What is the best bank to open a business banking account if you are contracting as a limited company?


bank account
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.

This entry was posted on Sunday, March 1st, 2009 at 12:00 am and is filed under Other - Business & Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “What is the best bank to open a business banking account if you are contracting as a limited company?”

  1. Antonio L Says:
    March 2nd, 2009 at 6:41 pm

    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

  2. r w Says:
    March 6th, 2009 at 5:55 am

    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……

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