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Antsy

Safe Business Bank Account

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Applied for an A & L business bank account a few weeks ago but obviously am now getting cold feet. Any suggestions about a place that would be safer and also pays good interest? Its for royalty-like payments of about 9k that are paid in as income from a limited company each month. The account will have quite a bit of cash in it and very few transactions coming out. Cheers and apologies for the choive of board - can't think where this request should go.

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Unfortunately I can't find any that allow opening a deposit account without also a current account. As I've just gone through the pain of one such change (to HBOS, can you believe it) I'm not up for that at the moment.

The co-op bank have a long term savings account for business bearing just over 5% which looks pretty good to me, if only one didn't have to switch accounts to them.

If anyone else hears of one, I'm interested.

If things get shaky at HBOS, I shall just pay myself the mother of all dividends... so no real problem.

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Applied for an A & L business bank account a few weeks ago but obviously am now getting cold feet. Any suggestions about a place that would be safer and also pays good interest? Its for royalty-like payments of about 9k that are paid in as income from a limited company each month. The account will have quite a bit of cash in it and very few transactions coming out. Cheers and apologies for the choive of board - can't think where this request should go.

I use Cater Allen (part of the Santander group). Their customer service was way better than HSBC so I switched last year.

I'm a little worried about Santander's Spanish connections though. The only reason the Spanish housing crash is not all over the papers like a cheap suit is because the government is deliberately not reporting the key indicators.

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A good account if you have a low number of transactions is the Reserve Account from Cater Allen:

http://www.caterallen.co.uk/BusinessBankin...ils.aspx?pid=43

Cater Allen are very popular amongst IT contractors as they also tend to have few transactions. There are restrictions regarding minimum balances but you can often avoid them if you open an account via one of their intermediaries - accountants and solicitors often act as "introducers" for them.

They are a division of Abbey so the ultimate owner is Santander.

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Not one to get paranoid but does anyone with better knowledge than myself now if there is any cover if the bank went under. From the way I read it only personal accounts are protected. I would recommend the abbey account but I'm guessing you don't want to put all your eggs in one basket. They have rubbish customer services when it comes to setting up the account but once its setup and running works fine.

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