Reply to: Changing my business account

[sy8111]

I should point out that HSBC banking is free for typical usage.

Ahh, I can see you are right. Was the Business Direct account there in November 2010? I looked at HSBC firstly at the time and found its business account is not free and thus went to Santander. I may consider transferring to HSBC provided it is free now. Is it hassle to do this?

EDIT:

Well, it is still not life-time free, only in first 24 months (18 months if turnover < 100K). I will stick to Santander for now.

[too_many_details]

Yes, there is trade-off everyone need to choose. Either you go for free service and wait for 3 days , or you pay for happy mood seeing instant money shown in personal account.

I should point out that HSBC banking is free for typical usage.

[Wanderer]

Give them a call, odds are that they'd rather keep a customer.

WHS, especially if you have 10s of thousands in the account and a good personal credit record.

[TykeMerc]

I'm considering a switch from CA too - primarily because of the inconvenience of not having a debit card yet (I'm five months in, but given that I had some time at the beginning waiting for payments, it'll still be a while before I've got six month's worth of a £5K balance). I'd also like a secondary account for CT, which I think is probably too much trouble for CA as well. Not that I've called them yet on either of these points though, so I guess I deserve whatever I get for moaning aloud...

Give them a call, odds are that they'd rather keep a customer.

[matzie]

I'm considering a switch from CA too - primarily because of the inconvenience of not having a debit card yet (I'm five months in, but given that I had some time at the beginning waiting for payments, it'll still be a while before I've got six month's worth of a £5K balance). I'd also like a secondary account for CT, which I think is probably too much trouble for CA as well. Not that I've called them yet on either of these points though, so I guess I deserve whatever I get for moaning aloud...

[sy8111]

+1 HSBC

I used to be with Cater Allen. Service was fine.

The big deal was no faster payments (and neither do any of the Santander group I believe).

Since I personally bank with First Direct, I was able to transfer my salary/dividends within hours rather than 3+ days.

HSBC is average for general business banking.

Yes, there is trade-off everyone need to choose. Either you go for free service and wait for 3 days , or you pay for happy mood seeing instant money shown in personal account.

[too_many_details]

+1 HSBC

I used to be with Cater Allen. Service was fine.

The big deal was no faster payments (and neither do any of the Santander group I believe).

Since I personally bank with First Direct, I was able to transfer my salary/dividends within hours rather than 3+ days.

HSBC is average for general business banking.

[sy8111]

+1 generally, until they do their website upgrades and mess all the account settings up...

Oh, I registered recently when its website is already like this, so no exp with previous one. I find their current design is not bad at all. Fast and responsive.

[kaiser78]

I use Santander. Life time free banking, over 2% business saving account rate. It is not bad.

+1 generally, until they do their website upgrades and mess all the account settings up...

[sy8111]

I use Santander. Life time free banking, over 2% business saving account rate. It is not bad.

[Support Monkey]

another one for Cater Allen I have phoned them several times anthere always very good, the only downside is there is no interest unless you have a s**t load of money.

slightly of the point, i have a reserve savings account and i had not moved any money in for 6 months and i logged in one day to find the savings account with all my money in it had vanished so i calls them up and the fella advised if you don't use it for 6 months they hide the account if you then leave it for a year it becomes dormant and if you then leave it for 10 years the goverment get it, needless to say i setup some transactions to make sure it stayed in use

[jmo21]

+1 for Cater Allen.

Anytime I've needed to phone them, the call gets answered instantly, which is great, though a little disturbing - not used to a call being answered so quickly like that for a call centre.

[Wanderer]

I use Cater Allen. On the plus side, their website is OK and the account setup wasn't that difficult. I've never spoken to them or visited a branch (do they even have any?).

You can download your bank statements to your PC, say for importing to free agent but they will only go back 13 months and then you can only download 3 months worth at a time which is a bit sucky. They don't pay any interest unless you have a bazillion pounds in the account, but then again who does pay interest these days?

They offer a Visa debit card which is great for company expenses but there is a 6 month wait to get the card for new companies. If you transfer and you can show a balance >£5k for 6 months at your last bank then they will give you one straight away.

They also have Euro/Dollar denominated accounts if you do business in that part of the world so you can avoid the normal rip-off exchange rates that banks are so keen to offer us.

[FarmerPalmer]

Satander - no minimum balance and free banking for life.
I use them, and my wife used them for her business, with no problems.

[Waldorf]

Another Cater Allen user here, and very happy, my accountant sorted the account for me so speak to them as I think they can speed it up and waive any fees.