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I have a plan in action to accumulate a property portfolio and have set up my company with companies house.
I now need a limited company bank account.
Can anyone recommend a bank to have a company account with please?
Thank you for your recommendations.
I have always banked with Natwest and have just set up a business account with them for my newly formed company.
I can't say how they compare to others for service, but I had no issues with the setup and their rates seem competitive to others that I looked at.
Some of the new entrants have less fees - but can't speak to how long it takes for a payment to show on your account - which is a critical factor when dealing with tenants
DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.
I use mainstreams for various ltd companies, got some with Lloyds, Barclays and HSBC.
Have split it over the three in case one goes bust.
No major issues with any, customer service isn't first class, but I don't really need it to be as it's rare I have to call them, pretty much do everything online these days and all three banks pretty much do what it says on the tin.
Previous responses to this same question:Business Bank Account for SPV Ltd coBest bank account for new limited coOpening a bank account for property ltd co.Limited company Bank account
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I have a property and trading company, I use natwest for one and HSBC the other.
I prefer natwest as I also use them for my personal BTL properties and I can see both accounts. Also natwest has just upgraded the app to link to other bank accounts too. HSBC is completely separate between personal and business which is less flexible and if you use HSBC for personal you need 2 fobs and 2 apps
Slowly working towards financial freedom
I am In a similar position and after looking at both traditional and new entrants went with starling bank - app based and is an actual bank unlike some of the others - tide etc - opened the account in about 5 minutes - transactions show instantly. No conpalints so far only minor gripe they put my account on limited functionality whilst they did some additional verification without telling me which held up one of my faster payments into the account but was easily sorted via in app chat
Thank you for your reply.
Are their costs reasonable may I ask ?
Account is free to open and they send you a card free I use it entirely online transfers in and out are free. I believe you can pay in cash via post office they seem quite well suited to property businesses where you are not handling much physical cash transactions
you would need to look online for their other charges but all seem pretty reasonable
I tried to open a business bank account with Starling but they ask me to verify my business through a contract/agreement/receipt but I just opened my company! Can you please advise me what to do?