Reply to: Business bank account - do you pay?

[d000hg]

But do they pay any interest on business savings accounts. Barclays only pay a paltry 0.5% (for any month in which you don't take money out of the savings a/c)... not much but it adds up if you have a few mil in there

My account pays 0% I _think_, but you get a free savings account you can transfer money in/out freely online - the longer you don't withdraw money, the more interest it pays. Still crap, but you can get _something_.

[psychocandy]

Mrs is with Santander for her small business..
Free but only annoying thing is you cant pay in over the counter.

Tried it - they wont do it. They make you the cashpoint machine to pay in. Now I've no issue paying in cheques this way but for cash I'd rather have a proper receipt with a total on rather than just stuff it all in a sealed envelope.....

[TheFaQQer]

Wondering whether most ppl here pay for their business bank accounts? I am on a 18m free banking deal, that'll be up in june. I just looked around to switch but looks like most banks offer just 6 months for switchers? Switching every 6 months is such a pain! No option but to pay ???

Have never paid, and don't intend to. Was with Abbey, now Santander.

[backagain]

My ltd co is with Santander which is free, not sure if they offer free banking to new customers anymore (check their website).

I know HSBC do, providing you do everything online, get paid via BACS, using standing orders, and don't do cheques, etc etc.

Check out "Business Direct" on their website.

I am with HSBC too. Very good. They do charge you for the Corporate Credit Card after the first year; think its 33 quid per year. Other than that happy to stay with HSBC.

[psychocandy]

Ye Cater Allen are a good option! Been with them a while now.

Yep. OK. Free and that.....

Didnt know it costs after 30 transactions though?

Only thing is it costs 8E to recieve a payment into my euro account (in euros), and their rate to change up to linked sterling account is tulipe. I transfer the euros out to currencyfair.com, convert it, and pay back into sterling account (and they charge me 29E for an outgoing euro transfer but its free for sterling incoming) and I still get a better return.

[psychocandy]

But do they pay any interest on business savings accounts. Barclays only pay a paltry 0.5% (for any month in which you don't take money out of the savings a/c)... not much but it adds up if you have a few mil in there

Average of £13200 in account for the year at 0.5% = £66 = £5.50 a month doesnt it?

[Support Monkey]

But do they pay any interest on business savings accounts. Barclays only pay a paltry 0.5% (for any month in which you don't take money out of the savings a/c)... not much but it adds up if you have a few mil in there

Over 50K but its pretty poor, Cater allen are part of Santander

[ChimpMaster]

Ye Cater Allen are a good option! Been with them a while now.

But do they pay any interest on business savings accounts. Barclays only pay a paltry 0.5% (for any month in which you don't take money out of the savings a/c)... not much but it adds up if you have a few mil in there

[NickWallace87]

Ye Cater Allen are a good option! Been with them a while now.

[aceboy]

+1 for cater allen

[blinko]

Cater Allen, free under 30 transactions per month.

[kingcook]

Oh and Lloyds have a free banking option as well apparently. It's been mentioned here before (so do a search) and when I looked at their business banking site it mentioned it with the fee structure.

This sounds good, but i can't find it.

[SueEllen]

I know HSBC do, providing you do everything online, get paid via BACS, using standing orders, and don't do cheques, etc etc.

You can do some cheques every month but you definitely cannot deal with cash as in handing in loose change over the counter otherwise they charge you extra for it.

Oh and Lloyds have a free banking option as well apparently. It's been mentioned here before (so do a search) and when I looked at their business banking site it mentioned it with the fee structure.

[d000hg]

I have accounts with both Santander (was A&L) and HSBC. All are free and always have been, with the exception of the $US account I have with HSBC, which as a 'special' account charges $5/mo.

[ChimpMaster]

Barclays charge £5.50 a month but the hassle involved and my apathy towards this prevents me from moving to another bank.

They have business savings accounts, in which I keep most of my money and earn 0.5% interest, which easily offsets the monthly fee and then some.