Author Topic: Business banking (Read 3212 times)

gpanaghi · « **on:** July 27, 2015, 08:21:04 am »

I was looking for a business section on the forum and since I didn't find anything specific I thought this was the more appropriate one...
Does anyone have a particularly GOOD experience with the bank they chose for their business account? (I'm talking about people running their smallholding as small/startup business). I'm just wondering if it really matters who I go with at this point since they all seem interchangeable. Anything else to watch out for when opening a business account specifically for a smallholding (small dairy) business?)

hughesy · « **Reply #1 on:** July 28, 2015, 12:49:57 pm »

I went through them all recently when changing mine for reasons I won't go into. Several of the big names came up short in their standards of service for example not ringing back, giving me a number to ring which just turned out to be a call centre, general couldn't be bothered attitude etc, etc. Eventually I went into my local Santander branch. They were absolutely great. Even gave me the mobile phone number of the local business banking manager and then arranged everything at the local branch within a couple of days. The only one who actually seemed to want my business. Can't fault them.

philcaegrug · « **Reply #2 on:** July 28, 2015, 05:22:26 pm »

I've been with Santander since I went self-employed 9 years ago and can't fault their service.

Ghdp · « **Reply #3 on:** July 28, 2015, 09:57:03 pm »

Interesting. Santander may be getting a call from me. They are all prety hopeless at customer service and they seem to forget we can choose!

Daisys Mum · « **Reply #4 on:** July 28, 2015, 10:09:18 pm »

Another vote here for Santander!

Jethro Tull · « **Reply #5 on:** July 29, 2015, 08:12:14 am »

Handelsbanken. If you have a branch near you I cannot recommend them highly enough, they have given me the most extraordinary service in the past 2 years.

In my professional life I have dealt with loads of banks. They have ripped me off, made gross errors, kept me waiting on the phone for endless hours, and forced me to deal with incompetent staff. Handelsbanken could not be more different. Everything is so very personal, you know the people who handle your account (in my case they like to come to my holding and admire the heifers and the sheep) and nothing is too much for them.

What really impressed me when I first found them was that the branch manager's direct dial was on the website and when I rang him in the lunch hour he answered straight away.

Handelsbanken. If you are fortunate enough to have a brand near you, ring 'em today and make an appointment.

Me · « **Reply #6 on:** July 29, 2015, 08:16:06 am »

Santander, Barclays and HSBC are well worth avoiding in our experience.

gpanaghi · « **Reply #7 on:** July 29, 2015, 08:38:08 am »

Wow. I'd never heard of Handelsbanken. Thanks a lot for both the advice and the warnings!

Factotum · « **Reply #8 on:** July 29, 2015, 09:28:15 am »

A small word of warning about Handelsbanken - they are not covered by the UK Financial Services
Compensation Scheme, but are protected by the Swedish Deposit Guarantee Scheme .

Should the bank go bust (not likely, but you never know) it may be more difficult and take longer to get your money back under the Swedish scheme.

As an aside - HMRC do not insist on sole traders having a business bank account - you just need to be able to show a clear separation between your personal and business transactions. Only Limited Companies have to run a business banking account under current rules.

Sue

hughesy · « **Reply #9 on:** July 29, 2015, 09:59:59 am »

Quote from: Factotum on July 29, 2015, 09:28:15 am

As an aside - HMRC do not insist on sole traders having a business bank account - you just need to be able to show a clear separation between your personal and business transactions. Only Limited Companies have to run a business banking account under current rules.

That is true. You don't have to have a business account. But it'll make it a lot easier when you do your tax returns etc if you can keep the whole lot separate from your personal finances.

honeyend · « **Reply #10 on:** July 29, 2015, 11:24:15 am »

I had a business account with NatWest which was OK until they started charging, I also had a lot of cash which they charge you a % for,so in the end I tried Santander which is free but. You had to pay the cash in the hole in the wall, which I would not do as sometimes it was large amounts, in the end I just held on to the cash and paid all my suppliers in cash as much as possible.
We now have a savings account with them and are getting a really good rate of interest.

doganjo · « **Reply #11 on:** July 29, 2015, 11:30:50 am »

Quote from: Factotum on July 29, 2015, 09:28:15 am

As an aside - HMRC do not insist on sole traders having a business bank account - you just need to be able to show a clear separation between your personal and business transactions. Only Limited Companies have to run a business banking account under current rules.

Sue

I was going to say this - another thing to remember is you will be charged for a business account. I usually recommend a separate private account for that reason, but please remember to use your private cards for private items and the other one purely for business. It is a nightmare trying to sort it all out at the end of the year for clients who mix them up, especially if they have credit cards for both too.
As to cash - HMRC do not like cash transactions are they can be hidden - always use direct banking, cards, or cheques (until they go out of use)

Marches Farmer · « **Reply #12 on:** July 29, 2015, 11:33:34 am »

Sunday Times Money section - Santander seems to get a lot a bad press and HSBC have had 55,000 complaints via the Financial Ombudsman in recent years. Nothing to stop you opening an account in an individual name and using it solely for business purposes, if not a limited company.