Banking Recommendations (Freeagent compatible) - Tide or others?

[GhostofTarbera]

Not metro / they are going down


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[Jess inniAccounts]

We've have some clients who are with Starling and they seem impressed by them. I would recommend looking out for any hidden charges as some banks charge per transaction etc.

[Spoiler]

Seems the problem with Starling is can't have multiple persons of significant control. My LtdCo is 50:50 myslef & spouse, so looks like Starling is a no go for me. Seems that the challenger banks have their pros and cons. Tide accept multiple PSC but no FSCS protection; Starling covered by FSCS but don't accept co-owned companies. So trying to decide whether to accept whatever compromise they bring or stick to traditional high-street known bank. As I said in original post, probably over thinking it.

FYI - Starling use Companies House 'persons with significant control' data - as you are 50:50 then both of you should be listed there. If for whatever reason only one of you is listed, then (a: that's wrong and you should get it updated !) b: Starling will probably accept you.
But ... you should then tell Starling of any significant changes, such as the PSC data getting updated

[GhostofTarbera]

FSCS protection is basically worthless if you are with a big bank, if they go down you will get penny’s back to the pound


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[SuperLooper]

Starling will be adding multiple PSC support in the next month or two.

[Asmith]

Seems the problem with Starling is can't have multiple persons of significant control. My LtdCo is 50:50 myslef & spouse, so looks like Starling is a no go for me. Seems that the challenger banks have their pros and cons. Tide accept multiple PSC but no FSCS protection; Starling covered by FSCS but don't accept co-owned companies. So trying to decide whether to accept whatever compromise they bring or stick to traditional high-street known bank. As I said in original post, probably over thinking it.

[jmo21]

Thanks for replies.

Anyone have experience of Starling for business banking?

Moved to them within last year, no issues so far.

I believe they have recently enabled FreeAgent integration, but haven't used it myself yet.

[wattaj]

Anyone have experience of Starling for business banking?

Seek and ye shall find... https://www.contractoruk.com/forums/...light=starling

[Asmith]

Thanks for replies.

Anyone have experience of Starling for business banking?

[SimonMac]

If your main criteria is Freeagent compatibility RBS/Natwest will be the choice, no bank will be better than these for reasons I hope I don't have to go into

EDIT: It seem Wattaj did go into

[wattaj]

Does your accountant provide a discount on the cost of FreeAgent?

If not, then look at RBS who will supply FreeAgent for £5pcm (exc banking transaction fees). The account opening process was a complete PITA for me as I already had a personal account with RBS and they confused the two, different sets contact details, but you may have better luck.

-- Edit --
I should also point out that RBS now own FreeAgent.
-- Edit --

I also have a Santander account because it offered free banking at the time I opened the account. Simple, if a little clunky, online banking. Worth what I pay for it... i.e. nada.

And Tide. Very easy account opening and great mobile app; would recommend if you have minimal requirements and need a business account in a hurry... a selfie and a couple of scanned documents and you're done.

Good luck.

[northernladuk]

I'm with Santander and they've been pretty much spot on for the last 8 years.

[Asmith]

I've had a look at some previous threads but there doesn't seem to be a recent one on this topic.

I'm just setting up my new Ltd company. Accountant is chosen and appointed but I'm procrastinating / over-thinking (?) my choice of bank.

Accountant uses FreeAgent so keen to ensure maximum compatibility on that front.

Had a couple of recommendations for Tide.
Tide Business Banking for Contractors | Contractor UK
However, I noticed they don't have FSCS protection. Their website says they don't need it as funds are held in safeguarded account and not invested, but I'm a bit wary. Anyone with experience of Tide?

Any other recommendations for banks with decent online service, good customer service and good FreeAgent integration.

Suggestions & feedback very welcome and appreciated.