[CF Facilities]

Hi I have been using personal current account for business use and its getting a bit complicated and my local branch are starting to ask questions so I am looking into a business current account.
I am just a sole trader with no plans to expand but worried I will be paying over the top charges.
I don't need any specific financial details from anyone obviously but I was just after an idea of monthly cost (ball park) after free banking ends.
I have done a bit of research and the Coop is free banking for life as long as you are a member of fed small businesses (so not really free) unless being a member of fsb is a benefit I cant really tell.
Any information would be really useful.

Thanks

[Jettaway]

Im with Santander, it doesnt cost me a penny for business banking.
I get unlimited cash deposits and i believe 150 cheuqes per year before they start charging for cheque deposits.

I believe its free for life, ive been with them over 2 years and they havent started charging for using them

[George Gardner]

BARCLAYS CHARGE - I KNOW THAT MUCH!

Although i think you can get a 18 month free period now with both banks, gumble a bit and they usually let you off for 24 months 

[LT carpet cleaning]

Co-op every time. £100 a year but you get £25 back anyway. Being in the FSB has no real benefits BUT if you are ever investigated they will be on your side and pay the fees.

[robertphil]

i used to hav a biz account ,it was 15 quid a month plus 60 p for every cheque you pay in or out.  adds up i can tell you  .   this was with HSBC  , and keep a close eye on your statements cos they goof up and charge you  now n then ,if you say nothing you lose out. 

[Perfect Windows]

Co-op every time. £100 a year but you get £25 back anyway. Being in the FSB has no real benefits BUT if you are ever investigated they will be on your side and pay the fees.

Being a member of the FSB you get:

Insurance against tax investigation (my accountant's policy is £120)
Free banking at the Coop
Free legal advice and helpline (for both you and your business)

and quite a bit more (but not as quantifiable) - all for £120.  


Vin

[Ian Lancaster]

Negotiate a fixed monthly fee.  That way there's no nasty surprises, plus you always know what's going to be taken from your account.  Work out roughly how much it might cost at their charges for inputs, withdrawals, standing orders etc, then demand a monthly fee of about 75% of that.  Threaten to take your account elsewhere if they won't play ball.

It worked for me.

[Perfect Windows]

Ian, given that you're in the FSB, why aren't you taking up free banking with the Co-op?

Vin

[telfordwindowclnr]

Santander. Doesn't cost us a penny. We are a ltd company.

[PoleKing]

+1 for Santander.
It's 100 cheques per month free.
That's the only benefit. I hear they screw you if you need an over draught. Or a cheque bounces but not experienced it myself.
It's basic but it's free. Get what you pay for...

[CF Facilities]

Thanks for all your replies.

I lost the will to live waiting on the end of the phone for Barclays business today so I cancelled my appointment.

I think Santander don't do free for life business banking only 18 months for new customers so I missed out there.

I rang COOP business and they answered within four rings and I spoke to a person not a machine and the guy was really helpful and answered all my questions.

The coop give interest (very small) and £25 annual bonus and free banking. They have not got bells and whistles of major player on the high street but someone has to pay for all their branches and I have never heard of any fat cat coop director earning millions of bonus courtesy of the taxpayer so all in all I'll probably go with coop and FSB and make the most of the benefits of being a member. I quite like the idea of tax investigation assistance as I am going down self assessment route this year.

[PoleKing]

If you fancy some of the ones that only offer 18 month deals...
When I first started I got 18months free at HSBC as a sole trader then another as a partnership, gave my mrs a card-still only a sole trader by HMRC.
So got 3 years.
Only a thought though.

Coop seems a good deal

[poleman]

Had free banking at the Coop for the past 3 years, and not really been happy with them! there online banking is crap, and there customer service is not helpfully, and when I phone them to say that I was about to go over my limt because I was wait to get paid on a big contact, they would not extened it and said I was running my business at a lost? to which I was not best pleased to be told that about my bsiuness as I know its fine? I told they you have just lost my custom...as not business friendly, will be going back to HSBC next month

[Ian Lancaster]

Ian, given that you're in the FSB, why aren't you taking up free banking with the Co-op?

Vin

Because my nearest branch is in Chatham - nightmare parking and a 20 mile round trip

[Mike #1]

I use natwest and you can have different levels of fixed fees depending on number of deposits etc.

Only been with them 3 months but find them very good and now all branches open at 8:45 till 5:00 pm mon-friday my branch is only 2 mins walk from my house. Mike