What is the best bank to open a business banking account if you are contracting as a limited company?
MadgeLivesInMarbleArch asked:
I am contracting as a limited company in the financial services industry in London. Because of new regulations, anyone contracting as a limited company must now have a business bank account. Can anyone in a similar situation recommend/give advice as to the best bank to go with in this case?
I know nothing about business bank accounts, eg how long do they take to set up, what are (if any) the fundamental differences between a business bank account and a personal on etc.
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This depend on your priorities. if you don,t mind bank charges any of the 4 banks can do as there is a good service on all of them. if you want a fix amount of bank charges A&L is good one if you don’t want bank charges then Abbey is the best. Hope this help you.
Regards
Antonio
Hi,
Firstly do you have an accountant? What is their advice? Do you really need to be Ltd? What about sole trader.In a partnership? Double accounts and its expensive to run Ltd.
My advice would be which ever bank you go with. Make sure its a smaller branch.Not a large city branch.You’ll be treated as an individual.And more of a valid customer.The larger the customer base the worse they are.
We were with Barclays and although their personal banking side is ok at best.Their business banking is shameful. I have spoken to 4 other people who report the dismal service and poor customer relations .And one was a large accountant firm.Not to mention the bureaucracy of this company.
We are with HSBC .Without their help we would not be in business.Superb support and a local manager who cares.
I hope this helps a little……