I'm after a business bank account that will allow me to pay in cheques and deposits, and make withdrawals of cheque and deposits, without incurring any charges - can someone recommend an account that would allow me to do this?
I'm not concerned with earning interest or overdraft facilities, just want a no nonsense no-frills business bank account without paying any of the hefty charges.
Thanks
This might suit your needs
I think HSBC have free banking for a year.
Thanks Peter. It says it free only for the first 18 months.
Looks like Abbey National do a good deal, can't see any drawbacks
Cheers
Abbey National Business gives you up to 30 or so transactions per month free, it also pays interest.
Well I did say it might be of interest! Seriously though you are going to find it very difficult to find a completely free account for business. 10 per month flat fee sounds quite a good deal since the whole amount is of course tax deductible.
As the OP has discovered and I have confirmed the Abbey Business account is free for a limited number of transactions per month. The number of transactions is perfectly adequate for many types of small business (probably not retail, but most others I would guess) and the account actually pays a non-derisory rate of interest on the balance in the account.
My Abbey account has actually paid me a few tens of pounds for having it over the past 18 months. OK, I might have made a few pounds more if I'd transferred money to better interest bearing accounts as and when it was available but I have better things to do with my time. As it is a business account that works well and really costs nothing it has much to recommend it.
They all have free banking for a year,
But if you just want an account to pay into and write cheques out from, you need free banking in year: 2, 3, 10, 25, something that the majors just don't seem to think should exist
tim .
Swordfish blarted:
Abbey National have been very good with my account, very light-handed on charges when I have sccidentally slipped overdrawn - just one fee of £15
-not lots of repeat charges. Also once let me get a cash advance of £200 on a Friday against a chq not due to clear till the Monday, despite not allowing overdrafts.
Couple of snags:
1) They don't like you paying in cheques over the counter, you have to do it by post or thru hole in the wall - which adds at least a day to cheques clearing - 5 instead of 4 (sometimes more because of post). I get round this by going to the counter and saying the cashpoint won't take my card due to being near a magnet and yes I have ordered a new one and business banking said it would be ok this once to pay over the counter. (This might not be possible at all with new accounts, I'm told that new accounts arn't listed on branch systems - so they have no way of inputting the cheques). 2) They issue an Electron card which is pretty well accepted but not everywhere.Other than that great, you get free internet banking as well.
"George Edwards" wrote
They gave my company a full VISA *Delta* debit card ...
I just took a look and that's what my Abbey Business account gave my company too. It's just a two person company though we've been in business 17 years now.
wrote
Two-person company here too, but a completely new start-up ...
Tim blarted:
Ah, mines a one man band (account opened some 5 years ago), so it might be the age of the account or the fact that its not limited.
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