Business bank accounts - talk to me

[Salted_Peanut]

Talk to me about business bank accounts (for a contractor). Any recommendations? Or any to avoid?

[JeffreyD]

Having banked with RBS until last year and Barclays and Metro now I can't really recommend any.

We also use Starling and it's good. Good app, OK support if you have any transaction issues.

We used them for a bounce back loan and the process was swift and easy.


However they then withdrew the loans as they didn't have enough capital to deploy.

Quite a few of the challenger banks also struggled to fulfill the loans.

I can't vouch for Monzo Business but I love their personal account which I now use as my main account along side a more traditional bank, which is more or less redundant but I keep it "just in case"

[A14RGS]

I use TSB for my business banking (small consultancy).
Opened the account last year - very straightforward - and have the benefit of 26 months 'free' (i.e. no fees) banking

[Salted_Peanut]

Thanks guys.

[Diablos-666]

I’ve been using Starling Bank, no complaints so far.

[K12beano]

I had been banking with a well-known outfit with their stty black horses for donkeys years, and CANNOT recommend them at all.

Given my business is travelling around, with a laptop .... and for years I’ve had their stty security systems - despite complaints - refusing me accommodation spends, computer kit, and Trainline... the last one being for only £8 FFS ...

Toys finally out of pram in November and I’ve gone to Starling.

Like a breath of fresh air, easy to set up, good seeming security, and logical from customer POV.... OK, I’ve not got interest-earning part, but neither am I paying £6.50 a month for hassle.

Loving the new experience.

Mrs Beano misheard me one day and still thinks my business is banking with Stalin.......

[deggles]

I've used Santander for years as I got free banking from the days when it was Abbey National. No real complaints. I think they charge for new accounts now though.

However I have recently opened a Mettle account, primarily because it comes with a free FreeAgent subscription which saves me a few hundred quid a year. Might be of interest depending what type of contractor you are. Really impressed with their app.

Caveat also is they don't yet have a fully-fledged banking license so may not offer overdrafts, FSCS protection, etc.

[clockworks]

Do you actually need a business account? I guess you would if you get cheques in a company name.
I'm a sole trader, not limited, and I just get customers to pay me in my name.

My turnover is quite low, but I've been using a "Club Lloyds" personal account for paying in a couple of cheques a week via the mobile app, as well as some inbound bank transfers and a grand in cash every month or so. Never had a problem with this, been using it for about 15 years.

It's a free account as long as you pay in (I think) a grand a month, and it pays a bit of interest too.

[Davel]

Handelsbanken are excellent.

Use them for both my personal and business accounts.

[p1stonhead]

Just started as a contractor and just opened an account with Starling. Impressed so far. All done on the app in 24hrs. Had a couple of calls with them due to a minor thing with ID and actually spoke to a person fairly quickly who knew what they were talking about and sorted it.

I’d recommend. The app is pretty good too it seems.

[V8covin]

Another vote for Starling.
I especially like the real time notifications of activity in your account