Business Bank Accounts

[still average joe]

Been running my business for a few months but using my current account. I figure it will be more straight forward for tax purposes to have a seperate business account. Any recomendations. Is there such a thing as a free business account?

[ColinP]

I use Lloyds for my business accounts - had a few issues a few years back, but they've been fantastic since I changed to a different branch. Free for the first year, but charges after that.

[still average joe]

I have surfed around a bit and found that there are free acounts which are online-telephone only. Charged a fee for in branch transactions like paying in cash.

For a small sole trader business, do you think an in branch account with face to face contact and an advisor is worth paying a fee for?

[threadkiller]

I used Alliance & Leicester for my business banking, free for two years, not sure on the face to face bit as I never needed it.

[NicolaUK]

For a small sole trader business, do you think an in branch account with face to face contact and an advisor is worth paying a fee for?

Personally I'd say yes. I'm with RBS, originally a sole trader account and have now switched to a Ltd Co account - I've been with RBS for years now and everything has been great until they switched my Co accounts over, was a bit of a nightmare getting it resolved but all working fine now :)

[KennyVader]

I have business banked with Bank of Scotland for 11 years, it's free so long as you keep the balance above £5k or something like that. If you go below that you have to start paying for cheques or counter deposits etc.

They have great online banking (needs a securid token to log in which is the only annoyance), fully support Faster Transfers now which is just awesome, I can transfer dividends or expenses to my Nat West account in minutes, and issue decent statements etc. They do keep writing to me to tell me I have yet another "relationship manager" but I've not used that side of it for years. You can pay in in person at any branch of Halifax now, but I tend not to as the queues are hideous, instead I just post cheques to them in prepaid envelopes that they supply.

[utero]

Abbey is free, best thing to do is take advantage of bank's free banking period then change to another bank, and so on and so on.

It's not much hassle and can make you a good saving in current times

[hxbro]

You can pay in in person at any branch of Halifax now, but I tend not to as the queues are hideous, instead I just post cheques to them in prepaid envelopes that they supply.

I used to just post them in the cheque box in my old branch, my new branch I have to go to the counter.

I still use those silly plastic bags to do it though.

[KennyVader]

I used to just post them in the cheque box in my old branch, my new branch I have to go to the counter.

I still use those silly plastic bags to do it though.

Yea apparently behind the scenes, Halifax and Bank of Scotland are still run very separately, despite all the new signs outside etc, hence the silly plastic bags.

God help things when LloydsTSB join the party :nuts:

But thoughout the H + BOS = HBOS procedure my BOS business account has continued to be as well run as it was 11 years ago.

[pmdf]

I use an HSBC Business Direct account for my Ltd Co. It's free for telephone and online banking, and also for limited branch use (20 cheques per month IIRC, and a limit on over-the-counter withdrawals), which suits me fine as I manage my account almost exclusively online bar dropping in a couple or so cheques each month.