Business Bank Account Fees

[Tom1981]

Hi folks,

I am in the process of opening my own business which will mostly be cash sales to customers. From my investigation I am yet to find away to avoid paying the bank to allow me to pay the cash in!
Any advice on this or business bank accounts in general?

Thanks.
Tom

[ymwoods]

Not sure on your business but I also mostly receive cash payments from customers. I had an ATM installed (self fill) that is free for customers to use but also gives me 7p commision for every withdrawal. Not the highest commision but anything taken out of it is then electronically deposited into my account (for free) 3 days later. The savings in bank charges from depositing cash on this alone makes it profitable for me.

Obviously, an ATM is not suitable for everyone but I have seen them on the front of many businesses on the high street lately that you would not associate with normally having one. Probably installed for the same reasons mine was.

Alternatively, open a CashPlus account. It is a pre-paid debit card but you can transfer money onto it for free at any Post Office. Once it is on the card you can log in online and from there transfer it to a bank account. There is a yearly fee for the card and an upfront cost to buying the card, however, but is cheaper than the bank charges if you're depositing a lot of cash.

Any other ideas, please let me know as its a day to day struggle for me getting cash into the bank as cheaply as possible. The bank charges can mean that cash payments cost more than cards at times!

[Tom1981]

Thank you, yes i had noticed the cash plus "account" with the 0.25% fee for paying in cash which I was considering alongside a regular bank account.

[addey]

Have you looked at Santander? Their business current account monthly tariffs all include free cash deposits (they have 4 different levels depending on how much cash you think you'll be paying in). So yes you are effectively paying for your cash deposits within the monthly tariff (at best works out at 0.4% I think) but then you won't have any other fees/costs on top

[Tom1981]

addey said:

Have you looked at Santander? Their business current account monthly tariffs all include free cash deposits (they have 4 different levels depending on how much cash you think you'll be paying in). So yes you are effectively paying for your cash deposits within the monthly tariff (at best works out at 0.4% I think) but then you won't have any other fees/costs on top

Thank you, yes Santander seems the most cost effective account I have come across for a cash heavy business.