Most cost effective business bank account?

17 replies
Found 3rd Jun
Ideally which can all be managed online? Thanks

17 Comments

I'd also be interested in this. I've been looking at Santander

Not looked for a long time but check Metro bank and Post Office.

Startup or established operation? Natwest offers 18months free busbanking for startups / less than 1 year old business. Other banks offer similar but maybe 12 months. business.natwest.com/bus…tml

Do you need a business account? If not just use a current account. I'm just a one man band so dumped my business account years ago. If you do go for a business account then consider one that you can use at the post office. Hsbc is no good but plenty that are.

Barclays, great app, free banking for two years, great UK support

you_gotta_be_kidding

Barclays, great app, free banking for two years, great UK support


I looked at Barclays busbanking for a startup at new year; only 12m freebie banking was on offer; doesn't appear to have changed barclays.co.uk/bus…nt/

Take a look at RBS as well.

wayners

Do you need a business account? If not just use a current account. I'm … Do you need a business account? If not just use a current account. I'm just a one man band so dumped my business account years ago. If you do go for a business account then consider one that you can use at the post office. Hsbc is no good but plenty that are.



I do exactly the same. I have a 'business only' personal bank account with first direct.

I've put in 10-20 cheques a month and they've never been bothered.

themorgatron

I do exactly the same. I have a 'business only' personal bank account … I do exactly the same. I have a 'business only' personal bank account with first direct.I've put in 10-20 cheques a month and they've never been bothered.



​They won't bother you. It's fine unless you want business loans or a chat with bank manager. You can't convince some that it's a good idea as they think it's illegal or something. Business banking can be very restricted and frustrating I found.

If you like digital bank, check tide.co other metro bank very good service and will cost about 2.5 times of tide.

It cost less than a pound if you have simple affairs.

Don't go for 12/18 months bribe, unlike personal account its troublesome to change business bank accounts

I'm still undecided which would be the best.

Currently setting up as a soletrader. I think another account would be beneficial for me so that business transactions are kept separate from my personal transactions. I currently have two accounts with Santander, which is tending to lead me down that path.

Any advice anyone?

I use Nat West.

After the free period expired, I kept the account as I like a separate business account. I have a current and a savings account in the business name.

I also have a Nat West Credit card in which I make all purchases for work. It just keeps things nice and separate, and tbh, is nice and clear if ever there were any HMRC questions in the future.

I do now get some charges on my account, which vary between £5 and £9 per month, but I don't pay in high amounts.

Costs are tax deductible anyway.

Every year after the first year they try to charge £32 for the credit card.... Just ring them up and complain and say you will cancel. They will cancel the charge.

superleeds27

I'm still undecided which would be the best.Currently setting up as a … I'm still undecided which would be the best.Currently setting up as a soletrader. I think another account would be beneficial for me so that business transactions are kept separate from my personal transactions. I currently have two accounts with Santander, which is tending to lead me down that path.Any advice anyone?



A sole trader doesn't need a business account, just keep your affairs in a isolated perosnal account.

hottoast

I use Nat West. After the free period expired, I kept the account as I … I use Nat West. After the free period expired, I kept the account as I like a separate business account. I have a current and a savings account in the business name. I also have a Nat West Credit card in which I make all purchases for work. It just keeps things nice and separate, and tbh, is nice and clear if ever there were any HMRC questions in the future. I do now get some charges on my account, which vary between £5 and £9 per month, but I don't pay in high amounts. Costs are tax deductible anyway. Every year after the first year they try to charge £32 for the credit card.... Just ring them up and complain and say you will cancel. They will cancel the charge.



Thanks for this. Are you forced to take the CC off them? Or do they just provide you with it and then try and charge you for it?

It's the charges after the 18 month free period that are putting me off a little. 35p per e-transaction etc.

You don't need to have their card, but it usually convenient to have a separate business card... It is easy to reconcile purchases on a credit card and keep them for accounts.

Tbh, you will probably find most business accounts are similar charges after the free period expires.

hottoast

You don't need to have their card, but it usually convenient to have a … You don't need to have their card, but it usually convenient to have a separate business card... It is easy to reconcile purchases on a credit card and keep them for accounts. Tbh, you will probably find most business accounts are similar charges after the free period expires.



​yeah I suppose it depends if I want to pay a flare fees per month like Barclays or if I'd rather pay per transaction. I guess the first 18 months are free too!

I've decided to go with Barclays.

I was planning on Natwest but some of the questions they were asking didn't really fall in to the 'Freelancer' category.
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