Cater Allen Account - help !

[Grimboyd]

Tier Gross rate p.a /AER

£100,000 plus
3.50%

£25,000 up to £99,999
2.75%

£10,000 up to £24,999
1.75%

£5,000 up to £9,999
1.25%

£1 up to £4,999
0.75%

[PorkPie]

I recently started contracting and went with the Abbey. They took about 3 weeks to get setup, but offered a free banking - we also received visa debit cards for current account and cash cards for business reserve withing a month - and no balance in teh accounts

Yeah, but what interest are you getting with this?

[johhnysalad]

I recently started contracting and went with the Abbey. They took about 3 weeks to get setup, but offered a free banking - we also received visa debit cards for current account and cash cards for business reserve withing a month - and no balance in teh accounts

[Ruprect]

definately try the accountant - they can usually circumvent the 6 month thing, esp if you have sufficient funds.

[poser]

im going down the same route, and cant be bothered with another statement, at the end of each month.

Also you can get cards that dont charge monthly, most companies will imprint your company name onto the card, and if you lose it and theres no money on it, your not that open to fraud.

[Jog On]

They told me not to apply for one until the company had been trading for at least 6 months. The forms I got through told me not to bother applying unless the company had been trading for at least 6 months with a minimum balance of at least £5k…..

wot about pre paid debit cards?

I know they charge everytime you use them, can you put this charge through as an expense?

I'm considering this in the meantime, I thought for a monthly fee (about a fiver?) you could use it as many times as you want. It would be a lot tidier than paying things out of personal finances -I want to separate business expenses from personal finances altogether. One for the accountant I think!

[poser]

wot about pre paid debit cards?

I know they charge everytime you use them, can you put this charge through as an expense?

[DaveB]

CA normally require you to have operated the account for 6 months before the dish out a debit card. In the mean time you can pay for stuff yourself and claim it back as expenses anyway. At bit of a faff but it works.

[Ruprect]

Should be able to get a debit card no problem - have you got an accountant? They can probably sort this out for you.

[lukemg]

Got a Cater Allen reserve account to run the LTD co cash through. Got a cheque book but no debit card which is mostly fine but a bit awkward for buying stuff e.g. satnav, online stuff, booking hotels. Anyone is a similar boat, have you got another current account, or will CA cough up a debit card if pressed ?