Business Bank Accounts?

[sam09]

Hello

I'm looking to open up a business bank account to keep all my money seperate to avoid any confusion, mishaps and to easily see my business money.

However I don't know where to look. I don't want an overdraft, just a plain simple I put money in and take it out when its needed to pay for fabrics, supplies, shipping etc. Interest on my cash would obv be great tho lol.

I was planning on going to my own bank but wanted to know if there are any places known for excellent business banking? As I dont really know about this sort of thing to start with...never mind with banks merging with banks, an so and so closing etc..Also want to find a trusted bank no just any that pop up on google.
As paypal is great but cant keep my cash there forever.

Sam

 

[stugster]

Hey Sam,

If you don't mind not speaking to a bank manager, and you don't want fees for the service, I'd recommend Abbey's free business banking.

They have made some major cock-ups with my account, but to be fair, they gave me one representative to talk to and resolved all the issues quite promptly.

You can put money in at any Abbey ATM (deposits),and you can use their internet banking as well.

Pretty bog standard banking facilities, but they do work. (And they're free )

 

[Gouldie0]

Hi Sam,

Try and look for one that suits your business best and the type of transactions your likely to be making. For example, if your customers are paying cash and your depositing it straight away, make sure your account doesn't charge the earth to do this.

I'm with Barclays and personally they pretty much do what they say on the tin. They provided me with an account to suit my business with a few add on's that again were of benefit to me and my business.

As Stu rightly points out, you need to decide whether you want to go through a call centre before getting to your 'business' manager or would you prefer a more face to face relationship. Not sure how many banks perform in this way.

I recently attended a networking event in Edinburgh and there was a representative from RBS there. They came across really well and there main selling point was direct contact with a business representative and the usual free banking for a year.

Hope this helps

Kind Regards

Neil

 

[sam09]

Hey thank for the relplies.

I will mainly be doing internet banking, as most sales will be paid via paypal then transferred.
However I will need to be putting money in myself, but agian this could be done via online transfer, except for what I plan on doing soon, which i some fundraising.
So I would need a bank I could go into. I haven't look at RBS oddly. The ones that mainly made me consider them was Halifax and HSBC.

As I'm not goingt to be making much so dont want to end up with lots of charges for not doing much, which is why I though the HSBC sounded good cos for under 5000.00 there are few charges. Bu, I can't think of seeing any branches off the top of my head.

Going to nosey at RBS and Abbey now! Cos want to account set up asap as its would not be good when your looking for sponsors for a show and asking for it to be put in your personal account.

Sam

 

[Employment Law Services]

Abbey > RBS and have a good online banking service

 

[Mike Lewis]

Sam,

Why don't you simply walk into the two or three main banks in your area and ask for a quote. You'll need to tell them roughly how many transactions you expect to make, and the approximate size of your balance. They should then be able to quote a fee.

That said, don't put too much effort into it. Unless you'r planning to write hundreds of cheques per month, or carry out a large number of on-line or phone transactions, the fees are going to be pretty small, so you won't save a huge amount by shopping around.

Mike

 

[stugster]

I agree with Mike. It's not a big saving by shopping around, pennies if that.

What you want to keep your eye out for is the facilities they're going to provide you.

For example, being a member of the Abbey, I can deposit cash and cheques at any time, day or night, at any of their ATM machines - this facility is absolutley fantastic and is pretty much the only reason I'm with them. After many a day running to the parking meter and then to the Barclay's on St Andrews square, the final straw was the road works.

Also, other banks will offer you fantastic rates on things like Merchant Accounts or Merchant Services. Being a member of the Federation of Small Businesses will also let you have a few good discounts for those kinds of services.

Finally, don't worry too much. You can change your bank whenever you feel like it, it's not that much effort