Reply to: Business banking

[ladymuck]

Have you been put off by the recent HSBC online banking upgrade?

Sent from my SM-T280 using Contractor UK Forum mobile app

It's not too bad. Downloading statements is far more straightforward now

[darrylmg]

Have decided to switch business banking from HSBC.
Been reading some good things on a previous thread, & elsewhere, about Starling. Are they still favourable? Any issues?
I'm looking for free banking, no fees, freeagent integration, & quick set-up with minimal fuss. Free freeagent would be even better tbh...
Seems Starling only have business current a/c whereas before with HSBC they provided a savings a/c called business money manager where I could shift VAT/Corp Tax amounts to until they were due to be paid. Not a deal breaker not having this but I like to separate these things from normal current a/c. Cheers.

Have you been put off by the recent HSBC online banking upgrade?

Sent from my SM-T280 using Contractor UK Forum mobile app

[SteelyDan]

It's the modern equivalent of sending off signed application forms in the post. It's actually very slick. Send a photo of your ID (passport/driving licence), send a video clip so they can check the person opening the account is the same person shown in the ID.

Hmm, wife's a PSC & not keen on this, she's a bit tech-paranoid so might need a rethink or get her temporarily removed as PSC...

[SteelyDan]

Yorkshire Bank and Clydesdale (same thing) currently do 2 years free for switchers.

TSB do 18 months.

The rest tend to be free for new businesses only.

You can get 5.5 years free by going Clydesdale-->TSB-->Yorkshire :-)

Use that only for in and out transfers and let it sit in Aldermore the rest of the time.

Your accountant will tell you how much money you've got for yourself and tax

Freeagent?

[SteelyDan]

Just to mention if you want a free FreeAgent account, then RBS/NatWest are worth considering. They're a long established bank, unlike Starling...which I appreciate can be seen as both as positive and a negative.

Most of the big (traditional) banks should now have live feeds that work well via Open Banking, so no longer relying on Yodlee/screen scraping. See here.

Not trying to put you off Starling, just chucking another option in there. Starling isn't on the Open Banking list (yet), but I gather does sync nicely with FreeAgent. Only oddity is it seems you need to instigate it from the Starling end, rather than FreeAgent end (ie Starling pushes data to FreeAgent, rather than FreeAgent pulling it from Starling).

Thanks Maslins.
Do RBS/Natwest offer free banking too? Not sure what the application process might be, or how long it might take, but suspect longer than Starling if they're 'traditional' banks. I was looking for free business banking tbh.

[SuperLooper]

RBS/NatWest are worth considering. They're a long established bank, unlike Starling

Long established banks are precisely the problem that Starling aims to solve.

[Michael at BI Accountancy]

Yorkshire Bank and Clydesdale (same thing) currently do 2 years free for switchers.

Just on Yorkshire Bank and Clydesdale, we've had issues with majority of clients who bank with these in relation to the FreeAgent bank feed (this may, hopefully will, improve with open banking). Duplicated transactions etc, might be worth the OP bearing this is mind as he is also looking for FA.

[Maslins]

Just to mention if you want a free FreeAgent account, then RBS/NatWest are worth considering. They're a long established bank, unlike Starling...which I appreciate can be seen as both as positive and a negative.

Most of the big (traditional) banks should now have live feeds that work well via Open Banking, so no longer relying on Yodlee/screen scraping. See here.

Not trying to put you off Starling, just chucking another option in there. Starling isn't on the Open Banking list (yet), but I gather does sync nicely with FreeAgent. Only oddity is it seems you need to instigate it from the Starling end, rather than FreeAgent end (ie Starling pushes data to FreeAgent, rather than FreeAgent pulling it from Starling).

[SuperLooper]

Cheers...I'm still reading, but what's with the short video bit for application?

It's the modern equivalent of sending off signed application forms in the post. It's actually very slick. Send a photo of your ID (passport/driving licence), send a video clip so they can check the person opening the account is the same person shown in the ID.

[SteelyDan]

I don't think you are required to, but I did a test transfer straight away just to make sure everything was working.

Cheers...I'm still reading, but what's with the short video bit for application?

[SuperLooper]

One last thing, do you need to provide funds for an opening balance, token £1 or something?

I don't think you are required to, but I did a test transfer straight away just to make sure everything was working.

[SteelyDan]

A few hours typically? Mine took a bit longer because my company is multiple-PSC so had to wait for my wife to do all her bits.

One last thing, do you need to provide funds for an opening balance, token £1 or something?

[SteelyDan]

Seek and ye shall find: https://www.contractoruk.com/forums/...ml#post2644983

Yep, that's the thread I referred to at the outset of this post when I said 'Been reading some good things on a previous thread'

[SteelyDan]

A few hours typically? Mine took a bit longer because my company is multiple-PSC so had to wait for my wife to do all her bits.

Good news, thanks, I think with this and the other research I've done, I'm persuaded.

[wattaj]

Seek and ye shall find: https://www.contractoruk.com/forums/...ml#post2644983