Buisness Banking - advice sought

Discussion in 'Finance, Property, Law' started by wellyhead, Jan 24, 2006.

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  1. I'm just starting up my new company which is basically me on me own doing stuff

    I need a biz bank account and was pointed to the Bank of Sweatysocks as a good cheap solution

    anyone agree or counter with a better offer ?

  2. Have you had a browse of the FSB website? I expect that there are some expert views to be found there.
  3. Welly

    Always worth getting a recommendation but it is a bit like personal bank accounts- 10 people may love one bank and another 10 will loathe it, because everyone manages money slightly differently.

    I'd recommend comparing what the high street banks have to offer - pop in and get leaflets or look at their websites. Some of them are offering free banking for the first six months and other helpful things like advance payment of up to 90% of an invoice before it is paid by the client.

    Then see how helpful they are when you come to try and book and appointment with the business adviser for the first time. I don't think there is any magic about choosing the same bank you use for personal banking and if you do, don't go via your own branch if it is regional - open the business account in a branch in the nearest big city as their business advisers are more likely to live in the real world.

    Good luck!
  4. Welly,
    I have to agree with Dozy. I have just joined the FSB and reccommend that you do so too. It costs you about £100pa but that buys you lots of advantages like discounted services and Inland Revenue investigation protection. If they finger you for a routine investigation you are obliged to give them anything they ask for in the way of financial info; this can usually be done by your accountant but you will be left with a bill for their services that could run into thousands of pounds -- the IRPC is an insurance scheme that pays that bill.
    The FSB also give you free legal advice and they negotiate bulk discounts on common business services from banking to telecoms. I wish I'd done this six years ago!
    Hope this helps,

    Edited for sausage-finger errors
  5. Welly, have a really good look at the RBS, they're tops.
  6. Co-operative bank offer free banking to FSB members and Alliance & Leicester offer free business banking.

    HSBC charges me:

    Automated credits £0.20
    Cheque credits £0.72
    Cash in 5%
    Direct debits £0.32
    Switch debits £0.25
    Cheques £0.58
    Cash out branch 0.7%
    Cash out ATM 0.4%

    My bank charges average £150 per month. I stay with HSBC because their service to me has been outstanding. My branch is a five minute walk from my business. They have a small business manager, Phil, and I have his direct dial and mobile numbers. If I need to make contact, which is not often, I can. No overseas call centre cr@p.

    Co-op and Alliance & Leicester are free but I don't think I would receive the same level of service as I enjoy from HSBC.
  7. That depends on the business manager you get.