[cam]

Will be needing to open a business bank account soon and am looking for some recommendations of what banks I should be looking at. It's for a new startup, so will be very low volume initially, and I'll be looking to trade online. Even if you can't recommend a particular bank, some advice on things I should look (out) for would be appreciated

Cheers all

[roto]

Interesting timing...I just re-opened a business banking account here in the US today, and I got a stellar deal. 1 year with no monthly minimum balance...amazing that I could open the account with $0. All I needed were the articles of incorporation and a TAX ID number. FWIW, I would definitely look for a perk like this in whatever offer you find...don't let them charge you a monthly fee for holding your biz's money.

There wouldn't happen to be a Wachovia over there, would there?

[datahound]

Some banks offer free services but they usually come at a price. The Abbey offer free services but take a week to get a chq into your account. You have to post the chq or put it in a envelope in a a machine at the branch. You cannot pay in over the counter. They encourage you to use electronic banking. If that wll work for you then great. I could not get a business overdraft from them, they would not even discuss it until I had been trading three years.

The LloydsTSB cost me money but they gave a me a business overdraft for when I need flexible capital. I can pay my money in over the counter and my chqs clear in four days. I have a business manager assigned to my account and I can get him on his mobile if I have a problem. Also Lloyds call centers are in the UK still, which is a bonus. I feel better talking to am English person when giving out bank and personal details.

Basically you get what you pay for. You should consider what you need from your bank and look at all the options. Shop around just like anything else.

The NatWest are towing the personal service, talk to a person not a machine, line at the moment, I would definatley also talk to them if I were starting out, see what they are offering.

[datahound]

Phone and ask to make an appointment to speak to a business manager. Sit down and discuss what they can offer. Let them know who you are and what you want. That is their job.

[mike_m]

HSBC was good for the first 18 months with free banking - the internet banking system is ok, though strangely not as good as thier personal banking system. Am considering moving to the more ethically minded coop cos I'm a hippy at heart.

Unless there are specific services that you want - just treat it like credit cards - once the free banking period is over, move somewhere else.

[smallbeer]

I'm with Abbey and for most of the reasons already mentioned I wouldn't recommend them. Should have known better seeing as I used to work for them.

I think I might consider moving to Natwest if I can ever be arsed. Easy to get hold of your business manager, you can actually call/go into the branch, UK call centres. Always had lots of recommendations for them.

all of those you can't do or in the case of your business manager simply don't exist with Abbey.

[oli]

I just opened one with Natwest, like sb says - easy to go and see them.

[Mr Fred]

RBS. THEY ARE VEsighry good.

[mk2phil]

Me and a mate recently opened one with HSBC. Free banking for 12/18(?) months as said, gave us both credit cards with £500 limits on them (which they upped to £1000 when we asked as we needed to buy a server) and their site is usable.

We were going to use LloydsTSB but I cant remember why we didn't in the end. I think HSBC were offereing some money if you opened an account with them, but you had to do it online and we wanted to actually speak to someone so we didn't get the cash in the end anyway. No problems so far either.

[cam]

Natwest sounds like a good shout to go speak to someone, I'll have a think about who else to go see

Cheers all

[stickmus]

Opened one with HSBC not long ago, as I bank with First Direct, and like someone said above, the internet banking is totaly different, not as good, and doesn't 'work' on a mac unless your using navigator v6.131.2.445*. Not at all like FD which you just set up and log on.

* Okay so not quite that specific (and I can't remember which version) but once you've sorted all the shit out, I found it worked fine in firefox, it just wouldn't let you do the download the key bit so was a bit pissed off with the faffing around.

[Alexanda]

co-op are really good, checks clear after 3 days and they ofter alot of help although when you want to speak to someone your waiting on the phone for an hour

[pedge]

HSBC are fantastic in my book - we tried to open an account with Barclays who couldn't give a flying fuck about us; lost all of our details four times and after a whole month wanted us to start from square 1 again.

HSBC on the other hand set up our account within 24 hours.

We've got a direct line to our account manager who jumps through hoops if we need anything & calls up (genuinely) to see if we're ok and has actually turned into a good mate.

Barclays only seem to be interested in larger businesses and couldn't give a toss. Couldn't say much about the others but in my opinion HSBC seem ideal.

Hope this helps...

[r3n]

pedge, I couldnt agree more... Barclays are indeed complete rubbish (well from a small business' point of view anyway).

Some reasons (amongst many others) why we didn't go with them:
- They didn't have any offers on (e.g. free banking).
- All of their branches (from what I have seen) are a joke.
- I've heard their rates are extremely steep (probably the most expencive choice).
- I have a personal account with them, and their service is complete rubbish.
- International and English accounts are treated separately.
- All their call centres are foreign, and the operators have no common sense.

I could go on, but I'd just be labouring the point that they are infact, very a very bad bank.

HSBC on the other hand, completely the opposite. Had my business credit card within a week once handing the forms in. Still waiting for the online banking to be activated though.

My advice is, go with HSBC and any Barclays customers, MOVE to HSBC.

[pedge]

Originally Posted by r3n

pedge, I couldnt agree more... Barclays are indeed complete rubbish (well from a small business' point of view anyway)...
...My advice is, go with HSBC and any Barclays customers, MOVE to HSBC.

Hey, aren't you my HSBC business account manager?

Whoops...

[r3n]

Originally Posted by pedge

Hey, aren't you my HSBC business account manager?

Whoops...

Haha, they pay me in widgets to promote.

[skyrocket]

I'm also looking to open up a business banking account in the UK soon so keep firing in the responses to this old thread. Particularly interested in how good/bad their respective online banking systems are. Looks like I should be avoiding Barclays reading the above posts...?

[cam]

Went with Natwest in the end - no problems thus far

[freelancr]

What I dont get is why personal accounts are free and business accounts are not? I just use my personal account for it

[pedge]

HSBC have been great and their online banking service is top notch, as is service. Lost my cheque book the other day, logged in, fired them an email and 2 days later I have my cheque book. Can't argue with that...