I'm looking to open a new business bank account and wondered if any of my fellow outsourcers had any recommendations?
Many thanks in advance,
I use Santander.
I'm a bit old school, so I went around various high street banks, and none of them were interested in talking to me. They directed me to their website and weren't interested in talking to me at all, with the exception of two: Metro and Santander. Metro actually made me feel the most welcome, as they come to greet all their customers, and took the time to go through everything with me.
Santander also were willing to talk to me, although I did have to make an appointment.
On balance, and based on customer service alone, I would have chosen Metro. However, I took the mercenary decision to go with Santander, as they offered 12 months free business banking. I've had a letter from them recently, telling me that they're going to start charging me soon.
Metro don't have an interest free charging period, however they waive their charges if you keep a minimum balance of £5,000 in your business current account. By the time my Santander account becomes chargeable, I should have enough in the account to meet this requirement.
Both have feeds through to Xero, which is a big help.
I did also speak to Handelsbanken, however I don't turn over enough for them to offer me business banking.
FYI, the top three business banks for customer service are as follows:
I hear that some of the small 'disruptor' banks are supposed to be very good, but be careful as some of them have restrictions that I personally was not comfortable with, but you may have a different opinion. Although my business is conducted online, I prefer to have a bank with a high street presence (I'm old school, remember??!!), and although your money is protected through the FSCS it would be a major pita if the bank went under.
I hope this helps, and I look forward to seeing others' opinions and what they do for their business banking
Used Santander for 18 years. NO fees, works well as long as you don't need to go off piste as takes a while getting to speak to someone. Also use Starling as our back up account.
Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern.
The directors I work with swear by Starling Bank for a business account. No fees and apparently links seamlessly with Xero. As one of the new start up banks it also has much better functionality it appears, the app is great and you can open an account via your phone if you have your ID with you. Its similar to Monzo which I use for personal banking (purely my play fund though, main bank still with Lloyds!)
Revolut have recently launched business banking too.
Natwest. Free for 18 months and gives you Freeagent accounting software for free, which saves me £40 odd a month plus who knows how much time invoicing and managing accounts?
I recommend Starling too - they seem pretty slick and work well with cashless businesses.
Does anyone know of any good business savings bank accounts? (Starling, like many others, don't offer interest on deposited funds).
That's why I won't go to Starling. I need savings accounts to run alongside the current account. I have separate VAT and CT savings accounts, so that when I get paid, 20% goes one way and 20% the other. No nasty surprises later down the line, and any surplus goes back into the main account. Plus I get a better rate of interest on the savings accounts
I also have an account for subscriptions that I pay annually, so 1/12 of the sub goes there each month. It's just easier having all 4 accounts with the same institution, especially as you can transfer from account to account really easily and usually without it counting towards a transaction limit (if you have one).
Maybe it's a bit convoluted but it keeps me happy and that's the most important thing
When Santander start to charge you you'll have a minimum monthly fee of £7.50 on all four accounts?
As far as I know the fee is just for the current account. I'm pretty sure the savings accounts are not subject to a charge