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  • Business banking/Current accounts.

    Hi, I think I was here a while ago asking about business banking. I've found it a bit of a hassle in this last year and a half swapping accounts to avoid the ridiculous fees. I remember a few of you told me that you keep your 'business' money in a current account. How does this work for you?

    I honestly don't use my business accounts much, I mostly deal with paypal and my money tin so the bank account is more storage than anything. I was thinking of opening a current account in another bank separate to the one I use for my own money, do you find banks mind if you open up a current account for your business? Do you tell them what it's for? I know HSBC won't let you do it, but do other banks?

    Any advice would be much appreciated!

  • #2
    My business is a lot of cash sales so I've avoided using a business account. When I eventually have to use one I'll look for a free banking offer and when that runs out look for another free one, avoiding charges for as long as possible. But I'd be very interested in what others do as I know I can't escape it for ever.

    Marion

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    • #3
      You can have a separate current account which is a personal one and use that. I still have by bus account as proved useful when I wanted wholesale accounts etc.

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      • #4
        Open an account with Santander. I opened mine when it was the Abbey and I run a VAT registered Ltd company with a reasonable turnover. I have free business banking for life but I can't go into the bank and use counter services. I do most business by BACS transfers but we have a swith card and a cheque book. I can make deposits using an envelope via the ATM machine.

        I am just setting up a small sole trader business which is likely to be mainly cash. I asked Santander what accounts they can offer and they vary depending on the business size etc. I can have free banking for the first 18 months/2 years (depends if you are a new customer or exisiting) and then I pay a small monthly fee after that. I can pay up to £1,000 in cheques into the account per month (or thereabouts) before I start incurring further bank charges. With this type of account I can pay the cash in at my local post office but for my other business I can't.

        Santander do seem to offer a good range of accounts to suit businesses of different sizes with different requirements. I can transfer money from my business account on line and withdraw it immediately at the bank. This is how I pay my own wages. Thier electronic banking is real time rather than a few days behind a transaction.

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        • #5
          Thanks, Craftychez. I will definitely look at Santander when I have to open a business account. Great info.

          Marion

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          • #6
            Hey guys.. is there any difference between offshore banking and private banking..?

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            • #7
              Originally posted by actoffshore View Post
              Hey guys.. is there any difference between offshore banking and private banking..?
              MASSIVE differences.

              Private banking refers to the management of a clients financial assets, property portfolios, stocks and shares etc by a (usually) dedicated and highly-qualified/experienced adviser. This is only for those with very sizable assets, and the term 'private' refers to the fact that the service is on a much more personal basis than that offered to a 'normal' customer of a retail bank.

              Offshore banking just refers to the use of a bank situated in a financial jurisdiction outside of that which is one's main or current residence.


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