Reply to: Who shall I use for my business banking? ££

[missinggreenfields]

Of the free business bank accounts, it seems to me that Metro Bank trump Cater Allen as Metro support Faster Payments and also have a smartphone app.

However, before I sign up, can anyone already using a Metro Business Account (with the free 'Business Internet Banking' option) help me with the following?:

1. What options are available to download transactions? (I'm hoping it's possible to download as OFX, QIF, or CSV, however Metro staff in store say they only support downloading PDF statements ).
2. Has anyone successfully set up an automatic bank feed to FreeAgent? (FreeAgent say they support feeds from Metro Bank UK, but Metro staff say they've never heard of FreeAgent or Yodlee and therefore it's not supported).

Don't want to waste my time setting up an account if they don't support these features, so if anyone can confirm either way it'd be greatly appreciated. Thanks,

z

I've not got a full statement yet to compare against, but you can download the transactions as a CSV as well. I did a search and then downloaded them to CSV.

I don't use FreeAgent, but the InTouch portal automatically imports the transactions daily for me, so I would be surprised if FreeAgent couldn't. I don't know how InTouch does it, I opened the account with them referring me (same kind of deal as some others with Cater Allen so there are lower fees), and when they created the portal account for me it was in there automatically as soon as the account opened. (Edit - I can see an option to set up a Zero download for £1 per account per month, but nothing else)

In terms of online banking, I prefer their website to the Santander one - much easier to create a regular payment on there, much slicker interface, easier to find payees and modify them etc etc. Just generally better.

Mobile banking is authenticated to one device that you have to PIN protect the app on. Again, seems to work well though.

Faster payments is definitely supported - payment from Santander this morning showed up on my Metrobank online account at lunch time.

[missinggreenfields]

They will if you get a referral from your accountant - they are processing my application via InTouch at the moment. You'll need certified copies of your ID (Post Office will certify three documents for £8.50), though.

I'm still waiting and have prodded for an SLA.

And suddenly, as if by magic, the account numbers appeared...

[MrMarkyMark]

I've been with Cater Allen for years. Never had any issues. I use telephone banking rather than online and their call centre is quick to answer and UK based. They can come across as old-fashioned but I sort of like that.

+1 Exactly the same here and never had any issues.

[SimonMac]

I'm with Natwest and I used to pay a flat fee of £5 a month for the Business Plus tariff but they've scrapped that and reverted to charging per transaction, not sure if it's going to cost more of not but if it is I'll be off to Lloyds.

Its 0.35p per basic transaction (in and out), with a minimum charge of £5, so I would imagine most of us would only pay the £5, unless you use the account more than 14 times a month

[greenfrog]

Of the free business bank accounts, it seems to me that Metro Bank trump Cater Allen as Metro support Faster Payments and also have a smartphone app.

However, before I sign up, can anyone already using a Metro Business Account (with the free 'Business Internet Banking' option) help me with the following?:

1. What options are available to download transactions? (I'm hoping it's possible to download as OFX, QIF, or CSV, however Metro staff in store say they only support downloading PDF statements ).
2. Has anyone successfully set up an automatic bank feed to FreeAgent? (FreeAgent say they support feeds from Metro Bank UK, but Metro staff say they've never heard of FreeAgent or Yodlee and therefore it's not supported).

Don't want to waste my time setting up an account if they don't support these features, so if anyone can confirm either way it'd be greatly appreciated. Thanks,

z

My Co used to bank with Cater Allen but I recently switched from them to Metro Bank.
Although Cater Allen customer service is brilliant I was frustrated with lack of Faster Payment (sorry CA but 2 days payment delay is not FP so plz stop calling it such).

Metro Bank service is equally good. I use FreeAgent and can confirm that it has successfully setup Automatic Bank Feed (with just 'Free Internet Banking'). As long as you keep the balance over £5k its free.

Hope this helps.

[missinggreenfields]

I wanted an account there, but the nearest branch is nearly 200 miles away. They won't open account unless you go to a branch.

They will if you get a referral from your accountant - they are processing my application via InTouch at the moment. You'll need certified copies of your ID (Post Office will certify three documents for £8.50), though.

I'm still waiting and have prodded for an SLA.

[The Spartan]

I'm with Natwest and I used to pay a flat fee of £5 a month for the Business Plus tariff but they've scrapped that and reverted to charging per transaction, not sure if it's going to cost more of not but if it is I'll be off to Lloyds.

[SimonMac]

Just got a letter saying Natwest is dropping my average fees by ~£5 a month, I only pay about £8.50 a month at the moment so hassle wise that is more than acceptable to avoid moving

[PerfectStorm]

Currently using Yorkshire Bank for their free service, very happy

[Contreras]

Been with Lloyds personally for decades and business-wise since I went contracting in 2007. Initially a free period and then a £5pm charge.

Currently charge me £5.50 per month but has never missed a beat, and what is £5.50 to a contractor.

Yes and the very same bank will pay you circa £15 interest a month for lodging £5k with them in a personal account.

[WTFH]

Of the free business bank accounts, it seems to me that Metro Bank trump Cater Allen as Metro support Faster Payments and also have a smartphone app.

However, before I sign up, can anyone already using a Metro Business Account (with the free 'Business Internet Banking' option) help me with the following?:

What options are available to download transactions? (I'm hoping it's possible to download as OFX, QIF, or CSV, however Metro staff in store say they only support downloading PDF statements ).

If you go for their business online plus account, you can definitely download transactions as CSV.
You may find that the free account is limited, but that's part of what you get for nothing.

[Fred Bloggs]

I wanted an account there, but the nearest branch is nearly 200 miles away. They won't open account unless you go to a branch.

[zcapr17]

Of the free business bank accounts, it seems to me that Metro Bank trump Cater Allen as Metro support Faster Payments and also have a smartphone app.

However, before I sign up, can anyone already using a Metro Business Account (with the free 'Business Internet Banking' option) help me with the following?:

1. What options are available to download transactions? (I'm hoping it's possible to download as OFX, QIF, or CSV, however Metro staff in store say they only support downloading PDF statements ).
2. Has anyone successfully set up an automatic bank feed to FreeAgent? (FreeAgent say they support feeds from Metro Bank UK, but Metro staff say they've never heard of FreeAgent or Yodlee and therefore it's not supported).

Don't want to waste my time setting up an account if they don't support these features, so if anyone can confirm either way it'd be greatly appreciated. Thanks,

z

[missinggreenfields]

I'm moving to MB, they pay 0.25 on business savings account.

You can get much better elsewhere.

Aldermore and CC Bank are the two that I use. I looked at Nationwide as well when I was getting close to £75k in both Aldermore and CC Bank, but then I just paid a dividend instead and that solved the "problem"

[CompulsiveArsonist]

I use Santander, I think their business banking website is good.
HSBC business banking website is crap

I also like Santander because it works well with QuickBooks Online and you don't have to carry around a security device to log in.