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Limited company formed, need assistance with which bank to open account with as business banking.
i have Natwest in mind for bussiness banking, anyone use Natwest?
please share some views....
I am sure you will find horror and happiness stories from all of the Banks that line the High Street.
I think you should look at those which you feel you have an affinity with and then go and meet the local business managers. Get to know who might be looking after you and if you feel comfortable and confident with one more than another that might help you choose.
I found Lloyds Bank Commercial helpful go for a chat with them
We have business bank accounts with HSBC and Santander. The fees we pay on the HSBC account are up to £100 a month some months as they charge for everything! (Although to be fair it's a very busy account!) There are no fees on our Santander business account... I pay more on my 123 account with them although I get interest back on it.
What I don't like about the Santander business account though, is that it's not 'branch based' so you can't go and talk to them in branch if you want to; whereas at HSBC they have a dedicated business department in branch where they'll sit down with you and even give you tea. Well, they give us tea - I should think so too, for all the fees we give them!!
Many banks will allow an initial period fee-free for business accounts and/or fee-free as long as transaction levels are under certain requirements. (I'm not sure what it is with Santander but our account there is much less busy to be fair than our HSBC account - although that has no lower limit anyway).
We used to have a non-business account for years and years with Nat West where we ran our portfolio from, until they got funny with us and demanded we switch to a business account...
We still have the Nat West account but don't use it for much. What I don't like about Nat West is that you can't do chaps online, which is a bit backward!
I like my HSBC Premier account though (not a business account). You can do chaps payments over the phone. With the business account, you have to do chaps online and can only do up to £100k per day which is a pain. Last week they introduced a new security system - I had to record my voice and that henceforth is my telephone security password which is quite cool.
They all have their little ways so it's worth digging into the detail when considering which bank to go with.
"It is the small decisions you and I make every day which shape our destinies." Anthony Robbins
Yes did the same as you with a bit of research on banks and charges. They are not the cheapest when it comes to charges but like many have an introductory free period. Their set up process was fairly straightforward and for me a big plus is that they have a business support centre that is actually manned and takes your call. A big plus.
Hope this helps a little
Which account did you finally choose? In the same position so thought that I would ask
If you have a limited company, best to open a business account with the company name - as you know the company is a separate legal entity from its directors, guarantors etc ..
Which is the best? Is Natwest the best?
They have different offers, so need to review them all and compare at the time you want to setup new business account. I have had a business account for 1 year free of charge and then £5 per month charge, with no charges on internet transfers, but charge on cheques and cash.
I cannot say which one is best, as their offers change all the time, and also depends on your preference do you want a bank or building society business account, with UK or worldwide presence?
Good luck Rob