Business Bank Accounts - what to look out for

[kingcook]

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".

Hey TR,

Which account is that? I've been looking at Lloyds to business bank with as my personal account is with them, but all their accounts seem to charge a £5/mth admin fee (even the Electronic Business Tariff one)

[SimonMac]

I am with Lloyds and a few niggles but nothing major, I needed a second debit card as you have to use the card with a reader when doing ANYTHING on their Business Website even logging on which is a pain. Also even though I opened the account in branch I have a "Dedicated Business Manager" who happens to be in Birmingham, where as I am in Yorkshire. As for fee's I am on a fee free account for a year I think, after that the fees are for cash transactions only, but as I don't deal in cash its not a problem for me.

[Joeman]

I had a meeting arranged with HSBC today so I went to hear what they had to say. 1.5 hours later I had my account opened. Their package seemed as good as any other I've looked into. As good as Cater Allen.

Even though after 18 months, I don't have free banking, as a contractor it's unlikely I'll use the 'paid for' services. I was impressed with HSBC's swiftness. If they're tulip I can always change again.

Thanks a lot for everyone's input. Much appreciated.

Same day account setup with virtually no paperwork to fill out was one of the reason i went with them!
all the other banks wanted me to fill out forms!!??... i dont do paper...

[kingcook]

Same day account setup with virtually no paperwork to fill out was one of the reason i went with them!
all the other banks wanted me to fill out forms!!??... i dont do paper...

Last month, i tried to open an online savings account with Santander to store surplus cash (was a good interest rate).

Bearing in mind that this is an *online only* account, when i click "apply online" on their website, i got redirected to a PDF application form containing 12 pages, asked to print it off, fill it in, and post it to the head office

Anyway, i did do as they asked. A week later i received a reply saying that i hadn't filled in one of the section correctly. Corrected it and sent it back. I've heard nothing since.

Isn't paper ace?

[TheFaQQer]

Last month, i tried to open an online savings account with Santander to store surplus cash (was a good interest rate).

Bearing in mind that this is an *online only* account, when i click "apply online" on their website, i got redirected to a PDF application form containing 12 pages, asked to print it off, fill it in, and post it to the head office

Anyway, i did do as they asked. A week later i received a reply saying that i hadn't filled in one of the section correctly. Corrected it and sent it back. I've heard nothing since.

Isn't paper ace?

When I first opened my Santander account, they didn't give me a card to operate the account. I asked them about it (since I can't pay in without it) and they said that I had declined one. I asked for a copy of the application form, and they said that they couldn't give me one. Marched into the branch and demanded a copy of it under DPA, and they gave it to me.

There's nowhere on the form to be able to decline a card!!!!!

I got compensation for that one, though.

[TraceRacing]

KC, it's the EBT (Electronic Business Tariff) account. I also opened a savings account for my accruals for VAT / PAYE / Corp Tax etc.

Instant transfer between them... works great.

HTH

[kingcook]

KC, it's the EBT (Electronic Business Tariff) account. I also opened a savings account for my accruals for VAT / PAYE / Corp Tax etc.

Instant transfer between them... works great.

HTH

The EBT one is the cheapest i could find with LloydsTSB i could find (for my style of business).

Do you pay the £5/mth then?

[TraceRacing]

Nope, it's free for 18 months then only pay for cash deposits and cheque payments

[kingcook]

Nope, it's free for 18 months then only pay for cash deposits and cheque payments

Perhaps you opened the account when they weren't charging the £5/mth, but they definately do now (after the first 18 months):

Electronic Business Tariff

[Naaarwich]

Cater Allen

I've been with Cater Allen for some time now and the service has been very good. One niggle I have is to do with the time it takes to move money out of the account. They've been promising for a long time that they're going to move to Faster Payments and now that they have moved, it takes one working day for the money to reach the recipient. If you do it after 2:30 PM then its two working days.

With other banks, the money is in the other account almost instantly with Faster Payments.

So, I may look at Clydesdale or HSBC