winston69

iTrader: (30)

Which banks are offering the best deals for business accounts? Misses is setting up on her own but don't know who to hold with, so many ins and outs...

Any advice greatly appreciated

Thanks

Boro

iTrader: (1)

I think most offer free banking for at least 12 months. I know Lloyds TSB do.

Chip

As do Natwest.

winston69

iTrader: (30)

Think most offer two years free banking but what else is there to consider?

Chip

I had 2 years with Natwest til April of this year but even now it's only about £5 month so not expensive really.

ScoobyWon't

I use Barclays. Free for 12 months then tiny charges that you can easily avoid by using online banking.

dpb

Is this actually about business loans?

winston69

iTrader: (30)

Nope or the thread title would say, 'best place to get a business loan?'

donny andi

iTrader: (3)

I'm with rbs , wouldn't recommend them to anyone

winston69

iTrader: (30)

Why not pal?

Osimabu

iTrader: (2)

Mine's with Santander, opened when they were Abbey, and I've been very happy with them for a number of years. There are no charges at all within certain limits, although I don't know if that particular account is still open to new customers.

shooter007

You do know that there is no law stating that a buisness must have a buisness account. The only person who wants you to have a business account is the bank manager. Just open a new personal account and use that for your business. If you decide you do want a seperate business account, just put all your takings into your personal account and transfer using internet banking,Banks are there to help themselves not YOU.

winston69

iTrader: (30)

Being able to have an account in the business name would be better for receiving payments etc ideally

shooter007

Why would it? I have been self employed for 10 years. Opened a business account and the charges were 1st year free. Then the charges started. Pay for paying in, cheques in, bounced cheques, money taken out, statements sent out etc etc........pay into personal account and transfer.....= no charges. Hmrc may frown on it if they do an investigation, but thats only cos they have to work harder to find your money. lol

dpb

Same for twenty years, there's a certain amount you can run through personal before they start asking questions also.

winston69

iTrader: (30)

So who to go with?

shooter007

Totally agree but you have to be canny,and on that note good night to all and take care steve.

Kuohu

Recently done it with Barclays and it was all quite painless. Had to have an appointment with them in branch, at which I expected them to try to upsell everything in the book. But I think I made it quite clear that I just wanted a current account and a savings account, and that was it.

That said, they did lure me in with the offer of 2 years free banking but you have to buy some of their extras to get this deal. So it ends up at just the 1 year free in the end.

The business accounts appeared as an extra tab on my existing Barclays online banking. Again, all very simple and painless.

Osimabu

iTrader: (2)

Try Santander, as I said earlier.

Carlh

if the business is going to be relatively small, say run from home. I dont see why you cant use a savings account with the ability to withdrawal anytime you want, with paying the £200-£300 a year in charges just for them to make money out of your money.

Dave1980

good point, i am registered as a sole trader and just set up a seperate account from our joint account to make it easier to keep track of come tax return time. as far as i can see there is no legal need or benefit from having a business account if you are a sole trader.

sure someone on here will clarify that either way though

winston69

iTrader: (30)

Is this true?

hodgy0_2

yes

shooter007

yes

winston69

iTrader: (30)

What about having a business name and wanting payments paid for that name?

dpb

Trading as

EOEUMC

iTrader: (5)

I have a free business banking account with HSBC. Its free for 18 months and tbh so far so good. I have around 7 months left of it but then I will be looking at either getting it free for some more months (if poss) or I will be looking at moving it somewhere else. I always thought that Barclays was supposed to have a good business accounting system?

hodgy0_2

mmm, banks may deem that as having all the leading indicators of a "business account"

unless you changed your name to Mr Trading As

fergal69

My wife is self employred & had a buisness account that wasn't living up to the advertised expectations.

After speaking to HM Revenues, she was informed she doesn't need a specific business account, but could use any normal bank account as long as it only had buisness transactions going through it.