Business Bank Account v Personal Accounts

[leavemetogetonwithit]

Re: Business Bank Account v Personal Accounts

Never paid a penny in bank charges. Never opened a business account.
Pay in 10 or more cheques at a time, never been questioned. If there’s a queue, use the quick deposit envelope.
Only problem is that very occasionally someone makes the cheque out to my trading name and I don’t realise it till I get home. Then I have to send the cheque back to customer and ask them to write another. Bit of a hassle but it seldom happens.
Mike.

[Martin]

Re: Business Bank Account v Personal Accounts

scots wrote:Everyone who mentioned using them say the get banking FOC, we pay a set fee, albit low every month.

How do you get free banking?

Do you refer to the A&L Commercial Bank Brian? The only charge A&L Commercial may administer is a £5 charge if in any one calender month you bank less than £1000. Aside from that free banking is their game and if they are charging you I’d love to know why?

squadman wrote:Mind you we currently are paying about £ 1000.00 per annum for our business banking with barclays and In light of what has been raised here I will be talking to Barclays to see if we can get free banking ! they aint gona like that !

If they won’t play ball to that idea then take the advice I and several others have given and walk across to A&L or whoever that will love your custom and not hang you up to dry. 😉

[Phidom]

Re: Business Bank Account v Personal Accounts

I do much the same, Mike. I’ve been using my existing Abbey personal accounts ever since I started in 1998. I deposit cheques by machine into my Direct Saver account and hand the cash in at the counter to go in the current account. I pay as many bills as possible with cash so a lot of takings never get to the bank. These days the current account is mainly just used to write cheques for the spares suppliers and debit card transactions for purchases in which use of a credit card would incur additional charges. I would quite like to change the Abbey account into a free business account but don’t want to draw attention to my existing system 😉

[scots]

Re: Business Bank Account v Personal Accounts

Interesting Martin. We bank well over this £1000 and pay on average £15 per month?

I know its not a lot but rather have it in my pocket.

Going to give them a wee call thanks

Brian

[Toni]

Re: Business Bank Account v Personal Accounts

Hi
I’m with Abbey free business banking for life and find it works very well for me. I deposit cheques in to the ATM at the branch (Any Abbey branch with an ATM but my local one is onlly 3 miles away) and cash at the counter. The only downside is that cheques take an extra day to clear (4 days)
Toni

[scots]

Re: Business Bank Account v Personal Accounts

oops meant to say, yes Martin its commercial banking

[Martin]

Re: Business Bank Account v Personal Accounts

scots wrote:oops meant to say, yes Martin its commercial banking

Ok, then the only reason I can see you’re getting charged £15 per month is due to the recent changes (Jan 2009) in that you must be paying in well in excess of their £3000 in cash each month. A&L charge 50p per £100 for cash deposited over their £3000 threshold. So by my calculation to be stung for charges each month of £15 then you’re paying in £6000 in cash each time…..nice! 😯

I never get customers to pay me in cash so that’s probably why I never pay any charges?

Can you lend us a fiver to see me through the week by the way?:D

Times is hard down here. 🙁

[SimonCD]

Re: Business Bank Account v Personal Accounts

I am with barclays and about 3 years ago my charges also shot up, I spoke to my business manager about moving to another bank and they promptly cancelled all charges on my account apart from charges for banking cash (which goes into my personal a/c, 1 cheque out at end of month). My account is always in the black but not by much. Things may have changed by now but at the time they were very keen to keep me as a customer. I find a good moan often helps!

[Twoten]

Re: Business Bank Account v Personal Accounts

Phidom wrote:I’ve been using my existing Abbey personal accounts ever since I started in 1998. I deposit cheques by machine into my Direct Saver account and hand the cash in at the counter to go in the current account.

I ran my Abbey accounts like this for 11 years until 6 years ago Abbey National tightened up on things and said I would have to close the account as they’re being used for business.

Now I use the free Abbey business banking, as a sole trader it works fine for me.

[Alanj]

Re: Business Bank Account v Personal Accounts

Hi Guys,
I have a HBOS Business account which qualifies for “free banking” if account is kept in credit to the tune of £5000. Are there any catches like that with Abbey? I grudge all that money lying in a current account making nothing(for me anyway 😥 )

Alan

[Twoten]

Re: Business Bank Account v Personal Accounts

Alanj wrote:Are there any catches like that with Abbey?

The only ‘Catches’ are the transaction limits:

Cheques deposited: 100

Cash deposited: £3,000

BACS credited: No limit

Cash and cheque withdrawals: 100

Debit card payments: No limit

Direct debits, standing orders and bill payments: No limit

Transfers between linked Abbey business accounts: No limit

More info: http://www.anbusiness.com/services/charges_interest.shtml#freebank

I stay within the limits so it’s free.

[Phidom]

Re: Business Bank Account v Personal Accounts

Alanj wrote:Hi Guys,
I have a HBOS Business account which qualifies for “free banking” if account is kept in credit to the tune of £5000. Are there any catches like that with Abbey? I grudge all that money lying in a current account making nothing(for me anyway 😥 )

Alan

That’s not really free banking as you lose the interest you could otherwise earn on the £5000.

[Martin]

Re: Business Bank Account v Personal Accounts

Phidom wrote:That’s not really free banking as you lose the interest you could otherwise earn on the £5000.

Current bank rate is 0.64{e5d1b7155a01ef1f3b9c9968eaba33524ee81600d00d4be2b4d93ac2e58cec2d} therefore £5000 could earn monthly interest of just £3.03 🙁

[Alanj]

Re: Business Bank Account v Personal Accounts

Hi guys,

to answer Phidom – I know it’s not “free banking” as they would lead you to believe. When I started the account, the interest rate on it was quite good plus no bank charges. Now the interest rate is virtually nothing I thought a change might be in order.

Alan

[Alanj]

Re: Business Bank Account v Personal Accounts

Hi Martin,

what if I free up £3000 into my savings account earning 5.65{e5d1b7155a01ef1f3b9c9968eaba33524ee81600d00d4be2b4d93ac2e58cec2d}. What’s my interest then? 8)

Alan

[Author]

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