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    Business Bank Accounts

    I am just about to enter the heady world of contracting and have now set up my Ltd company. The next thing I need to arrange is opening a business bank account and was wondering if anyone here has any advice on where to go. The business will be earning circa 90-100k per year, but to be honest from looking online, all the usual suspects (RBS, Barclays, Lloyds etc) seem to be much of a muchness so any advice would be appreciated

    21 Comments

    my o/h desnt have such lage turnover but he uses santander

    Most will give you 12-18mth free, then charge around £3-£10 a month for limited but adequate transactions. I use TSB but would not recommend it as anything special, quite like what the co-op offers but make sure you meet the ethical profile, also watch out for charges when between contracts with no turnover.
    MSE has a good discussion thread on this subject.

    Original Poster

    thanks guys, I'll have a look over at MSE now

    I use Santander for mine. Basically free banking if you can stay within their limits. Limits being amount deposited each month, cheques cashed in etc.

    Ive been with them for several years now & never had any issues. Online system is good too.....
    Edited by: "lanc_red" 15th Oct 2010

    Nat West is offering 2 yrs free at the moment, with no restrictions. If you are going to be processing lots of cash watch out for mpnthly restrictions on cash deposits.

    I ran a business from home for 15 yrs. Income much less @ £40.000 per year.

    Never bothered with business account. Found no need for it. Just opened another current account as cheques were going in regularly. I did not need any special facilities

    After lots of research I chose Natwest for mine, however 2 weeks later we are still waiting, despite chasing them up. My company is not a ltd company and will not be profitable enough to be VAT registered so thats what could be the delay. However I am waiting for the proof of my company via bank account for the supplier so its costing me money :-(

    have pm'd you

    Banned

    Shellywelly

    After lots of research I chose Natwest for mine, however 2 weeks later we … After lots of research I chose Natwest for mine, however 2 weeks later we are still waiting, despite chasing them up. My company is not a ltd company and will not be profitable enough to be VAT registered so thats what could be the delay. However I am waiting for the proof of my company via bank account for the supplier so its costing me money :-(


    profits are irrelevant to VAT registration., Its based on turnover (income)

    It's not even based on turnover. Anyone can register for VAT.

    Banned

    chester123

    It's not even based on turnover. Anyone can register for VAT.


    thought it was pretty obvious I was referring to mandatory registration threshold (based on turnover!)

    seems not!
    Edited by: "csiman" 16th Oct 2010

    Original Poster

    I ended up going with HSBC as they were the only bank on my high street i tried which could set me up with one yesterday..... so thanks for all the input everyone

    Banned

    Good luck in your new venture.

    DLM

    Good luck in your new venture.



    +1

    and if you obtain too much cash, you know where I am. (the gutter as usual)

    Original Poster

    thanks DLM, and splatsplatsplat, I shall bear you in mind if I am ever in need of burning some money.

    Banned

    autolesbona

    thanks DLM, and splatsplatsplat, I shall bear you in mind if I am ever in … thanks DLM, and splatsplatsplat, I shall bear you in mind if I am ever in need of burning some money.



    Thanks.

    I can happily burn money (_;)

    If you want free business banking, you have 2 options...
    1) Santander - Limited paying in options and lots of bad reviews about their CS
    2) Sign up to the FSB (federation small businesses) and some of the perks include free business banking with the co-op and free legal advice (handy for a small business).

    faevilangel

    If you want free business banking, you have 2 options... 1) Santander - … If you want free business banking, you have 2 options... 1) Santander - Limited paying in options and lots of bad reviews about their CS 2) Sign up to the FSB (federation small businesses) and some of the perks include free business banking with the co-op and free legal advice (handy for a small business).



    i can probably vouch for several ppl who use Santander & none of us have ever had an issue. Online setup is simple & concise. Service is well adequate for small business needs.

    Santander

    I use RBS, 3 years on and I've never had any problems, I even moved my current account over too them too.

    Unfortunatly o/h went with her current account supplier Natwest, and they are a nightmare

    lanc_red

    i can probably vouch for several ppl who use Santander & none of us have … i can probably vouch for several ppl who use Santander & none of us have ever had an issue. Online setup is simple & concise. Service is well adequate for small business needs.



    I use santander and not had any issues but a lot of people have so did put that there..
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