Recommended Business Bank Account

[x404]

I'm considering switching away from our Lloyds business account, the maintenance fee is increasing this July to £10 a month and we've had a couple issues with statement errors last year too.

It's for a small limited service business, 99% electronic transactions, no cash deposits, couldn't be simpler.

Any recommendations from actual account holders here? Starling, Monzo, Co-op, they are the ones that crop up the most...

[Dav72D]

I've just opened a Mettle account as it has Free Agent for "Making tax Digital".
I'm closing my Santander account because of their fees.

[macron]

Monzo,

I pay £9 PCM to link to Xero. Otherwise very straightforward, no other fees for basic transactions. Was with Ll for years, can't believe how much I wasted on it...

[Rufus Stone]

A colleague recently established one with Virgin, says they have been great. They even give cash back on card purchases.

[missdiane]

I feel I have too many bank accounts for a Profit First attempt which I never got into. I have Mettle, Tide, Starling and Monzo, starling is my most used but if I was starting again with just one , I’d pick Monzo.
Mainly for the pots and % tax/vat allocation

[x404]

Thanks all, will have a good look at the recommended offerings and dump Lloyds ASAP!

[ComStrike]

Tide …, it just works

[Sy1441b]

Was with HSBC for years which was fine. Have Tide now for a few of my businesses and there are a few things that I really like, the main have multiple businesses under the same login and switch between them from a drop down menu.

[hebbhog]

Mettle has been a good option for me - especially with FreeAgent provided free of charge. Mettle only allows one person access to the bank account though.

So we have starling bank free account as well - it also provides a feed to FreeAgent.

[Yaboo]

Mettle is easy to use.

Downside is that if you ve more than one Ltd co - Mettle can only offer a business account to one of your businesses (they don t have the necessary infrastructure to be able to deal with a director who was 2 or more companies, in fact they don t really understand that Ltd companies are a legal entity in their own right).

As above: Virgin Money Business have been fine.

[Wings]

I am in a similar situation to the OP, operating a residential block’s management company, and also like the OP presently with Lloyds Bank. All credit and debit payments I make online, so no need for a cheque account, and/or high street branch.

The three online banks I am presently looking at are Tide, Starling and Monzo, but being that our management company has six directors, my concerns are whether all will be allowed full access to the account, or will they impose the number of directors with full access.

[AB]

I've had Starling for one of mine since we started. It just works, and it costs us nothing. We've gone from £250k T/O to circa £5m and it's been great.

Only downside is they don't offer a business savings account so you need something else if you carry a worthwhile balance.

[Xera]

Timely question.

Most of these digital ones only give access to directors. Does anyone use one theyd recommend that would allow access to others without excessive fees (tide charge a lot)?

I am a shareholder in a business but not director but need access to the banking.

We currently use Barclays and its fine when all is working, but if any issues or things go wrong they are a nightmare and very much "computer says no" with no flex

[Nicetobenice]

Xera said:

Timely question.

Most of these digital ones only give access to directors. Does anyone use one theyd recommend that would allow access to others without excessive fees (tide charge a lot)?

I am a shareholder in a business but not director but need access to the banking.

We currently use Barclays and its fine when all is working, but if any issues or things go wrong they are a nightmare and very much "computer says no" with no flex

Revolut allows you to add team members and give varying permissions.

[Xera]

Thanks will check it out

[AB]

Xera said:

Timely question.

Most of these digital ones only give access to directors. Does anyone use one theyd recommend that would allow access to others without excessive fees (tide charge a lot)?

I am a shareholder in a business but not director but need access to the banking.

We currently use Barclays and its fine when all is working, but if any issues or things go wrong they are a nightmare and very much "computer says no" with no flex

I allow a trusted member of staff access to the app using my details. Sensible or not, perhaps not, but it works for us.

[Xera]

AB said:

Xera said:

Timely question.

Most of these digital ones only give access to directors. Does anyone use one theyd recommend that would allow access to others without excessive fees (tide charge a lot)?

I am a shareholder in a business but not director but need access to the banking.

We currently use Barclays and its fine when all is working, but if any issues or things go wrong they are a nightmare and very much "computer says no" with no flex

I allow a trusted member of staff access to the app using my details. Sensible or not, perhaps not, but it works for us.

Good point as its all family. Can you also access on your own phone and app (ie same login details but on different apps/devices) or only one of you has access?

[blueg33]

I’m very happy with TSB. Integrates well with my accounting software and HMRC for VAT and Corp Tax, low cost and first two years free.

[AB]

Xera said:

Good point as its all family. Can you also access on your own phone and app (ie same login details but on different apps/devices) or only one of you has access?

I had to set it up for them on their phone, do the wellness check and face ID thing and receive the activation code to my mobile number but once logged in on their phone, they can access with the passcode or Face ID associated with their handset as if they were me.

Both logged in at the same time.

[Rick101]

Monzo if you're not fussed about a physical branch. App works well. Low costs too.