Bank accounts

[Millsy 82]

I am looking at setting up a business bankaccount as at the moment I just use my personal account which when I first set up I found it easier having everything going in and out, but now I have more money going in and out both business and personal it is doing my nut in.

I spoke to my bank the co-op about what they can offer me and was given 3 options

1st was free for 18 months as long as I keep it above £1000.00 credit which when I said I will probably drop below £1000 from time to time, in this case it became quite expensive with debit payments become 70p per transaction and as I dont have credit accounts anywhere I can make loads of payments in a month so off an average of the last 3 months it would cost me £370.00 a year!

The second option was out as it was more for companies dealing with large amounts of cash.

the 3rd was free banking as long as I am a member of the fsb (which I'm not at the moment) but this worked out the cheapestas it would be £160 for the first year (I'm guessing plus VAT) but then I get free banking unless I bank over £2000 of cash in a month then it is something like 75p per £100.00. I dont deal with huge amounts of cash and can pay myself out of the cash if I need to so I can avoid that.

Are these charges about normal or should I do more shopping around as I've only looked at a couple of banks so far.

 

[rpm]

The co-op bank and being a FSB member is a popular way of doing things and the FSB can be helpful should you need help or advice, believe you can also pay cash in via a post office and pretty sure Masood amongst others are co-op / FSB members.

 

[Howsie]

LLoyds.

 

[mountainman]

How about setting up a second personal account just for business purposes!

 

[Millsy 82]

LLoyds.

I get the feeling lloyds wont touch me with a barge pole due to money problems a few years ago.

 

[Millsy 82]

How about setting up a second personal account just for business purposes!

I have thought of doing that. Although I do feel I get stared at when I go into the bank and pay in a few thousand worth of cheques lol.

 

[Millsy 82]

The co-op bank and being a FSB member is a popular way of doing things and the FSB can be helpful should you need help or advice, believe you can also pay cash in via a post office and pretty sure Masood amongst others are co-op / FSB members.

I did have a brief look through their website, going to look again later when I finish.

 

[hammers4spanner]

I just use my own personal account find it easier.

 

[mountainman]

I have thought of doing that. Although I do feel I get stared at when I go into the bank and pay in a few thousand worth of cheques lol.

Give them to me, I promise not to Stare lol

I did have a brief look through their website, going to look again later when I finish.

 

[rpm]

I get the feeling lloyds wont touch me with a barge pole due to money problems a few years ago.

Reckon they would take your money now though.

 

[woodsy]

I do Coop / FSB banking. Internet banking and cheques / cash paid into my local post office. Call centre is in England and have found them to be superb with queries - slightly dear first year but approx £100 - no vat after that with the FSB membership as a bonus if ever needed. Also give you a £25 bonus every year too.

 

[Masood]

I also bank with Co-op and have FSB membership. All banking free as long as you're not paying in vast amounts of cash. Slightly faffy paying in through the post office as you have to fill in paying in slip, then a special envelope etc (I think! - I've never done it as it seemed a pain in the 'arris).

FSB membership is OK - you get local networking events which have led to some work. Free legal advice, discounted insurance etc. £25/year loyalty bonus helps offset the cost of FSB membership.

 

[gassafe]

Lloyds business very good, free for 18 months and then a charge of like 75p per cheque or 80p per 100quid of cash...

Why can't you keep 1k in the business account & stay with co-op

 

[Ch4 plumbing]

plus 1 for Llyods, easy to deal with on a day to day basis.

£5000 overdraft costs £100 a year set up then % as and when you use it.

 

[Ray Stafford]

If you have a local branch, try Handelsbank. Proper, old fashioned service. You actually get a proper bank manager, one that you can talk to, and whose personal direct dial and mobile numbers you have.

In my recent house move, my bank manager actually visited the house I was buying. They also take a genuine interest in your business. I couldnt recommend them enough.

 

[REDSAW]

If you have a local branch, try Handelsbank. Proper, old fashioned service. You actually get a proper bank manager, one that you can talk to, and whose personal direct dial and mobile numbers you have.

In my recent house move, my bank manager actually visited the house I was buying. They also take a genuine interest in your business. I couldnt recommend them enough.

HSBC bank manager does that for my FIL, makes house call within the hour!lol

no bank can refuse you an account so i believe!