Reply to: Best Bank

[GeorgeGregan]

I'd also go with Nat West...I'd say they are fairly average...but the back office team is so incompetant, that I've had free banking for 3.5 years. They just twigged and wrote to me....that was a number of months ago...but they're still such a bunch of numpties that they haven't actually got round to introducing charges I reckon if you start with them now, then 18 months later they'll get you...but you never know....

I went with Natwest because I thought having had a personal account with them for four years opening a business account would be trivial. Boy was I wrong.

Brought in all the required identification to the nearest branch, it was all photocopied and certified, and I was told I'd hear from them within a week. Three weeks later I'd heard nothing so rang them up and was told that things often get lost in their internal mail and to apply again. Duly did so, waited another three weeks, again nothing, ended up having to send the originals by registered post directly to their business banking section. Even then it took a few more weeks so I had a pile of cheques I couldn't cash and a looming cash flow crisis.

The best bit was once when I rang them up and asked to be put through to the business banking account opening team, I was told that they can only be contacted by fax from within Natwest as they are outsourced.

[DimPrawn]

Yes the call centre at Cater Allen is like a gentlemens club of highly educated types eager to serve you. Plus the odd duff northern bird thrown in.

Internet banking just to get a fast (exportable) list of current transactions would be great though. I have about 100 transactions a week on one of my (non IT contracting) business accounts and it's a right pain asking someone to read through them!

[hyperD]

I use Cater Allen and they are very good but the lack of internet banking is a pain. You'd think they would have sorted that out by now especially being part of Abbey who do have internet banking.

Oh come on... this internet banking thing is just sour grapes.

One phone call, answered within a few rings, english speaking (not bangalore monkey), account number, company name, director, 2 letters from security code and...

"How can I help you?"

Me: "Transfer this, transfer that, setup this, setup that" etc

All done in under a minute.

The alternative is Internet banking... username, memorable name/event, security code letters x 3, willy size, last time you banged your wife, boyfriend, monkey.... waiting...waiting...waiting... avoiding 404s etc click click click typey typey typey, backspace, wait until tomorrow for authorisation, click, click, backspace, refresh..., reconnect, ... etc

Yawn...

Normally on a website, good vs phone, but Cater Allan - specialise in good, efficient telecon.

All you winging techno-temps... are you working for Huxley or something?!?!?!?

[andy]

is there any other bank which pays better interest than cater allen ?

[oxtailsoup]

I use Cater Allen and they are very good but the lack of internet banking is a pain. You'd think they would have sorted that out by now especially being part of Abbey who do have internet banking.

[ladymuck]

I'm with Abbey, use the Internet banking a lot and it works well. I have current and deposit accounts with them and move quids between the two to maximise interest earnings. There are no charges as long as you operate within what I think are very reasonable limits.

Apart from them taking a fair few months to understand that I want statements to be issued monthly on the last day of the month, I have had no problems at all with them. Set up of the account was quick (within two weeks) but that may be because I have held a personal account with them for about 10 years. In comparison, it took A&L nearly two months to set up an account (which I have never used).

Transfers from the business to personal account happens overnight. A tad annoying because I don't see why it can't be same day but it's better than the min 3-day cycle I would get if I kept the business and personal accounts with separate institutions.

[BOBJ]

I'd also go with Nat West...I'd say they are fairly average...but the back office team is so incompetant, that I've had free banking for 3.5 years. They just twigged and wrote to me....that was a number of months ago...but they're still such a bunch of numpties that they haven't actually got round to introducing charges I reckon if you start with them now, then 18 months later they'll get you...but you never know....

[j4b3]

As someone mentioned, check with your personal bank to see what deals they have. My personal account is with Natwest and because of this I get 18 months free banking, plus internet access etc.

[Darren@UptonAccountants]

Banks

Spoke to the local Cater Allan rep a few months ago, he did advise that their internet banking is imminent and would expect it to be up & running shortly in the new year. Other than the internet banking, their product is pretty good.

Why not run both, have a high street bank (e.g. RBoS, A&L, Lloyds, etc) for day to day transactions with the internet banking and have a Cater Allan running alongside for tax/vat savings.

[pickle]

Another one

Another cheer for Carter Allen.

Telephone banking is great, zero charges and wads of interest (worth over 2k this year to my ltd). I HIGHLY RECOMEMND.

(Note: If your accountant/advisor signs you up I think they get 0.5% trailing commision on your balance each year, which is a nice earner for them too. I think they have the "option" of waving some or all of this commison and having it added to your intrest payment - if you can strong arm them on it.)

[Diestl]

They sound great, although the lack of Internet Banking is a major issue for me, although phone banking would be acceptable if they planned on implementing IB in the future.

[bobhope]

Have to agree, Cater Allen were the best bank (both corporate and personal) that I've ever used. Good service, no screw-ups, their fixed term deposit rates were fairly near money market rates too.

[Viktor]

I use HSBC and I'm on free banking at the moment, but after you can use :

http://www.hsbc.co.uk/1/2/business/a...usiness-direct

you have free banking, internet & telephone banking etc.

Regarding cash with HSBC you can use a standard business savings account or a high interest business account if you have over 5.000 cash savings (above 4 % interest). You have all details on the website...

[Spartacus]

The advice to go to the High Street sucks big time. All accounts are not the same. I use Cater Allen myself and highly recommend them. No charges and a rate of interest that blows virtually all other business accounts away.

The lack of internet banking is at best a minor inconvenience. Their call centre is on-shore and probably the best I've used. It is directly answered by an English accented human being within two or three rings every time. No IVRs, no menus to navigate, just some bod who answers the phone and asks you what you'd like to do.

[DimPrawn]

I pay no bank charges with Cater Allen on my IT contracting company account and actually earn over a £1000 interest over a year, so if you don't fancy a "free" grand, go with the highstreet business bank account and pay 50p everytime you write a cheque or £1 every time you receive a BACS payment.