Reply to: HSBC Business Banking

Abbey do a good account with business reserve account paying a decent rate of interest. Had problems setting it up but i put that down to the ex-McDonalds employees they employ.

Been up and running for a while and no complaints now.

Is it it free??

Oops looks like there is no ATM card and you can't withdraw cash from the machine but have to call and ask for a cheque to be issued??

[Shieldsy]

Abbey do a good account with business reserve account paying a decent rate of interest. Had problems setting it up but i put that down to the ex-McDonalds employees they employ.

Been up and running for a while and no complaints now.

HSBC/CaterAllen/Bank Of Scotland

Ha, I put money in an Abbey ISA, the worst move I ever made. When I came to get the money out it took about 10 months. I actually got the Financial Ombudsman involved

Folks,
I need to setup a business bank account for my LTD company. I have a passport personal account with HSBC.Which bank do u guys reckon is the best.I am looking for a bank which gives great interest and ideally a free or not so charge business account.I have researched around the banks websites and it gets all the more confusing..any suggestions?
Cheers
AJ

[Bluebird]

I dont see it necessary to use the company credit card.
I prefer to claim back expenses from the Ltd company at the end of every month which simplifies my accounting.

In a real busines you would need to submit expense claims and then you would be reimbursed. That is exactly what im doing.

I guess it depends on whether the expense is a personal one that the company is paying - i.e. subsitance or a "pure" business expense like say a Laptop.

If you were permie, you wouldn't expect to go out and buy a laptop and then claim the expense back, you'd expect the company to pay for it.

[BOBJ]

I'm just finishing the process of leaving HSBC. Moving to Abbey. They do free for life business banking and you can actually speak to peopl in your branch when you need to. HSBC are fine until you have a problem when their service becomes appaling.

Ha, I put money in an Abbey ISA, the worst move I ever made. When I came to get the money out it took about 10 months. I actually got the Financial Ombudsman involved

[ittony]

Use of company credit card avoids having to declare expense payments on P11D.

But according to basehead in the 2nd post on this thread, you don't need to put business expenses on your P11D even if you do pay them with a personal account. Is this wrong?

[OrangeHopper]

Use of company credit card avoids having to declare expense payments on P11D.

[Euro-commuter]

I dont see it necessary to use the company credit card.
I prefer to claim back expenses from the Ltd company at the end of every month which simplifies my accounting.

In a real busines you would need to submit expense claims and then you would be reimbursed. That is exactly what im doing.

Only the lower minions, mate.

[BoredBloke]

I'm just finishing the process of leaving HSBC. Moving to Abbey. They do free for life business banking and you can actually speak to peopl in your branch when you need to. HSBC are fine until you have a problem when their service becomes appaling. I was a customer with them for the best part of 9 years and the levels of service have declined every year. Initially I had a business account manager. He was great and offered a lot of advice. The second one I got was ok, the third only seems interested in what services she can sell to me and expects me to take time of from my work (and earnings) to meet with her at the branch to discuss this. The final straw was when a person at the call centre wanted to do a full credit check on my wife and myself for agreeing a poxy £2k overdraft when I had cocked up a payment in. I thought that was what the business manager was there for i.e. he builds up a relationship with his customers and uses his discretion

[Maxamus]

Sorry, but why do you think that's a good idea? Do you think Richard Branson buys his planes on Amex and puts in an expense claim to Virgin Atlantic?

{Oh_God_I_do_despair helmie}

I dont see it necessary to use the company credit card.
I prefer to claim back expenses from the Ltd company at the end of every month which simplifies my accounting.

In a real busines you would need to submit expense claims and then you would be reimbursed. That is exactly what im doing.

[malvolio]

Yes you get the card. I've not used mine yet. Dont think i will be as i buy stuff myself and then claim it back as expenses.

.

Sorry, but why do you think that's a good idea? Do you think Richard Branson buys his planes on Amex and puts in an expense claim to Virgin Atlantic?

{Oh_God_I_do_despair helmie}

[Maxamus]

Do you get a corporate card with your business bank account and do you find it costs any extra?

P

Yes you get the card. I've not used mine yet. Dont think i will be as i buy stuff myself and then claim it back as expenses.

You cant go wrong with HSBC.
It took me around 30-45min to setup and go live.

[Bluebird]

HSBC buisness money manager account is 2.8%

[Lewis]

The interest rate is very low though - 0.25% AER. You can get 3%+ elsewhere with free banking and internet access (e.g. Bank of Scotland).

[Bluebird]

yep, it's good.


yes you do get a corp credit card [ or so I did - others don't seem to have had one ].

the funny thing was they snet me 2 x 200 page cheque books and 1 x 50 page paying in book !