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Mrs RL and I are about to launch an ecommerce business - we've registered our Ltd Co, the site is being built and so on. Opening a bank account looks like it's going to be the most difficult bit.
Any suggestions?
Lloyds, Barclays, Natwest, Halifax and HSBC are all demanding an in-person appointment at least 2, if not 3 weeks away. Nothing like seizing the initiative...
There must be a business equivalent of First Direct?
As an accountant HSBC appear to be the best to deal with and Lloyds the worst. Most offer a years free banking so look beyond that at the charges after that period.
You will need to see them in person now so they can establish your ID for Money Laundering Regulations.
Might sound daft but PayPal will get you going. It is a bank account that will send and receive money and makes e commerce simple. You'll need to scan some ID but it's probably the only way of getting things rolling without a meeting due to the money laundering etc regulations.
Hsbc will do you 12 months free banking as well. This can be quite a benefit given as soon as you tell them your a business you'll be getting charged for everything!
HSBC is 18 months free business banking at the mo. Just opened an account up this week. Was easy. 🙂
Lloyds took 9 weeks from first contact to opening account for me. Wish I had gone elsewhere TBH
You're going to laugh, but I get on very well with RBS. Been with them for decades so don't know what it's like to open an account now, but they're always decent to deal with, international payments are quick and competent (important for me), and they have a decent business banking app.
Natwest gave me 2 years free banking when I signed up to them in June. That offer may still be going. They've been OK as a bank so far. Got the account up and running in a week from first contact and I found dealing with them very easy.
Cater Allen have been easy for me.
I use HSBC and was set up online in a few days, just needed to pop a proof of id into nearest branch
HSBC was by far the quickest for me (which was important at the time). I spent what felt like months faffing around with Lloyds and never seemed anywhere near completion.
[i]You will need to see them in person now so they can establish your ID for Money Laundering Regulations. [/i]
+1 HSBC
Been with them for +10 years
[quote=bencooper ]You're going to laugh, but I get on very well with RBS. Been with them for decades so don't know what it's like to open an account now, but they're always decent to deal with, international payments are quick and competent (important for me), and they have a decent business banking app.
This ^
Also with RBS got 2yrs free. No issues at all
Another good thing about RBS was that when I went to them and said I wanted to start a business selling these really weird bikes and could I have a £10,000 unsecured loan please, they said yes.
Of course that kind of risky investment might be what got them in so much trouble 😉
If you want to consider something less mainstream have a look at Handelsbanken - http://www.handelsbanken.co.uk/. We are in the process of moving to them after many painful years with Barclays. Their USP, and their value to a business, is that they have moved back to an old fashioned model of a local 'bank manager' who takes an interest in your business and has personal authority to approve overdrafts, loans etc.
Cater Allen
Does your business have "green" credentials at all? I have been with Triodos bank with the farm for 12 years and have never had a problem that couldn't be sorted with a one to one phone call. There internet banking portal is one of the best I have used and the charges for small scale business are pretty reasonable too (all charges are pay-per-transaction).
Check it out [url= http://www.triodos.co.uk/en/business/ ]here [/url]
It is a Dutch company and fully regulated so nothing to fear....
+1 for Cater Allen (part of Santander). Free business banking!
HSBC business customer for six years and they've never cocked-up, which is all I was hoping for tbh.
Qute helpful when I've needed anything sorted out too.
I went with Coop a few years back as like you all the others wanted face to face meetings and all I wanted to do was crack on and open the account and not wait weeks and weeks to meet someone. The only problem I have had with coop is their website is a bit poor.
Any of you HSBC users actually DLed the Rapport software that they keep pushing? The constant reminders are well annoying.