Business bank accounts

[rocketmanbkk]

Hi Friends

As a one man band & not earning loads I use my personal nationwide current account.

I pay in cheques, receive & make electronic transfers.

I never have any cash to pay in & I pay for everything with my MasterCard which I pay off via my bank account (again via electronic transfer).

I'm looking at getting a dedicated business account.

I know they'll cost me a monthly charge depending on what I pay in etc.

So what's the best bank with Internet banking & a reliable phone app that have reasonable charges?

I see Barclays offer free fees for the first year but years ago I left them because of their service. But that was before Internet banking.

Also, as small businesses do you have seperate dedicated business accounts?


Cheers all

Rct

 

[townfanjon]

Morning rct, I am with the Yorkshire bank ( probably not a branch near you ) and TBH they are spot on, I used to do Barclays, nat west etc, I think they take the pi** on their charges. My monthly service bill from the Yorkshire is between £15/£20 quid. Nat west tried to charge 3 times that.
I obviously have mine and herin doors's accounts there too.
it goes without saying my main cash deposit is under the floorboards though LOL

 

[rocketmanbkk]

Thx for your reply. I'll have a look today online. Think I have a Yorkshire in town.

Is £15/£20 what I should be paying ish?

Do you do your stuff online or in the branch?

How about direct debits for phone, NI etc. Easy to swap I suppose?

Thanks

 

[mfgs]

Most banks are offering the first 18months free. I set up a business account recently with HSBC, I only really chose them for ease as I already had my personal account with them so saved a bit of paperwork.

 

[R.Oak]

Natwest offer free business banking for two years. Not a bad place to start.

 

[parkesy_plumb]

do you HAVE to have a business account? I dont have one ...

 

[Millsy 82]

do you HAVE to have a business account? I dont have one ...

I just use my normal account at the moment. If I start earning more then I will set up a business bank but at the moment it is easier to have all my money (not that it's a lot lol) in 1 place.

I looked at hsbc and they give 18months without charges and then you have 2 different types 1 where you don't get charged for bank transfers, debit card, direct debit transactions etc. so for me that would of been best.

 

[Masood]

Have a look at Co-Operative bank as well. Free for 18 months and then if you're a member of the Federation of Small Businesses (well worth it!) it stays free. If not then you pay about £12/month plus various charges for card transactions etc.

 

[rocketmanbkk]

Thanks all.