Business Current Accounts

Money, investing, mutuals etc

Business Current Accounts

Postby planteria » Sat May 26, 2018 9:02 pm

we have had our business banking with HSBC for a few years now, having had a personal account with them for 30+yrs.
they are closing one of our accounts following their problems in Mexico, the pressure they are under, and the confusion they have with customer details - we are not alone. So, we are looking to move all of our business banking away from them. where do folks here suggest? the obvious choice for us is Lloyds, location-wise, but we are open to ideas.
we generally just need current account facilities, but low charges, and interest on credit balances, would appeal.
don't generally deposit any cash at all, it is nearly all money in & out by bank transfer/DD.

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Re: Business Current Accounts

Postby Boro Boy » Sun May 27, 2018 12:46 am

planteria wrote:we have had our business banking with HSBC for a few years now, having had a personal account with them for 30+yrs.
they are closing one of our accounts following their problems in Mexico, the pressure they are under, and the confusion they have with customer details - we are not alone. So, we are looking to move all of our business banking away from them. where do folks here suggest? the obvious choice for us is Lloyds, location-wise, but we are open to ideas.
we generally just need current account facilities, but low charges, and interest on credit balances, would appeal.
don't generally deposit any cash at all, it is nearly all money in & out by bank transfer/DD.


I have 2 business bank accounts; never trust banks so set up two (just in case I needed to move). Unfortunately they are Lloyds Bank and Bank of Scotland which might as well be the same bank now since the HBOS episode. I cannot say I would recommend them as they encouraged over borrowing before the crisis and then hit everyone with a hammer afterwards; I cannot say they have been flexible or accommodating either.

If I was setting up a new business bank account it would be with one of the newer banks, have you looked at Metro Bank? :thumbup:

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Re: Business Current Accounts

Postby Sarah » Sun May 27, 2018 7:47 am

There's a certain Mr Edmonds (and others) quite unhappy with Lloyds Banking Group:
https://www.youtube.com/watch?v=lDlCA8Qe9p8

Many more videos also on that channel. He might be a bit of a fruitcake these days, but he does have a case.

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Re: Business Current Accounts

Postby pabenny » Sun May 27, 2018 7:53 am

I opened a new account with Lloyds last year. Painfully slow - when they said something would take 'up to' 10 days, it meant it would actually take the full 10 days. Someone in the call centre let slip that the slow pace was partly because data I had submitted online had to be rekeyed!

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Re: Business Current Accounts

Postby planteria » Sun May 27, 2018 9:56 am

Boro Boy wrote:...Unfortunately they are Lloyds Bank and Bank of Scotland which might as well be the same bank now since the HBOS episode...


you have stuck with them for a good while then :eh:.

Boro Boy wrote:...If I was setting up a new business bank account it would be with one of the newer banks, have you looked at Metro Bank? :thumbup:


i haven't, but i know they don't have branches near to us.. are you not tempted to try them yourself?
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Re: Business Current Accounts

Postby planteria » Sun May 27, 2018 10:03 am

Sarah wrote:There's a certain Mr Edmonds (and others) quite unhappy with Lloyds Banking Group:
https://www.youtube.com/watch?v=lDlCA8Qe9p8


good on him. i wasn't aware of this tale. and thank you for that feedback pabenny.
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Re: Business Current Accounts

Postby expressman33 » Sun May 27, 2018 10:14 am

3 of the 4 firms that I worked for used Nat West and hardly had a problem

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Re: Business Current Accounts

Postby macliam » Sun May 27, 2018 10:21 am

planteria wrote:
Boro Boy wrote:...If I was setting up a new business bank account it would be with one of the newer banks, have you looked at Metro Bank? :thumbup:


i haven't, but i know they don't have branches near to us.. are you not tempted to try them yourself?

I've used their personal banking since 2012 - it's free and their ATM card allows cash to be taken out in Euros without charges. There are no branches near me, but their online service works well, so no issues in the past. The only issue was that I had to go to a branch (in London) to open the account ..... I'm not sure if that is still true. I've had no complaints - but then, my requirements are few. I transfer in money from my primary account and keep a balance at all times, so there is always an amount of money I can withdraw in Euros.

Obviously this isn't a business account - which they have, but for which there seems to be a charge which is waived if the balance remains above £5k. What benefits there are and whether it would suit your purposes I can't tell you, but they are no "fly by night" and the network has expanded since I opened my account.
Just because I'm paranoid, it doesn't mean they're not out to get me

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Re: Business Current Accounts

Postby planteria » Sun May 27, 2018 3:59 pm

expressman33 wrote:3 of the 4 firms that I worked for used Nat West and hardly had a problem


i can't imagine having baby-sized statements for my business current accounts though :problem:.
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Re: Business Current Accounts

Postby Boro Boy » Sun May 27, 2018 9:38 pm

planteria wrote:
Boro Boy wrote:...Unfortunately they are Lloyds Bank and Bank of Scotland which might as well be the same bank now since the HBOS episode...


you have stuck with them for a good while then :eh:.

Boro Boy wrote:...If I was setting up a new business bank account it would be with one of the newer banks, have you looked at Metro Bank? :thumbup:


i haven't, but i know they don't have branches near to us.. are you not tempted to try them yourself?



Stuck with them... yes kind of but not by choice!

Yes I have looked at Metro Bank and would jump at the first opportunity. They are opening new branches (unlike the main banks) all the time so watch their web site for developments - where are you based?
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