Business Bank Accounts - what to look out for

[craig1]

I bank with the Co-op for my business banking and have done for years. Never had a single problem with them, never had a single fee charged and they even pay me £25 per year "loyalty bonus". Their online banking website is very outdated and clunky but it does exactly what a small business needs without all the fancy bells & whistles. Not sure if they've extended the offer to a wider audience but I got that as a FSB member.

Similar to NLUK above, I haven't been in branch for nearly 3 years as everything is done online. When I did go into the branch, I was very pleased at how the standard staff were able to switch from personal to business banking modes instantly and didn't go all fuzzy-eyed when I asked simple questions about a business query.

[Contreras]

It seems that HSBC offer free banking for the first 18 months, therefore I don't see the need to go with Cater Allen really. I'd have to post all the material whereas with HSBC I can bring them in tomorrow.. Hmmm..

And before the 18 months is up you'll need to be looking for a similar offer with another bank, or accept the charges. Along with the faff of changing over any direct debits etc., informing clients of change of bank details, especially for invoices outstanding.

I have free banking from Santander (from when they were Abbey National). If at the time I had known about the Cater Allen offer through CUK I would probably have gone for that. At least based on the comments here C.A. will be the fallback position if Santander ever start messing about although so far I have no complaints with them.

[Vanilla]

I have free banking from Santander (from when they were Abbey National). If at the time I had known about the Cater Allen offer through CUK I would probably have gone for that. At least based on the comments here C.A. will be the fallback position if Santander ever start messing about although so far I have no complaints with them.

Cater Allen is Santander IIRC, at least it's part of the "Group" in the UK.

[northernladuk]

It seems that HSBC offer free banking for the first 18 months, therefore I don't see the need to go with Cater Allen really. I'd have to post all the material whereas with HSBC I can bring them in tomorrow.. Hmmm..

and what will you do in 18 months time when you start getting charged??

[Joeman]

and what will you do in 18 months time when you start getting charged??

Doubt the fee structure will make it cost much (if anything) for a contractor. fees are normally aimed at businesses paying in cash or using other counter services.

If youre worried, look at Santander (Cater allen parent company i believe?) , their fee structure is Free forever, again with transaction fees that likely wont hit Contractors as you wont use more than the free allowance..

HSBC for me - no complaints

[Mr.Whippy]

Cater Allen here for almost 5 years. Hasn't cost a single penny. I do everything online but on the 3 or 4 times I've had to call them it's been in answered within 3 or 4 rings, by a person who's dealt with the call quickly, efficiently and professionally with passing me around from dept to dept.

No complaints from me, great bank, can't recommend them highly enough.

[Joeman]

Cater Allen here for almost 5 years. Hasn't cost a single penny. I do everything online but on the 3 or 4 times I've had to call them it's been in answered within 3 or 4 rings, by a person who's dealt with the call quickly, efficiently and professionally with passing me around from dept to dept.

No complaints from me, great bank, can't recommend them highly enough.

do you have a credit card with them?? whats the fees??

[Mr.Whippy]

do you have a credit card with them?? whats the fees??

I have a debit card with them. Rarely use it though so don't need a business credit card.

I buy everything on a personal credit card with loyalty points rewards and expense it that way.

[Greg@CapitalCity]

And before the 18 months is up you'll need to be looking for a similar offer with another bank, or accept the charges.

Thats not necessarily correct. After 18 months, heyya99 can switch to the HSBC Business Direct account. For most contractors who operate their bank account using Internet or Telephone banking, there are no bank charges.

[TraceRacing]

I'm with Lloyds... very impressed.

No fees even after the 18 month fee free period f you are not banking cash or using cheques. To date I've used 2 cheques.... hardly "breaking the bank".

Online system is nice and secure...you get issued with a hand held card reader which generates unique codes per transaction. Slows things down a bit, but comforting to know that it seems like any rouge transactions are almost impossible to create.