business banking

Discussion in 'Managing Your Business' started by Ryan, Apr 19, 2012.

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  1. Ryan

    Ryan Guest

    Ok so iv opened a business account now

    and its free for a yr or 2 so no worrys there

    am i right in thinking if i set up all my direct debits from that account the bank charge me for them direct debits coming out ?

    i know u can pay for so many transactions a month for example like £10 will give you 20 transactions

    and cheques are a bit diffrant

    so do you guys just get the cheques payed into your personal account where it done costs anything ?
     
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  2. Andy Leett

    Andy Leett Member
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    When you start paying charges you will pay for everything, it is however a tax deductable expense, or so I am led to believe, speak to your accountant he will advise you.
    Santander and Co-op offer free banking, you could change over when your free banking term ends.
     
  3. windyman

    windyman Well-Known Member
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    Depends entirely who you're with. I'm with Santander, so I pay a fixed monthly fee & that covers all transactions, DDs, cheques etc. I have a limit on cash I can bank, if I go over that limit, I get charged but only 50p for every £100 I go over.

    That's the best deal I could find. Hate the ones that charge you for every cheque and every transfer etc.
     
  4. Ryan

    Ryan Guest

    ya its 18 months free so and becouse iv got an account with them its just easy to have to all linked up so i can transfer money over to my personal account and then into saveings ect

    how much of the cash takeing do you put thro the bank is it just enough to cover the costs or just about half say ?
     
  5. windyman

    windyman Well-Known Member
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    Santander only offer free banking for 12 months if ur a new start up business.
     
  6. koopmaster

    koopmaster Guru
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    We must be on the same page, I opened my barclays business account last week. :p
     
  7. Ryan

    Ryan Guest

    ya i need 1 iv got about 12 direct debits coming out of my normal account atm and doing my head in lol

    4 for the business rest are personal
    got money going in from paye jobs and i'm putting cash in

    need to organist this stuff up lol
     
  8. koopmaster

    koopmaster Guru
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    LOL you must be busy, Yipee this is my 50th post...
     
  9. beaver0_15

    beaver0_15 Active Member
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  10. Iain

    Iain Guru
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    They won't charge you for any money coming in or out for 18 months or 2 years, whatever the free period is. Speaking from experience though, once you've got a business account it can be a ***htmare to move to another provider once the free period is other. I would only move again if the costs were becoming extortionate.

    Having said that, window cleaning businesses tend to make lots of small transactions as opposed to less frequent large transactions. Unless you're taking cash and paying it in at once...
     
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