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SarahBell

Business Bank Going To Charge

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Grr cheeky b& stards

Who do you business bank with?

Barclays 5.50 a month, santander is the only one I know that do life time banking for businesses for free, I was going to swap but it just been to much hassle to do last year, they keep sending me a letter saying they will give me £100 to do it also.

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switched from Halifax/hbos last year to santander. so far they have been brilliant. Halifax, poor service, charges increasing, made a complaint about something and they told me i was wrong...so left and took my money with me. would definitely move to santander!

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I have used Santander for the last 8 years.

The main plus point is that it is free.

However you can only bank online or at a cashpoint (you can't do anything with a cashier, they won't allow it) - this is no big deal to me, as I do everything on line. You do also get pre paid envelopes for depositing cheques, which is handy, as I still get them from time to time and we don't have a branch in my town.

The major drawback is that Santander are major numpties. I moved out of my parents place 3 years ago and cannot get the address changed. I have rang numerous times, I have sent a letter, I have e-mailed and then I gave up. January of this year(as my mum asked why statements were still going to her house) i tried again. Rang them, and they told me to print out a form and take it into the branch and it would definately be changed. So I did that and the girl behind the desk, said 'no problem, this will be changed within 48 hours'. 5 months later, I am still waiting.

Bizarrely I would still recommend the account. The fact that it is free is a big bonus and it is very easy to use - Just don't move premises and you'll be fine.

Edit to add: The account was very easy to setup and everything went smoothly (that was 8 years ago when they were Abbey)

Edited by hpc-craig

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Co-op free too apparently..

That sounds bizarre and annoying about address though ... Got to be a way to force it!

Edited by SarahBell

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We use Cater Allen, they offer free banking with free phone line access, or online, for transactions.

Have always found them very efficient and friendly on the phone, so have not registered online with them.

They too now are part of Santander.

They have an agreement with Nat West, so you are able to pay cheques into their accounts via Nat West branches.

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If you don't need to deposit cash etc. and can do everything online just use a normal current account until they tell you to stop.

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For me having a bank that can do the necessary and a friendly competent manager is far more important than saving a few quid on charges per month.

Also changing banks is a PITA cos of having to inform all the purchasing departments of your new bank details. By the time I've spent a couple of days doing this it's cost me a couple of grand. Takes a hell of a lot of bank charges to make up that kind of money (for me anyway).

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If you don't need to deposit cash etc. and can do everything online just use a normal current account until they tell you to stop.

If you're a retailer & want a card terminal, you need a business account - they won't do it on a personal account unfortunately. We had to open a business account (NatWest - 2 yrs free banking) to enable the machine to be set up.

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If you're a retailer & want a card terminal, you need a business account - they won't do it on a personal account unfortunately. We had to open a business account (NatWest - 2 yrs free banking) to enable the machine to be set up.

i have an account with NatWest - it was free for the first year, then about 3.50 a month. i just opened one with HSBC which i think is the same deal of free for a year, then a monthly charge. their charges are higher than the interest i get on the account which is very small despite having a lot of cash in it.

it is impressive that they charge me money for the pleasure of lending to them - it has been like this since rates crashed to 0.5%

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Nat West mainly for convenience (its across the road) and as I have my personal account there.

They (standing) charge me around £6.55 a Month plus a charge for paying cheques in which I don't do often as we have a card machine. I pay cash into my personal account and use online banking to transfer it to my business accounts.

Nat west always seem to have an e savings account on (timed) offer with a half reasonable level of interest so it is also handy for keeping the bulk of the business funds somewhere where they earn something.... Comes in handy for that little bit of extra folding at holiday time.

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If you're a retailer & want a card terminal, you need a business account - they won't do it on a personal account unfortunately. We had to open a business account (NatWest - 2 yrs free banking) to enable the machine to be set up.

You don't need to go to the same merchant services provider as you bank with though. Would have thought most would just stuff it into whatever account details you provided them with. Downside is money may take longer to be credited to your account if your bank and merchant services provider aren't the same.

Most small businesses ought to really join a trade association or buying group to source merchant services at anything like a competitive rate but, I bet a lot just use whoever they bank with.

Edit to add: The personal account route wouldn't really be suitable for retailers if they're going to want to deposit cash/collect change. They could outsource cash handling to the Post Office but I'm not sure if this would be a viable avenue for small businesses.

Edited by Soon Not a Chain Retailer

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I think hsbc is free within limits too but will gave to read it all in big screen.

I don't understand what you mean?

If you run a business then all banks charges fees for various services.

I bank with HSBC for all my business and my personal accounts, now they really do know how to charge.

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I don't understand what you mean?

If you run a business then all banks charges fees for various services.

I bank with HSBC for all my business and my personal accounts, now they really do know how to charge.

For keeping a healthy balance in my cuurent account mine gas been free .. Thats going ... Have been planning on moving from them for a while so this will give me the push I need.

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I don't understand what you mean?

If you run a business then all banks charges fees for various services.

I bank with HSBC for all my business and my personal accounts, now they really do know how to charge.

You can get rid of most of them these days as it's opened up massively to competition. Most large businesses do what's referred to as 'multi-bank' these days.

If you weren't happy with what they were charging for processing payroll, and they'd already made it deliberately laborious for in-house admin to do themselves, you could outsource it to another provider by just sending the whole payroll to them by Chaps and them just splitting it up and sending it on again. Also things like cash-handling could be outsourced and be deposited wherever would charge the least for handling.

Similar thing has happened with Royal Mail where private companies have sprung up who will collect your post, sort it, re-inject into RM sorting offices locally and charge you less than Royal Mail will on contract - all a bit bonkers really TBH but a result of large bureaucracies with a mish-mash of historic tariffs and not ensuring overall pricing integrity.

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For keeping a healthy balance in my cuurent account mine gas been free .. Thats going ... Have been planning on moving from them for a while so this will give me the push I need.

My USD account was "free" apart from all the transaction charges ofcourse. I needed a minimum balance of over $100,000 else a $35 fee every quarter was applied.

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You don't need to go to the same merchant services provider as you bank with though. Would have thought most would just stuff it into whatever account details you provided them with. Downside is money may take longer to be credited to your account if your bank and merchant services provider aren't the same.

Most small businesses ought to really join a trade association or buying group to source merchant services at anything like a competitive rate but, I bet a lot just use whoever they bank with.

Edit to add: The personal account route wouldn't really be suitable for retailers if they're going to want to deposit cash/collect change. They could outsource cash handling to the Post Office but I'm not sure if this would be a viable avenue for small businesses.

I agree - my personal a/c is with Barclays, & the co. business a/c with NatWest. Nat.Fed.Small Businesses have a pretty good rate - about 1.4% flat I think, but you canh match that by shopping around. Cardsave (Devon/Cornwall) can usually match and beat Nat.Fed.'s rate - we've been with them on 1.4% for over a year, after having being caned by Barclays for 1.95% previously.

You can do even better than that, but we're only a small shop. I'm sure the likes of Aldi get a cracking deal :rolleyes:

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Bank of scotland are free but I wouldnt recommend them.

There are hardly any branches, no one that knows anything and they dont open on saturdays.

I tried to close my account but was met with some nonesense about having to write to the area manager. I paid in the 36p then drew out the last tenner and now they have to send me statements every month to show a balance of pence. :D

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Bank of scotland are free but I wouldnt recommend them.

This is the problem - they're not going to be free anymore. They want to charge 40p for each bacs payment in and out.

Whilst it might not seem like much it's f&cking annoying to see them stealing money.

They've also not sent me the international services charge sheet either so I assume that'll be more.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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