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Business Banking - No Charges..

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Old 12-09-2009, 12:02 PM   #1
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Business Banking - No Charges..

Just totting up all the charges Lloyds are making to one of my business accounts and I saw it's a good few hundred quid a year , bare in mind this account is always in credit to the tune of multiple thousands, has no overdraft and they get to play with my money I'm wondering if I should switch and I'll keep the few hundred a year they are putting away for various BS charges.

Anybody recommend a business bank account that's free while you're in credit?
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Old 12-09-2009, 12:37 PM   #2
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Re: Business Banking - No Charges..

Business bank accounts are more complex than the standard consumer accounts, the overiding factors to consider is what type of business you operate and how financial transactions are administered.

Bank accounts are geared towards different types of businesess and how they operate.

what you need to understand is what fees/charges the bank is levying, you might find that different accounts offer you a better alternative to your type of business.

if you handle alot of cheques etc, you might be paying a premium for this depending on which account you have.

Generally making full use of internet banking facilities will also save you time & money.

To recap your business needs to suit the type of business account you choose.

Last edited by acid007; 12-09-2009 at 12:47 PM.
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Old 12-09-2009, 12:42 PM   #3
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Re: Business Banking - No Charges..

Hi Simon, it has been five years since she set it up, so I don't know if it's still available, but my wife had a "no charge while in credit" business account with Bank of Scotland. IIRC it was tailored specifically towards small businesses - might be worth giving them a shout and seeing if there's anything like that still available.
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Old 12-09-2009, 1:37 PM   #4
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Re: Business Banking - No Charges..

Quote:
Originally Posted by SimonH View Post
Just totting up all the charges Lloyds are making to one of my business accounts and I saw it's a good few hundred quid a year , bare in mind this account is always in credit to the tune of multiple thousands, has no overdraft and they get to play with my money I'm wondering if I should switch and I'll keep the few hundred a year they are putting away for various BS charges.

Anybody recommend a business bank account that's free while you're in credit?
Abbey Business Banking - anbusiness.com

There are some monthly transaction limits, but I've never hit them

Been with them about 3 years and never been charged a penny. In fact, they even pay a few pence in interest.
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Old 12-09-2009, 2:06 PM   #5
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Re: Business Banking - No Charges..

I'd be surprised if such a thing is out there, even if it is you will probably find that charges/fees are being levied for all types of different actions.

Invariably you will find the more successful you become, "transactions" through your bank accounts increase accordingly. This obviously means they are having to spend more "time/resources" to administer your account. As a result your charges/fees generally increase proportionately. (after all they are a business too)

Well thats certainly the case if you play by their rules.

Turn the system to your advantage, whatever limits your bank sets – work them.

If you find the constraints limit the progress of your business or the charges/fees levied are unreasonable, you probably need to change your bank account to one which works better for you.

i used to be with RBS but changed a couple of years ago to A&L, quite happy with them and do not intend on changing.

Last edited by acid007; 12-09-2009 at 2:09 PM.
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Old 12-09-2009, 2:29 PM   #6
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Re: Business Banking - No Charges..

Quote:
Originally Posted by mh123 View Post
Abbey Business Banking - anbusiness.com

There are some monthly transaction limits, but I've never hit them

Been with them about 3 years and never been charged a penny. In fact, they even pay a few pence in interest.
This one does look good yeah, thanks will check it out.

Any idea what they charge for foreign check deposits , wire transfers are listed at £25 a pop but no details on foreign checks.
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Old 12-09-2009, 4:37 PM   #7
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Re: Business Banking - No Charges..

I get free business banking with HSBC but if I wanted to pay in, or take out cash, then it would cost. Are you a member of the FSB (Federation of Small Businesses)? Probably worth joining anyway, but if you are a member, you can get free banking through them. Also, it's always worth arguing with your current provider. Tell them you are about to switch and the reason why.
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Old 12-09-2009, 5:26 PM   #8
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Re: Business Banking - No Charges..

Quote:
Originally Posted by SimonH View Post
This one does look good yeah, thanks will check it out.

Any idea what they charge for foreign check deposits , wire transfers are listed at £25 a pop but no details on foreign checks.
Are you a yank, Simon? ...........................Cheque!!
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Old 12-09-2009, 6:48 PM   #9
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Re: Business Banking - No Charges..

Just to clarify "free" banking is available from most banks, this is normally a monthly fee which is waivered if charged. Thus making it "free"

There will still be other charges/fees levied if you exceed limits set, which is easily done as the limits are in some cases completely unreasonable.

The most flexible account which i have come across with the most relaxed features is the A&L business account.
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Old 13-09-2009, 8:17 AM   #10
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Re: Business Banking - No Charges..

Quote:
Originally Posted by Phil57 View Post
Are you a yank, Simon? ...........................Cheque!!
Nah, but deal exclusively with Yanks in one of my businesses, get so used to writing check that way on their behalf.
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Old 13-09-2009, 10:45 AM   #11
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Re: Business Banking - No Charges..

Cater Allan is who i bank with and i dont suffer charges. They are part of Santander group, in case you've never heard of them, just like Abbey and A&l.
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Old 13-09-2009, 7:41 PM   #12
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Re: Business Banking - No Charges..

Quote:
Originally Posted by mh123 View Post
Abbey Business Banking - anbusiness.com

There are some monthly transaction limits, but I've never hit them

Been with them about 3 years and never been charged a penny. In fact, they even pay a few pence in interest.
Yup use them too, have been with them for 2.5 years with no charges. Having said that, I don't have many transactions per month....
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