After about 7-8 months of running my own business from my personal bank account I have realised its bloody hard to keep track of whats what. I want to get a business account set up in time for the new tax year, I was wondering what bank everyone uses? What kind of deals you managed to get etc etc.
- Thread starter mfgs
- Start date
Welcome to the forum. Although you can post in any forum, the USA forum is here in case of local regs or laws
I use lloyds, I got free business banking for the first 18 months, you'd be better to shop around though as some accounts are better than others depending on what you want, e.g. I was going to switch to the COOP (as a FSB member you get free banking) but apparently their internet banking is pants so I decided to stay where I am for the time being.
i use santander, have free banking with very small amount of interest, had acc for years dont know if new accounts have it tho
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dontknowitall
I just pay the turquoise millionaires, through the nose so the sun can shine out through ...
Deals?
With these vulchers?
Deals?
With these vulchers?
M
MattWeth
I've just opened a business account with Natwest (only because my personal account is already with them and it'll make moving money between accounts easy with their on-line banking service). They're currently offering two years free banking to new business accounts. I'll review it after the two years.
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grahamgas
I use lloyds, but tbh I am looking at changing, due to the fees.
Probably going to use santander.
Probably going to use santander.
I switched from lloyds to santander to lloyds' costs. I have free banking now but a draw back is that their are way fewer branches so when I want to pay cash into that account I have to find one of their cash points to pay it in and they dont take it over the counter as I found out today......how strange.
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Sent from my MB526 using Tapatalk
I've been with HSBC for a few years now and find them good, they charge for paying cash in but if you pay it into a personal account and transfer it via the internet there's no charge.
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Guest123
I also am with Lloyds and as far as banks go, they are a good bunch. I moved from RBS as they were a nightmare to get anything done.
Shop around mate, even go on the price comparison websites.......Go Compare! Go Compare! .......
Shop around mate, even go on the price comparison websites.......Go Compare! Go Compare! .......
M
Mike Jackson
I had a big falling out with Abbey many years ago and although they've now changed names to that of their parent company I wouldn't touch them with a barge pole. My nephew banked with them until last year when he closed his account because of the way the mishandled his account.
I use the CO-OP internet banking via the fsb and to be honest they are very good. Always get through easy, speak to somebody british who deal with everything there and then. Only downside for me is no branches nearby which means paying in cheques etc via the local post office which just slows things down a bit.
You mean telephone banking? or actual internet banking? I like to see whats been paid in, when, outgoings etc. With Lloyds i see my statement on screen and can pay bills online at anytime without having to speak to anyone. I read a lot of reviews regarding the COOP internet banking and that's what put me off. I don't know how the telephone banking is but I don't really use that side.
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MattWeth
Slightly off topic but has anyone managed to persuade their customers to pay via internet banking money transfer?
When I saw my business banking bloke to set up my account with NatWest, he mentioned that on-line transfers were free, whereas you're charged for paying in cheques and cash etc.
When I saw my business banking bloke to set up my account with NatWest, he mentioned that on-line transfers were free, whereas you're charged for paying in cheques and cash etc.
No i use internet banking for paying all my suppliers, recieving bacs etc and have to say that it is superb generally. The telephone bit relates to any questions etc that i need to know and as previously posted they are always on the ball. Was previously with HSBC who wanted to charge me and any query meant dealing with somebody in India etc and with my Yorkshire accent and their accented english it became a nightmare - i don't know who understood each other less.
I have my sort code and account number on the bottom of my invoices and always try to persuade them to pay by bank transfer or card. I hate the fact banks charge me for paying money into them!
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dontknowitall
I've a fair few customers who pay me via internet banking. I encouraged it from day one.
Faster clearance, no writing a pay in slip, no driving to the bank, no parking, no pay-in charge, no cheque charge, no worry about a cheque bouncing. Sometimes I knock a fiver off the bill as a cheque must cost me that in total.
Faster clearance, no writing a pay in slip, no driving to the bank, no parking, no pay-in charge, no cheque charge, no worry about a cheque bouncing. Sometimes I knock a fiver off the bill as a cheque must cost me that in total.
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Guest123
Matt an easy way to take credit card payments from your customers is through Paypal. If you add a 2.5% surcharge on credit card payments to the final bill (as most retailers do) this will cover the Paypal fees.
You can of course get a dedicated card payment company with a card machine like Streamline, but it is very difficult for a new business to obtain these facilities until they have built up a good credit score with Experian.
A lot of my customers prefer to pay by card and even a debit card due to the convenience and not having to physically withdraw the cash. If it's a very expensive item that they're paying for, they can use a credit card and pay it up in instalments.
If you have your laptop with you and you have internet access, you can invoice them via Paypal and they will pay you straight away with their card. Set up a Paypal business account first to do this and then follow the easy to follow instructions about payment methods.
You can of course get a dedicated card payment company with a card machine like Streamline, but it is very difficult for a new business to obtain these facilities until they have built up a good credit score with Experian.
A lot of my customers prefer to pay by card and even a debit card due to the convenience and not having to physically withdraw the cash. If it's a very expensive item that they're paying for, they can use a credit card and pay it up in instalments.
If you have your laptop with you and you have internet access, you can invoice them via Paypal and they will pay you straight away with their card. Set up a Paypal business account first to do this and then follow the easy to follow instructions about payment methods.
T
TBServices
I use Santander, was recommended by a mate, as its virtually free as long as you're under a certain turnover threshold. Another benefit is there are 2 branches in my local town centre so paying in cheques isnt a hassle. Never had a single issue with them yet.
Ive been with Co-op for my current account for years and think its a great bank, only the fact there's no local branch put me off having my business with them.
Ive been with Co-op for my current account for years and think its a great bank, only the fact there's no local branch put me off having my business with them.
Around 90% of my customers pay me by internet banking, I just include the bank details on my invoice. There's the odd couple who pay me by cheque, usually for smaller jobs though. I am so bad at getting to the bank to pay cheques in as my nearest branch is 6 miles away. Probably going to start refusing cheques soon I think. I get so little custom from them and a 12 mile round trip plus parking to pay in a £60 cheque is a real pain in the rear.
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sparra1100
am with hsbc and they seam ok guuner shop around tho and see whats out there when i get a chance,i also get paid straight into my account by customers then you paid then also use paypal
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