Business account with Tide, Cashplus, Revolut etc

[abz2020]

Hi all,

I know some of you are using the e-money service companies for business accounts. These are not banks. They claim they keep your money in safeguarded accounts (whatever that means) and it is not at risk.
What do you think about that? You recon this is good enough to keep your LTD's money safe or we should stick to FSCS banks?

[genius]

Don't use Revolut.

Use Starling, real bank.

[northernladuk]

Anyone not using an FSCS scheme in these times must need their heads examining.

[TheCyclingProgrammer]

I'm using Starling but bank balance currently exceeds the FSCS protection limits - might be worth signing up for a Monzo business account too I think.

Edit - well that was easy. Took less than 5 minutes.

[SuperLooper]

Starling and Monzo are real banks. I highly recommend both of them.

[escapeUK]

Revolut is great for what it does, but I would not feel safe using it for a high value business account.

Natwest wrote to me yesterday saying they are abolishing the £5 a month charge, and going forward will only charge for each transaction. So I expect this to be very cheap for most contractors, and probably other banks to follow.

Whether High Street banks will survive Corona is another topic though!

[Fred Bloggs]

Revolut is great for what it does, but I would not feel safe using it for a high value business account.

Natwest wrote to me yesterday saying they are abolishing the £5 a month charge, and going forward will only charge for each transaction. So I expect this to be very cheap for most contractors, and probably other banks to follow.

Whether High Street banks will survive Corona is another topic though!

Throw in the free FreeAgent account and it's unbeatable?

[SuperLooper]

Natwest wrote to me yesterday saying they are abolishing the £5 a month charge, and going forward will only charge for each transaction. So I expect this to be very cheap for most contractors, and probably other banks to follow.

Still don't understand why anyone would pay a per-transaction charge when there are better free alternatives.

[Fred Bloggs]

Still don't understand why anyone would pay a per-transaction charge when there are better free alternatives.

Because you get a free FreeAgent account?

[escapeUK]

Throw in the free FreeAgent account and it's unbeatable?

Yes, I got that, and have to say its pretty sweet. Because I've been checking my accounts for years, I feel confident enough to do without an accountant because of FreeAgent. Previously I used Crunch, which was the same really, just with very poor accounting help, and very slow end of year procedures.