 days. If you can't be arsed to do that, then why shouldn't they close your account? If you can't demonstrate you aren't money laundering which shouldn't be difficult if you aren't, then expect the bank to act.
er, the link was to a general discussion on Safeguard.In my case I completed the form online within the deadline.
yet still they closed the account.
Cater Allen bank is pretty good (is part of Santander), but their 'Faster Payments' service isn't that fast because they action it the day after you make the payment!
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