Switching bank accounts

[MrWebDev]

Have any of you guys switched your biz bank account? I'm thinking of changing mine and was wondering how painful the process is?

I'm currently with Cater Allen and due to the reasons outlined here (http://forums.contractoruk.com/accou...reference.html) and overall their poor online banking offering along with a lack of a smartphone app I'm becoming pretty fed up.

I've done it on my personal account a couple of times and the process was pretty simple and surprisingly painless, would biz banking be comparable?

N.B. I'm aware that the CA account is free, which is rare in comparison to most biz accounts, but I'm willing to pay for a better offering if that's what I need to do

[nigelbb]

I too would like to hear any experiences. I am in two minds on whether I should switch & whether it's a hassle or not might sway me.

I am with Cater Allen (foisted on me by my original accountant) & while it's nice being able to ring & quickly speak to a native English speaker I don't want or need to do that very often. What I would like to do is have an app on my iPhone & failing that the knowledge that if I do a transfer online that the money arrives in my personal account instantly rather than taking two working days.

My wife has a business account with Barclays & while it's an enormous pain in the arse if you ever need to phone customer service the iPhone app & instant transfer of funds works really well.

[BolshieBastard]

Jesus wept. How on earth do some of you run your companies!?

[SueEllen]

You could try Metrobank if you live in the South East.

They did have an offer which I saw for free business banking with them if you keep a certain amount of money in the account but I can't remember where I saw it.

I have a personal current account with them, and their customer service is good on the phone and in store.

(I should add I don't believe in having my business and personal accounts with the same banks due to the horror stories I've heard.)

[JRCT]

I too would like to hear any experiences. I am in two minds on whether I should switch & whether it's a hassle or not might sway me.

I am with Cater Allen (foisted on me by my original accountant) & while it's nice being able to ring & quickly speak to a native English speaker I don't want or need to do that very often. What I would like to do is have an app on my iPhone & failing that the knowledge that if I do a transfer online that the money arrives in my personal account instantly rather than taking two working days.

My wife has a business account with Barclays & while it's an enormous pain in the arse if you ever need to phone customer service the iPhone app & instant transfer of funds works really well.

My first Business account was with RBS and I switched to Cater Allen simply when the 18 month free period ended. I don't want to pay £10 a month if I don't need to.

I found Cater Allen frustrating each time I wanted to do something for the first time - even trying to use the debit card at an ATM. But once I understood their limitations, it's not been an issue at all. I have to 'manage', ie. make sure I've transferred money in time to cover whatever I need personally.

There's not an app, but I presume you can get online on your phone? If so, you can get to the website. You can also create your own shortcut button on the iphone so it's available in one click, just like any app.

You're correct to say CA don't do faster payments.
You're incorrect to say that CA take 2 days to make payments. It's next day, if you do it online before 3pm, or before 4.30 on the phone (you may need to confirm exact times).
You're also incorrect to suggest that all banks that do faster payments transfer the money 'instantly'. I know that happens on some occasions, but they always tell you it can take up to 4 hours, and sometimes does.

I can understand why some people would not like CA, and I'm certainly not an advocate for them at all, but if you're going to write a list of reasons to stop doing something - anything - at least make sure the list is factual.

[meridian]

Santander do free banking for a year, but it's £7.50 per month after that. Transfers (to HSBC) are instant - no issues in over two years.

[northernladuk]

Santander do free banking for a year, but it's £7.50 per month after that. Transfers (to HSBC) are instant - no issues in over two years.

Same with transfers to the Halifax. I've been very happy with Santander so no intention of moving at present despite the charge.

[LucidDementia]

Jesus wept. How on earth do some of you run your companies!?

I hear you. No wonder HMRC are all over us.
How can anyone pretend to be a businessman but not be able to handle something as basic as banking without assistance?

[manjack]

(I should add I don't believe in having my business and personal accounts with the same banks due to the horror stories I've heard.)

What's the harm in keeping personal and business accounts with the same bank?

[northernladuk]

What's the harm in keeping personal and business accounts with the same bank?

Question is where are the benefits as the two are in no way related?