Business bank account

Dizzy_Maskell · Dec 2, 2015

So I'm taking plunge and going for the ltd company route.

I know I need set up a business bank account who uses what and why Llyods small business account looks good but any advice greatly accepted

Octopus · Dec 2, 2015

I've had a Lloyds account for the last 6 years - the reason I chose Lloyds was purely because there is a branch within walking distance of home. Never had a problem with them and all the staff in the local branch know me and are really helpful if I have any questions.

There is a small account charge but that's just a cost of being in business.

There is no point in opening a "cheaper" account if its further away!

Dizzy_Maskell · Dec 2, 2015

Thanks mate

Andy78 · Dec 2, 2015

Santander for me. Fixed monthly fee covers all my regular transactions. Works out less than half what HSBC were grasping off me a month in separate transaction charges.
I can drop cheques into the post office a few hundred yards from my house too.

Welchyboy1 · Dec 2, 2015

Santander for me too

jeremy · Dec 2, 2015

Lloyds for me, though i'd recommend setting it up, signing stuff, in person with one of their commercial staff rather than doing it on line. In person everything was ready to start banking pretty much the same day. After a period of company dormancy, I opened up a new account online, and it took about 3 weeks. After 18 months i wanted a loan to buy a new truck, (quite a large loan!!) and they were really keen to help. No experience of any other banks, but quite satisfied with Lloyds.

Dizzy_Maskell · Dec 2, 2015

That's great thanks guys.
Do I need to set myself up as a ltd company first or after or does it not matter ?

Leesparkykent · Dec 2, 2015

Dizzy_Maskell said:
That's great thanks guys.
Do I need to set myself up as a ltd company first or after or does it not matter ?

set the ltd company up 1st as they will need your company number.

vxwestie · Dec 3, 2015

Out of interest, how much is the standing fee on Santander?

Andy78 · Dec 4, 2015

vxwestie said:
Out of interest, how much is the standing fee on Santander?

£7.50/month for up to £1000 cash deposits. There are other fees for other transactions, but they are all non-standard transactions that I do not use.

18 months free banking for new businesses.

http://www.santander.co.uk/uk/business/current-accounts/business-current-account

Octopus · Dec 4, 2015

With respect to fees charged, Lloyds charge quite a high charge to pay in cash - so I pay any cash I have into my private Lloyds account and then "pay" the bill into my business account with a BACs payment so its free!

Guest77 · Dec 4, 2015

Dizzy_Maskell said:
So I'm taking plunge and going for the ltd company route.

I know I need set up a business bank account who uses what and why Llyods small business account looks good but any advice greatly accepted

I used Nat west for my business account, and I use Santander for my personal account, HTHs

highspark · Dec 4, 2015

When I set up my Santander Business Account they were offering fixed free banking! I don't pay any fees for any transactions! Including paying in cash. This was 5 years ago mind!