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DeLaCruz

Business Account Recommendations

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DeLaCruz

I have read some of the threads on here with many others recommending avoiding the fee's of opening a business account - i spoke to my bank and they advised me using a personal account to constantly receive money from a business is against TOS (Barclays). Not that worried about it but due to a new contract i have i need to get one as the trust won't pay into regular personal accounts. I searched moneysupermarket and there are some good options available that work out pretty much free for the first couple years.

https://www.moneysupermarket.com/current-accounts/business-bank-accounts/

I wanted to ask anyone on here who has one already if they would recommend / advise against their current business bank provider - thanks in advance

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Part Timer

First year / 18 months is usually free, what you need to find out about are the charges as some have a fixed charge then extras for depositing cash, cheques etc. I don't think any charge for online transactions

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Iron Giant

I can only vouch for Lloyds bank I have been with them for over 3 years, as I do all of my banking via the app on my phone the app is really good you can pay in cheques by taking a photo via the banking app on your phone very easy to check all transactions pay bills make transfers etc

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Iron Giant

I do pay a flat rate of £5 a month I think it is now I am out of the free peroid

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scottish cleaning service

I'm switching from RBS over to TSB. They are giving me 25 months free banking and a free card reader. Will let you know how I get on with it but it seems fairly simple with all my dd's switching over as well.

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Pjj
2 hours ago, Iron Giant said:

I do pay a flat rate of £5 a month I think it is now I am out of the free peroid

Lol how did you manage that they wanted to charge me 92 pence for every cheque , and a set fee for bacs transfers and cash paid in , cannot remember what it was but needless to say I was having none of it 😂😂😂😂

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scottish cleaning service
2 hours ago, Pjj said:

Lol how did you manage that they wanted to charge me 92 pence for every cheque , and a set fee for bacs transfers and cash paid in , cannot remember what it was but needless to say I was having none of it 😂😂😂😂

Soon all the banks will charge a fee or set fee to have bacs transfers or they will go bust. Then the balance will move back over to cash because its cheaper. Human beings are not daft when it comes to charges that's why fly-tipping is on the increase.

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Iron Giant
15 hours ago, Pjj said:

Lol how did you manage that they wanted to charge me 92 pence for every cheque , and a set fee for bacs transfers and cash paid in , cannot remember what it was but needless to say I was having none of it 😂😂😂😂

The set fee covers bacs payments, I have to pay for cheques, but I don't put cash into my business account so not sure about the cash

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Doddy111

I’m with Santander and pay £7.50 a month with no other charges only negative is their app is horrendous. Starling bank seems to get rave reviews and i believe it’s free 

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Iron Giant
8 hours ago, Doddy111 said:

I’m with Santander and pay £7.50 a month with no other charges only negative is their app is horrendous. Starling bank seems to get rave reviews and i believe it’s free 

I reckon a really good app is crucial, I changed to HSBC some years ago and had to switch accounts within days as I found out after the app was also horrendous

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Wind o kleen
8 hours ago, Doddy111 said:

I’m with Santander and pay £7.50 a month with no other charges only negative is their app is horrendous. Starling bank seems to get rave reviews and i believe it’s free 

Yeah sterling bank is free ,


don’t know how long for tho, 

I have business and personal, you can even deposit cheques on the app now ,

 

 

 

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Master Jedi Alejandro

Question for you all, Cause I’m a solo trader I use a personal account, but been thinking about getting a business one for a while. My only hold back is getting customers to change over. How did you all go about it? I’m thinking giving them a three month grace period, but not sure if that will just slow down the process. Anyone had to do this and can advice?

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scottish cleaning service

I went to Business Gateway to ask that very question and then I called my accountant to verify it. They both said that is frowned upon by the taxman. You must keep business and personal accounts separate. That's why I'm changing all my payment cards to my new TSB Business Account. Free 25 banking for new and switchers.

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Cleanco
1 hour ago, scottish cleaning service said:

I went to Business Gateway to ask that very question and then I called my accountant to verify it. They both said that is frowned upon by the taxman. You must keep business and personal accounts separate. That's why I'm changing all my payment cards to my new TSB Business Account. Free 25 banking for new and switchers.

That’s were a good accounting software such as quick books comes in as it separates all personal and business affairs even if contained within the same bank account. 

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Cleanco
On 01/03/2020 at 11:30, DeLaCruz said:

I have read some of the threads on here with many others recommending avoiding the fee's of opening a business account - i spoke to my bank and they advised me using a personal account to constantly receive money from a business is against TOS (Barclays). Not that worried about it but due to a new contract i have i need to get one as the trust won't pay into regular personal accounts. I searched moneysupermarket and there are some good options available that work out pretty much free for the first couple years.

https://www.moneysupermarket.com/current-accounts/business-bank-accounts/

I wanted to ask anyone on here who has one already if they would recommend / advise against their current business bank provider - thanks in advance

Ye I had one similar doing a gutter job for a school. They wanted to pay via cheque and when I told them to put my name on it instead of the business name as I use a  dedicated personal account for work they wanted my utr number to prove that I was a legitimate business that pays tax. 

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Master Jedi Alejandro
3 hours ago, scottish cleaning service said:

I went to Business Gateway to ask that very question and then I called my accountant to verify it. They both said that is frowned upon by the taxman. You must keep business and personal accounts separate. That's why I'm changing all my payment cards to my new TSB Business Account. Free 25 banking for new and switchers.

Thanks Scottish but my accountant has no issue with it. My issue is changing customers over, how folk that have had to do it went about it. 

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DeLaCruz
8 hours ago, Master Jedi Alejandro said:

Thanks Scottish but my accountant has no issue with it. My issue is changing customers over, how folk that have had to do it went about it. 

gotta do the same starting next week - ill let you know how many thousands of repeat text messages i have to send 🤷‍♂️

 

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Master Jedi Alejandro
17 minutes ago, DeLaCruz said:

gotta do the same starting next week - ill let you know how many thousands of repeat text messages i have to send 🤷‍♂️

 

Feel for you mate. Let us know how it goes!

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Iron Giant
16 hours ago, Master Jedi Alejandro said:

Thanks Scottish but my accountant has no issue with it. My issue is changing customers over, how folk that have had to do it went about it. 

A personal account which is used soley for business maybe fine, with getting people to switch either push for GoCardless and tell them the account is closing as of a certain date or inform them via a text or letter about the change, I did a letter when I switched accounts but it wasn't that many as most were on GC already.

About 18 years ago I realised just before taking on some commercial work that it maybe seen as un-professional to be asking for cheques written in my own name, so I got myself a business account.

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Master Jedi Alejandro
2 hours ago, Iron Giant said:

A personal account which is used soley for business maybe fine, with getting people to switch either push for GoCardless and tell them the account is closing as of a certain date or inform them via a text or letter about the change, I did a letter when I switched accounts but it wasn't that many as most were on GC already.

About 18 years ago I realised just before taking on some commercial work that it maybe seen as un-professional to be asking for cheques written in my own name, so I got myself a business account.

Thanks mate. I text all my customers at the moment so that may be easiest but then letters seem a lot more official. 
 

I’ve looked at GC but to be honest the time I spend chasing payments is less than the money I would pay GC to handle it (that was before the price increase). So think I’ll stick to BACS.

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