Reply to: FreeAgent Alternatives

[Fred Bloggs]

Great to know, thanks.

[Chart Accountancy]

I've just signed up to Natwest, 18 months free banking and lifetime FreeAgent.

NatWest have also recently launched a new digital bank account called Mettle which is free and will also give access to FreeAgent.

[Andy Hallett]

I've just signed up to Natwest, 18 months free banking and lifetime FreeAgent.

[darrylmg]

HSBC only offer Open Banking to FA on the current accout, the card and business savings account don't work. That means I have to spend minutes once a month downloading three statements and uploading them in FA... I really have no idea how I manage it all...

Seriously, it's a PITA, but until TSB and HSBC get their act together, it's hardly worth swapping out the best package out there for our kind of business

I feel your pain, albeit from HSBC to Xero.
Not only did they change to open banking but they recently changed the card export csv format to put those contactless "wave" symbols in the payment details, which threw out all the Xero payee matching. So I do what you do but also have to edit the data to remove the "waves".

[jamesbrown]

probably a bigger worry is anyone who has more than £85k in the same bank. No protection for anything over that.
Anyone with a decent warchest will/should have multiple accounts.

Yeah, and I wouldn't necessarily bank on that either. I've had vague replies about the FSCS as it applies to companies, both from them directly and the banks. I thought the rules used to be pretty clear (based on company size), but they seem less clear now. Here are the vagaries, direct from the horses's mouth:

Small businesses, ltd companies & charities protection |FSCS

Also, NS&I (directly gov't backed to an unlimited amount) isn't available for companies.

[Lance]

probably a bigger worry is anyone who has more than £85k in the same bank. No protection for anything over that.
Anyone with a decent warchest will/should have multiple accounts.

[malvolio]

Really, doesn't HSBC charge a monthly fee? Tide is 20p a transaction and my company does about 5 a month.

About £5 a month for the transaction level I need. Or a whole £60 a year. Offset by interest earned of course, of about fourpence.

Given HSBC has delivered a faultless service for the 20-odd years of MyCo's existence - so that's almost £1400 so far over that period - and offers all the services I need, I'm not really that bothered. Focussing on mickey mouse fee is certainly a crap way to decide on who is going to look after your serious money.

[eek]

HSBC only offer Open Banking to FA on the current accout, the card and business savings account don't work. That means I have to spend minutes once a month downloading three statements and uploading them in FA... I really have no idea how I manage it all...

Seriously, it's a PITA, but until TSB and HSBC get their act together, it's hardly worth swapping out the best package out there for our kind of business

Really, doesn't HSBC charge a monthly fee? Tide is 20p a transaction and my company does about 5 a month.

[northernladuk]

When I was a kid TSB was known as tough tulip bro/bitch. So kinda fits this story well!

We also use to call each other Joey and spaz but thankfully we grew up. But thanks for that.

[malvolio]

HSBC only offer Open Banking to FA on the current accout, the card and business savings account don't work. That means I have to spend minutes once a month downloading three statements and uploading them in FA... I really have no idea how I manage it all...

Seriously, it's a PITA, but until TSB and HSBC get their act together, it's hardly worth swapping out the best package out there for our kind of business

[escapeUK]

When I was a kid TSB was known as tough tulip bro/bitch. So kinda fits this story well!

[Bluebird]

Thanks guys - I was thinking of moving to Starling so they are supported so I'll do that instead.

[Fred Bloggs]

surely moving bank is a lot less cost and easier to do?
I wouldn't consider moving my accounts as that's a right pain in the arse.

I am in the same boat with Cater Allen. But I can download the informaiton and upload to FA. Just do that weekly as it takes under 5 minutes.

I think that's preferable from a security perspective too, but perhaps I am a bit too cynical. I just do not want to leave any potential back door entries open, none more than I have to at any rate. Download from bank/upload to FreeAgent takes a few minutes.

[Lance]

surely moving bank is a lot less cost and easier to do?
I wouldn't consider moving my accounts as that's a right pain in the arse.

I am in the same boat with Cater Allen. But I can download the informaiton and upload to FA. Just do that weekly as it takes under 5 minutes.

[northernladuk]

Absolutely no way would I be swapping from an award winning platform that is arguably the best in the market for us just because open banking is delayed. I'd rather swap my bank account to someone that's a bit more forward thinking to be honest.

But, if you insist I believe Xero is the other one but it's a bit heavier than we need.

Does your accountant not offer Freeagent free and may not support your new choice?