Business Banks for Freelancers

[AndyJones]

Hello,

 

This is a question to all the freelancers out there, Do you have a business bank account? If so who are you with, and why? I had my business bank account with Lloyds TSB and have had lots of issues with them, So I want to move to someone better.

 

Regards,

 

Andy Jones

[timsabre]

I'm with co-op after some really bad HSBC experiences.

 

pros: -Very helpful UK call centre, you can talk to a real person who actually knows what's going on in less than 60 seconds

-business internet banking is good - used to be awful but they updated it a few months ago and it's good now.

-I am on free banking due to being a member of FSB but the charges are not bad.

 

cons: -Branches are sparse. You can pay in at post offices or post cheques in freepost envelopes - seems very reliable but takes an extra 1 or 2 days

 

I'm not a freelancer but run a small 3 person business so have similar requirements.

[mumbles]

With Natwest, and by asking very nicely got away without paying fees, long may it continue. Very happy with them, only downside is we don't seem to get a chequebook, but hasn't as yet been an issue. Other than that we get a UK person on the end of the phone, not even having to deal with a call centre, but going straight to a person in our branch. My personal account was with HSBC till they pissed me off too much and moved that to Natwest too.

 

Other benefit with Natwest is while we have a card-reader-security-thingy-ma-bob-sicle we only need it for setting up payees rather than for every transaction.

 

M

[brainwave-generator]

I'm with Natwest, only because it was easy to tie it on to my personal accounts with Natwest, making 'paying myself' easier as well as general admin.

 

They do call me too often though and it hacks me off, I get quite vocal at them on the phone some time so I'm not sure if our relationship will last. They just don't understand that it's not appropriate to ring me when I'm 20 metres off the floor on a truss, and when I don't pick up, continue to ring me for half an hour... which completely drains my battery. And I can do nothing about it!

 

Charges are not bad either, I pay a 'one price per month' plan and get everything included. Paying myself is quite a good tactic as the business account doesn't pay much, if any, interest.

[TonyMitchell]

Andy

 

 

 

It may be worth editing the title of your post to mention it's for freelancers - I voted before reading your post, that it was aimed at freelancers.

 

 

 

Tony

 

 

 

edit: thanks, Mods.

[paulears]

I've been really pleased with Alliance and Leicester, now Santander. The on-line system works well for me, electronic in and out is reliable. Cheques and Cash can be paid in free of charge at any post office - and as I'm in one every morning with parcels, it's no problem, and you can get cash out simply.

 

Charges are either zero, if you have more than a grand going in each month, and on the occasions I don't, then there is a simple £5 underfunding charge. You get the usual pennies of interest on the deposit account, and payments out can be faster payments, BACs or CHAPs depending on the amount. International payments are also easy to instigate. If you do need to call them, they're quick and efficient.

 

The system also copes with access quite well, so you can set different access passwords to viewers and administrators - so anyone can view statements with one password, but to make a payment, a different one is required. paper statements in the post if you want?

 

I was with barclays before and they were really unhelpful and didn't care - Santander seem nicer, but, their system is human-less for virtually all my needs.

[David Ripley]

Being based in Scotland I use Bank of Scotland

 

However even though they have been merged with Halifax for ages, there is still no BoS banking dahn sarf in the Halifax branches - even if the website branch locater tells you there is, when you arrive they look at you like you're mad!

 

My personal banking is with Santander (was A&L) so I may have a look at them

 

Tres annoying

 

David

[kerry davies]

Sole trader account with HSBC purely because I am a long-term First Direct personal account holder.

 

A bank is a bank is a bank and you take your chances with the lot of them, HSBC drove the old lady crazy, Lloyds were downright nasty and she has terrible trouble with any system that uses a computer. DWP, NHS, GP, VOSA and TV Licensing all screw her around but that is the luck of the draw, I suppose.

[sjbvision]

I use barclays at the moment, I pay £15/month. For this I get a excellent and very easy to use account package that is cloud based. You can update reciepts as you get them to your accounts through a app for a well known phone. It also has a business plan generator very useful prior to visiting the bank manager. A package that offers the legal paperwork very easy to use and writtern by a legal team. A online training portal that I haven't used and also some online storage space.

 

The accounts package is worth the money a month and costs more if you buy direct from the software supplier.

 

Its working for me and I'll let you know how I get on.

[mark_s]

I use Santander due to their lack of monthly fees and overall fees - as self-employed work is my secondary income, I don't feel I make enough to justify monthly bank charges, and the account which Santander offer is perfectly adequate for my needs.

[Caerdydd]

Am with HSBC, and there are not bad. Online Banking is brilliant, and can send most payments by 'faster payments' so takes around 30 seconds for money to clear into peoples accounts.

 

I was with Lloyds but had a terrible experience. I can highly recommend NEVER having the same bank for your personal accounts and business accounts.

 

Was a nightmare with Lloyds as every decision about your personal account, loans etc had to go though a business manager in a random call centre in Birmingham!

 

Never put all your eggs in one basket!

[Judge]

Don't pay bank fees for a business account. The alternatives are to use Santander which provides free business and personal banking. Quite a good online experience too. Customer service seems to vary between almost acceptable - lacklustre - shockingly awful.

But should should not need to talk to them often if at all.

We moved from them to co-operative though. They seem to be the only bank that is not gambling with peoples pension funds and they have an ethical policy, so your money will not be invested into companies that make land mines for instance, and we like that. If you have the choice not to deal with crooks then go for it.

They are only free if you are a member of FSB which is totally worth it - you can get all kinds of perks like free legal advice.

Even if you are not a member of FSB their charges are less than the big guys.

And...really nice and helpful customer service. When you call you get the feeling that you are talking to nice human beings and not Vogons that hate you.

[Pete McCrea]

We're with Natwest and have been since incorporation, and prior to that I've been a Natwest customer since about age 14 (both as a personal and business when I was self employed - so close on 16 years). We've never really had any issues, with them. We do pay fees on the business account now as we obvious have been past the 2 years free introduction.

 

I was going to suggest joining the FSB and then taking advantage of the free Cooperative banking. I've considered moving, partly to save on fees, partly due to the ethical reasons. However the relationship that we've got with Natwest, and the fact that they've not really done anything wrong is keeping me there.

[Biro]

I will also jump on the Santander bandwagon, no monthly fees and the support has been great when they managed to get the name wrong a couple of times! Phone support is quick and simple. Another vote for the Santander one.