[seandyer2003]

I keep being told by my bank that i will have to get a business account, but arent they expensive, and also is there any point when you already have an account which has all your money going in/out?

Any advice??

[seandyer2003]

i saw an ad on alliance and leicester for 2 years free, its just that at the moment i am just earning what is a wage so what would go in the business account!?

[poleman]

I just joined FSB and got free business banking for life 

[TDS-London]

As long as you put less than a thousand cheques in a month with Abbey then business banking is free with them too and I've gotta say that they're SUPERB!

[paulscotney]

I did about 15 yrs with an Abbey normal current account, never had a problem.
I now have a FSB business account there are no charges and there are lots of added benefits. The annual fee is £100 but I think the benefits pay for that.

[paulscotney]

Sorry the account is free the FSB membership is £100

[Paul Coleman]

As long as you put less than a thousand cheques in a month with Abbey then business banking is free with them too and I've gotta say that they're SUPERB!

I think you will find that's 100 cheques rather than 1,000 .  Still a very good deal though.

[jaykie]

As poleman said join ths FSB you get free banking with the co-op and also get the benefits of the federation.

Chris

[p1w1]

can someone show me a link to the fsb thats a great deal if you get free banking as a member it's worth £100 just for that as i nearly pay that in 2 months with tsb.

thanks

paul

[jaykie]

h ttp://www.fsb.org.uk/default.asp

Ring them they will give you info on phone, just  the fact of ever being investigated for tax you get a free solicitor is worth every penny.

Chris

[p1w1]

thanks chris will be ringing them

paul

[jaykie]

0808 20 20 888

[darragh windows]

As long as you put less than a thousand cheques in a month with Abbey then business banking is free with them too and I've gotta say that they're SUPERB!

im with abbey too cant fault them

[Joe Lauzon]

With no Abbey in my town, I'm paying through the nose with HSBC

Say I want to pay in 12 cheques to FSB, how does it work exactly?  Through the post?  What if they get lost?

Is the membership 100 pounds yearly?

[jaykie]

h ttp://www.co-operativebank.co.uk/servlet/Satellite/1196151412542,CFSweb/Page/Business-CurrentAccounts

[Joe Lauzon]

So reading that you can pay into the post office.  Seems obviously better than HSBC...

Any bad points or hassals I should be aware of?

Just quoting this off the website...

• Insurance cover for legal and tax professional fees and statutory awards in the event of an employment dispute or full tax enquiry.

Is there not an additional insurance premium payable for the services of a solicitor should a tax enquiry arise?

[poleman]

In short no, you get full cover when you are a member

[Paul Coleman]

As long as you put less than a thousand cheques in a month with Abbey then business banking is free with them too and I've gotta say that they're SUPERB!

im with abbey too cant fault them

I've been with Abbey a few years now and not had any problems - until yesterday.  Well it was an easily resolved problem but I will share it on here in case it affects anyone else.
On the statement that I received yesterday, they announced that they will be charging me £6 later in the month for paying in more than 100 cheques during the month (12 more in fact).  I did hold back 12 cheques until 1st of August so that I would avoid being charged (I'm on holiday this month so won't reach 100).  Some years ago, I phoned them to ask when their months started and ended so that I would be able to avoid bank charges and I was assured that their months started on the 1st and ended on the last day of the month.  It turns out that this info was incorrect.  Apparently, my month starts on the 2nd of the month because my account was originally activated on the 2nd September, whatever year. I had never noticed this before.
The charge was waived (goodwill gesture) and I now have to write to their head office requesting that my date is changed to the 1st of the month.  This makes sense because my accounting year runs from October 1st so it keeps things tidier.
So, don't assume that your statement dates are 1st to last days of the month and watch those charges.

[seandyer2003]

might be a simple question, but the fsb, how do you deposit money? ive never seen a branch, or do you put money in your current account then transfer online??

[Paul Coleman]

might be a simple question, but the fsb, how do you deposit money? ive never seen a branch, or do you put money in your current account then transfer online??

I am in the FSB.  I do not use their free business banking though.  This is because it would mean queueing at the post office in work hours.  At least with Abbey, I get it free asnd can do it at the cashpoint whenever I wish.

[Paul Coleman]

might be a simple question, but the fsb, how do you deposit money? ive never seen a branch, or do you put money in your current account then transfer online??

FSB.  Feisty Savings Bank?   

[Helen]

might be a simple question, but the fsb, how do you deposit money? ive never seen a branch, or do you put money in your current account then transfer online??

FSB = Federation of Small Businesses, they are not a bank. If you are a member of the FSB you can then get the banking through the co-op bank. We use other though.
Back to the first post, why do people presume that having a business account is expensive? Any charges that you receive come off your end of year figures for HMRC !!!! It opens up easier lending to you and makes your accounts work so much easier

[poleman]

might be a simple question, but the fsb, how do you deposit money? ive never seen a branch, or do you put money in your current account then transfer online??

As been said, FSB is not a bank, the bank you can use when you are a member is the co-op bank, there isnt to many of them around however you can use the post office to deposit into your co-op account

[p1w1]

I have just joined the fsb today after reading this post the other day I have to say for the £100 membership it seems money not badly spent, there is a £30 registration fee but it is a 1 off payment. I mainly joined them for the free banking as i would spend that amount in about 3 months on banking charges anyway. You pay into a post office that you register with the co-op which you can have up to 4 different post offices to use and then just transfer money online but there are other little benifits aswell not just the free banking that may come in handy 1 day like free legal advice etc..they do try and sell you other things but the guy i dealt with was not pushy at all..

paul

[Joe Lauzon]

h ttp://www.fsb.org.uk/default.asp

Ring them they will give you info on phone, just  the fact of ever being investigated for tax you get a free solicitor is worth every penny.

Chris

To be honest I don't think you would actually need or use a solicitor if you were going to be investigated by the IRS.  If they found you to deliberately cheating them, and they wanted to take legal action, then you may want one.  Usually though they would just be after money, in which case its an accountant you need.

A free accountant...now that would be useful!

[p1w1]

you get to use there legal advice etc on any issue you may have not just for tax issues..

paul

[Joe Lauzon]

Paul, 

You can get free advice from a solicitor on the first appointment anyway.  Also the CAB offer a free service.  I think this benefit isn't what its cracked up to be.

[p1w1]

you could well be right mate i really mainly joined for the free banking which for me was worth the joining fee alone, for me personal the little extra things like legal advice etc are just an added benifit. I am in no way saying the fsb is the bee's knees etc and everyone should join but they are worth a look.

paul

[Joe Lauzon]

Sure, I have had a good look through the benefits.  The free banking is the only thing I'm interested in really.  It would be a financial saving for me, but I think it might take a bit more time going to the post office.  Tough one to weigh up.

[seandyer2003]

didnt someone say you can go through various co op depots too, dont now how many of them there are though, cant think of one near me??

[p1w1]

Sure, I have had a good look through the benefits. The free banking is the only thing I'm interested in really. It would be a financial saving for me, but I think it might take a bit more time going to the post office. Tough one to weigh up.

yeah i guess you need to see how much it would save you over the year to see if it's really worth it..

paul

[ants]

Just tell the bank your with youve been offered free banking elsewhere.
Irang mine today told him Ive been offered free banking with Abbey,hes offered me free banking for 2 years...everything.
Im with Nat West.
All thanks to this thread.
CHEERS

[p1w1]

i did try that i'm with tsb but they where having none of it really they offered to cap it at £25 a month for a year.. i guess its who you get to deal  with really..but good on ya for getting yours down.

paul

[Joe Lauzon]

I tried it with HSBC, they wern't having any of it. 

My local post office is so damn busy all the time, thats what concerns me.  I would save a good few hundred quid, but time is money.  I think I will end up leaving that last house knowing I have a wait at the post office and end up no better off.

[p1w1]

you can have up to 4 different post offices to use if that helps..

paul

[Steve R]

Paul, 

You can get free advice from a solicitor on the first appointment anyway.  Also the CAB offer a free service.  I think this benefit isn't what its cracked up to be.

CAB dont offer advice to businesses. At least thats what they told me - A few years back!

[williamx]

You don't really need a "Business Account" unless you need to borrow vast amounts of money, and thats if they are willing to lend to you (a lot of the banks are not borrowing at the moment even thought we have given then over £50 billion to do so)

All you need is a "seperate account to your personel one" to kept the tax man happy. (if they do an tax audit on you they will always look in your personal account as well as the items that you own) so park the rolls around the corner .

With the Alliance and Leicester personal account you can deposit unlimited cheques and cash either in the branch or the atm machines, via the post office or you can post it to them.

No bank charges for life.

[NWH]

If you have money they will lend you money,there not lending to high risk.

[L.J.Thorpe]

You don't really need a "Business Account" unless you need to borrow vast amounts of money, and thats if they are willing to lend to you (a lot of the banks are not borrowing at the moment even thought we have given then over £50 billion to do so)

All you need is a "seperate account to your personel one" to kept the tax man happy. (if they do an tax audit on you they will always look in your personal account as well as the items that you own) so park the rolls around the corner .

With the Alliance and Leicester personal account you can deposit unlimited cheques and cash either in the branch or the atm machines, via the post office or you can post it to them.

No bank charges for life.

same here except i use lloyds
just a regular personal account and all earnings get paid into it and any purchases related to business are made from it.Simple and the bank statements become your accounts every year ;Deasy

[Niall McAllister]

i saw an ad on alliance and leicester for 2 years free, its just that at the moment i am just earning what is a wage so what would go in the business account!?

Some banks get a bit huffy if you use a personal account for business, but even if you are just drawing a wage,you should have a seperate account for your money to go into and then take the wage from there each week, it makes it easier to keep track of what's coming in, and what's going out.
 also you get tailored support for business banking, which can be useful.
niall