Business Bank Accounts - what to look out for

[cmscotland]

I've just applied to RBS mainly as they're my personal bank but its free for 2 years and the charges don't seem like they would have much affect on a contractor business anyway.

[cojak]

mmm, I'm not sure if you pro Cater Allen people are just saying that because you're advertising for them.. Are they really any good?

Also, I live in London and HSBC have a branch near me. Cater Allen do not...

So go with HSBC then.

How are you going to know that any pro CA people are advertisers or not?

[SueEllen]

I've just applied to RBS mainly as they're my personal bank but its free for 2 years and the charges don't seem like they would have much affect on a contractor business anyway.

If you are in England you may find the RBS account will soon become a Santander account, unless you opened the account in Scotland or one of their 2 branches in Central London which are remaining as RBS.

[Wary]

I'll also give a thumbs-up to Cater Allen.

[xing]

Don't use their business credit card, the online credit card service is just a joke.

I've just applied to RBS mainly as they're my personal bank but its free for 2 years and the charges don't seem like they would have much affect on a contractor business anyway.

[cmscotland]

If you are in England you may find the RBS account will soon become a Santander account, unless you opened the account in Scotland or one of their 2 branches in Central London which are remaining as RBS.

Yeah just noticed this myself, its a Scottish Account but it seems its still part of the transfer as its "Business Banking Direct" I'm going to ask to change it to a Branch Account locally (Edinburgh) as then this won't move to Santander.

[FiveTimes]

Alliance & Leicester or Santander as its called.
I"ve been with them since 2007 and only went to the branch to set up the account.
Helpful call centre.

The only fees I had with them was when I was benched as the account didn't get 1k put in a month.

All in all great service and the online facility is good.

[FRS]

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..

I've been with HSBC for 4 years and never paid a penny for it. I use the Business Direct account as that has no fees as long as you stay within transaction limits.

Business banking

[heyya99]

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.

[d000hg]

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.

Indeed this is the case. You just need to make sure they switch you to the right tariff, but that's easy enough.

I have accounts with HSBC and Santander, both are free and both I would recommend. Not much in it, one neat thing with Santander is you can link it with your other Santander accounts (personal, ISA, CC) in the online banking.