Small Business bank accounts

I hope someone here can help.

Can anyone recommend a website that compares the different high street and online bank accounts pertaining to business accounts?

Plenty of stuff on personal current and deposit account but I've been unable to find any comparisons for the small business.

Many thanks.

Reply to
Philip de Cadenet
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Is it essential to have a business account? Why not operate through an ordinary current account which costs next to nothing?

Rob Graham

Reply to
Rob Graham

It depends on the current account name and the level and type of activity - as well as if it is allowed!

Reply to
Peter Saxton

Hello,

I suppose if I traded under my own name then I could get away with running a personal account.

I also have a Barclays Merchant account which I'm sure would not go down to well with a personal account!

What I'd like to find is either an online forum or newsgroup where I can find out what other small business owners have done to reduce bank and other charges. Also to bounce some ideas about.

Any other suggestions?

Reply to
Philip de Cadenet

Abbey National I use, pretty good with online banking, snags are: Visa Electron card supplied with account not accepted everywhere. You are only supposed to pay in via hole in wall which adds a day to the process - 5 days instead of 4

Reply to
Take a Walk

I'm currently with Barclays and their business account does give me a visa debit card which is acceptable everywhere.

I'm also happy that it's a debit only card!

What I suppose I'm looking for is to save on my current bank charges.

Reply to
Philip de Cadenet

Don't pay any charges with Abbey National unless go overdrawn.

Reply to
Take a Walk

Is that true with their business accounts???

Reply to
Philip de Cadenet

Yes, mine is small business account - just reading the latest blurb:

Two tariffs, one completely free within defined transaction limits, other free for 18 months followed by competitive charges- this is for higher volume banking. Interest on credit balances forever guaranteed.

Reply to
Take a Walk

Sounds good to me. I have a branch approximately 100m down the road!

I think the interest on credit balances is rather immaterial but I suppose all the pennies add up.

Thanks.

Reply to
Philip de Cadenet

Is that miles or metres?

Reply to
Peter Saxton

Not a comparison but I've been using an Abbey National business account for my Ltd. company for the past year or so and it seems to work OK and it's free, unlike just about all other Ltd. company accounts. It even pays interest on current account balance.

It's only free for a limited number of transactions (30 to 40 a month or so I think) but that's no problem for me.

Reply to
usenet

Yes, I think they're just about the only free business account at the moment now that Flemings/Cater Allen have gone (odd, since Cater Allen are Abbey National anyway).

Reply to
usenet

Well it was '3% until Jan 2003' according to the out of date stuff I have. Dunno what it is now. As I said, the only snags are: You must pay in by envelope in cash machine which takes 5 days instead of

4 - but I get around this by paying urgent cheques over the counter telling them 'my card is knackered-machine won't take it' You can also pay in by post. The Visa Electron card WAS accepted almost nowhere, but in the past 12 months things have improved and probably 60% of places do take it

- so you have to shop around if its your only card.

I don't use an overdraft, so have only got hit a couple of times for bounced cheques, so I don't know what they are like if you consistantly run the account in o/d conditions.

Reply to
Take a Walk

Hi Chris,

Thanks for that second recommendation for the Abbey.

Reply to
Philip de Cadenet

Since no-one else has got there yet - try the Business Account Finder from The British Banking Association/Business Moneyfacts

Daytona

Reply to
gspark

Hi Daytona,

Thanks for that.

I'll go check it out.

Reply to
Philip de Cadenet

I just tell my bank that they make enough interest from my float compared with what they pay me in interest, so I don't want to see any changes on the account thank you very much.

Occasionally, they need reminding of this agreement, but it's been fine for the last four years.

SE

Reply to
sunny edinburgh

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