Reply to: bank account

[MickeyP]

They gave MyCo a Reserve Account. Free if there are less than 20 transactions a month (I think) which has never been a problem. The difference between the rates on that one and the Asset30 account make it not really worth running two accounts.

I agree with Gonzo. Why bother with the asset 30 when, as it's name suggests, it's a 30 day notice account? The reserve account has a plenty healthy enough interest rate.

[Lewis]

They gave MyCo a Reserve Account. Free if there are less than 20 transactions a month (I think) which has never been a problem. The difference between the rates on that one and the Asset30 account make it not really worth running two accounts.

You could gain:

1.19% AER on balances between 5k and 10K
0.63% AER on balances between 10K and 25K

If you can open an Asset30 for free why not. I used to be with them when they were Flemings, it was easy to phone up and move from one account to the other. You just need to give 30 days notice before taking money out but like you say you always know when you are going to need that CT and VAT money.

[Gonzo]

Yep absolutely. If I was using Cater Allen I would move VAT, CT and monies that will go as dividends into an Asset30 account to get the better interest. So theoretically the Corporate Account could go below 5K quite regularly. Leaving the VAT and CT in the Corporate account with its terribly low rates would not be the best option. Althought I am now thinking a combination of BOS Business Account and CA Asset30 account is best :-)

They gave MyCo a Reserve Account. Free if there are less than 20 transactions a month (I think) which has never been a problem. The difference between the rates on that one and the Asset30 account make it not really worth running two accounts.

[Lewis]

I wouldn't have let that put me off. The only time that MyCo's account had less than £5000 in it was before the first ever invoice was paid.

Remember that you will have VAT money in the account for up to 3 months and CT money in the account for up to 21 months before you have to pay either of them. If you find that you have spent those and taken the balance down to zero then you are going to be in trouble.

Yep absolutely. If I was using Cater Allen I would move VAT, CT and monies that will go as dividends into an Asset30 account to get the better interest. So theoretically the Corporate Account could go below 5K quite regularly. Leaving the VAT and CT in the Corporate account with its terribly low rates would not be the best option. Althought I am now thinking a combination of BOS Business Account and CA Asset30 account is best :-)

[Gonzo]

It's the zero interest on balances of <£5000 that put me off Cater Allen.

I wouldn't have let that put me off. The only time that MyCo's account had less than £5000 in it was before the first ever invoice was paid.

Remember that you will have VAT money in the account for up to 3 months and CT money in the account for up to 21 months before you have to pay either of them. If you find that you have spent those and taken the balance down to zero then you are going to be in trouble.

[Sausage Surprise]

Another vote for Cater Allen from me - online banking is limited but serves it's purpose no problem. The telephone service is very good though.

[reddeagle]

I have my personal accounts with barclays and they are grand

does carter allen have walk in braches or is it all over the phone

[Bagpuss]

I've been with them for 6 years (back when they were Fleming Premier banking)

The call advisors are superb, and you always get through quickly. The Online banking is a little limited as yet but as Greg says it's a pleasure to speak with them.

9/10

[Old Greg]

I'm just filling in my cater allen application form now and there's a box to tick should you require online banking. HTH

Cater Allen now have on-line banking which works fine, but I still like to phone just for the pleasure of the delightful customer service.

As the OP says, they don't offer interest if you have <5k, but as I always have VAT and CT obligations, I always have >5k in there.

[bellymonster]

Just to add the flip side to the Cater Allen praises, I had nothing but trouble with them when opening my account. They took so long I had to cancel the request, but this did not stop them opening an account for me 2 weeks later.

They cashed my cheque and it took 8 weeks and lots of phone calls to get it back. I was promised so many times that it would be sorted and I'd get a call back but it never happened until I threatened the small claims court.

On the other hand I have a contracting friend that has found the service excellent so I might be unlucky.

For speed and service my vote goes to HSBC. Account created within an hour and cheque book & card received within 3 days.

[VectraMan]

The accountant won't set up the account for you. All they'll do is send you the forms, possibly partly filled out, and you'll still have to send them back with ID etc.

FWIW I got a Barclays account provided by the company formation agent I used, but I always wished I'd just walked down to my local branch. It would have been easier.

[TheFaQQer]

Seconded!

Their internet banking is good, but I've had some problems with my account with them.

Took them ages to open it, they didn't send me a card (the only way to operate the account), said that I'd asked not to have a card (which you can't do), and the worst mistake was that they taxed the business account as if it was a personal one!

[Lewis]

I use Bank of Scotland. Set up account in a few days. Got internet and telephone banking plus rates of 2% minus base (currently 3.82% AER) on everything. It's free for a year but when I compared to other banks even with charges it was better than the rest because of the high interest rate (for the balances I expect to be in the account). It's the zero interest on balances of <£5000 that put me off Cater Allen.

[MickeyP]

I'm just filling in my cater allen application form now and there's a box to tick should you require online banking. HTH

[r0bly0ns]

Carter Allen online banking

They didn't last year (which was why we went with HSBC), but apparantly it was due to be launched early this year, don't know if it has been yet though....