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Banking Recommendations (Freeagent compatible) - Tide or others?

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    Banking Recommendations (Freeagent compatible) - Tide or others?

    I've had a look at some previous threads but there doesn't seem to be a recent one on this topic.

    I'm just setting up my new Ltd company. Accountant is chosen and appointed but I'm procrastinating / over-thinking (?) my choice of bank.

    Accountant uses FreeAgent so keen to ensure maximum compatibility on that front.

    Had a couple of recommendations for Tide.
    Tide Business Banking for Contractors | Contractor UK
    However, I noticed they don't have FSCS protection. Their website says they don't need it as funds are held in safeguarded account and not invested, but I'm a bit wary. Anyone with experience of Tide?

    Any other recommendations for banks with decent online service, good customer service and good FreeAgent integration.

    Suggestions & feedback very welcome and appreciated.
    Last edited by Contractor UK; 28 June 2020, 15:04.

    #2
    I'm with Santander and they've been pretty much spot on for the last 8 years.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Does your accountant provide a discount on the cost of FreeAgent?

      If not, then look at RBS who will supply FreeAgent for £5pcm (exc banking transaction fees). The account opening process was a complete PITA for me as I already had a personal account with RBS and they confused the two, different sets contact details, but you may have better luck.

      -- Edit --
      I should also point out that RBS now own FreeAgent.
      -- Edit --

      I also have a Santander account because it offered free banking at the time I opened the account. Simple, if a little clunky, online banking. Worth what I pay for it... i.e. nada.

      And Tide. Very easy account opening and great mobile app; would recommend if you have minimal requirements and need a business account in a hurry... a selfie and a couple of scanned documents and you're done.

      Good luck.
      ---

      Former member of IPSE.


      ---
      Many a mickle makes a muckle.

      ---

      Comment


        #4
        If your main criteria is Freeagent compatibility RBS/Natwest will be the choice, no bank will be better than these for reasons I hope I don't have to go into

        EDIT: It seem Wattaj did go into
        Originally posted by Stevie Wonder Boy
        I can't see any way to do it can you please advise?

        I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

        Comment


          #5
          Thanks for replies.

          Anyone have experience of Starling for business banking?

          Comment


            #6
            Originally posted by Asmith View Post
            Anyone have experience of Starling for business banking?
            Seek and ye shall find... https://www.contractoruk.com/forums/...light=starling
            ---

            Former member of IPSE.


            ---
            Many a mickle makes a muckle.

            ---

            Comment


              #7
              Originally posted by Asmith View Post
              Thanks for replies.

              Anyone have experience of Starling for business banking?
              Moved to them within last year, no issues so far.

              I believe they have recently enabled FreeAgent integration, but haven't used it myself yet.

              Comment


                #8
                Seems the problem with Starling is can't have multiple persons of significant control. My LtdCo is 50:50 myslef & spouse, so looks like Starling is a no go for me. Seems that the challenger banks have their pros and cons. Tide accept multiple PSC but no FSCS protection; Starling covered by FSCS but don't accept co-owned companies. So trying to decide whether to accept whatever compromise they bring or stick to traditional high-street known bank. As I said in original post, probably over thinking it.

                Comment


                  #9
                  Starling will be adding multiple PSC support in the next month or two.

                  Comment


                    #10
                    FSCS protection is basically worthless if you are with a big bank, if they go down you will get penny’s back to the pound


                    Sent from my iPhone using Contractor UK Forum

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