Business bank account recommendations

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Hmm, have rung all the places I can find and they all seem to charge either £6 or £7. Oh well, just have to put up with it I guess :shrug:

Probably go with Co-op as I have another account with them already.
 
I know it's not about personal banking but if anyone's thinking about switching their own accounts then I can't recommend First Direct highly enough. They have been superb since I switched from Barclays three years ago.
 
+1

I've been with FirstDirect almost since they launched and have never had a reason to complain. About 20 years ago we were struggling for one reason and another and the bank were incredibly supportive and despite being telephone only then I had a named person I could always talk to.

Obviously that was a long time ago and perhaps no bank shows such forbearance now, but day-to-day customer service remains just as good as it ever was. Online has been totally glitch free for me.
 
Same experience for me. The telephone service is superb and their customer management systems are up to date with every interaction so there's no explaining when you call up. Plus their agents are all based in Ireland so there's no translation errors. They were very helpful when I was in financial chaos/limbo two years ago. The online and mobile apps are great too.
 
Another happy First Direct personal banking customer here. Their customer service is absolutely superb. I thought all banks were just a bloody nuisance until I joined them and I just couldn't believe the crap service everyone else gives out has become the status quo. I never have to wait more than a few rings to speak to a real person and they're just helpful and friendly beyond belief.
 
A little bit of info. May/may not be helpful.

www.bytestart.co.uk/sole-trader-bank-account.html

As a sole trader (or if you are in a partnership), your personal and business income are treated as one for tax purposes. There is no legal obligation to set up a separate account for any business income, although the terms and conditions for your current account may restrict its use for business purposes.

...

2. Some banks will not allow you to use your personal account for business purposes. More likely than not, this is to ensure that you don’t escape paying a monthly tariff on your business transactions.

The buggers...

Obviously different for ltd/llp - as independent legal entities; lower accounting fees, and less hassle may more than offset banking charges.
 
Really useful reading. I need to setup a business account for my business... has anyone any updates since this was last discussed?
 
2 years on with Triodos Ben and I haven't a single complaint against them. A minor gripe is that one can't obtain a card through them but since almost every transaction I send and receive is via BACS/FPS, it's really never been a problem. Having to pay cash from a float or my own pocket is a bit of a nuisance but I guess it depends how much of an issue this would be for yourself.

I've found their customer service to be brilliant and they even supply a landline number to call them on.
 
We use Lloyds who have been good. Think a lot of the banks have a free 1 year trial period which could be a good option.
 
Back on this quest to set another business account up. Triodos are great for simple BACS payments but I need something that will give me a card for this other entity.

Ben, did you run with Lloyds in the end? I really wish this was a simple choice to make!
 
GraemeA said:
Lloyd's on-line banking is pretty shit Ben.
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Is it? Works for me but must say that they recently starting charging £5/month, which irritated me no end after 20 years of free banking.
 
Hi Tom,

Yes I did. It's been fine so far. The phone App does everything I need and the online service is OK. You get two accounts so you can use one for savings/set asides for CT and VAT, it's easy to transfer money in and out and you can download all the statements for accounting purposes. I do have a very simple business though.
 
Falling Down said:
Hi Tom,

Yes I did. It's been fine so far. The phone App does everything I need and the online service is OK. You get two accounts so you can use one for savings/set asides for CT and VAT, it's easy to transfer money in and out and you can download all the statements for accounting purposes. I do have a very simple business though.
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Thanks Ben. I'm with them for personal banking but know little of their business offer. It's a veritable minefield!
 
Any recent feedback on business accounts? Ben, how has Lloyds been? Mrs T_B needs to set up a business account. She does everything on an IPhone, so easy on-line banking is a must, as well as good intro-offer/low fees as she's only small.
 
We use HSBC which has the benefit of being free but both local branches have closed and the online banking is poor - needs a dongle to login, crashes etc. I haven't used the app.

My photography account is with Natwest who have at least kept Hunter's bar open. Costs £5 a month but online and app both excellent. I had a couple of fraudulent transactions over the summer and the service was impressively good.

A few access types I know use Santander as they do a free web only account.

If you lean towards the bank you have a personal account with check the business app is either different or can access both. You can't have two apps on either the same device or two different devices with the same apple/google account.
 
Johnny Brown said:
We use HSBC which has the benefit of being free but both local branches have closed and the online banking is poor - needs a dongle to login, crashes etc. I haven't used the app.
Click to expand...

If it's anything like the personal banking app then it's pretty log.
 
I haven't had a single problem with Triodos in nearly four years of banking. To the contrary, they have been very friendly to deal with.

You do have to have a pinpad to login and I'm not sure if they have an app yet. Their charges are pennies rather than pounds (extremely low) and it's good to know these charges contribute towards some good projects.

A big downside is that they don't offer a debit card.

https://www.triodos.co.uk/en/business/
 

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