Business banking

[SteelyDan]

I don't think you are required to, but I did a test transfer straight away just to make sure everything was working.

Cheers...I'm still reading, but what's with the short video bit for application?

[SuperLooper]

Cheers...I'm still reading, but what's with the short video bit for application?

It's the modern equivalent of sending off signed application forms in the post. It's actually very slick. Send a photo of your ID (passport/driving licence), send a video clip so they can check the person opening the account is the same person shown in the ID.

[Maslins]

Just to mention if you want a free FreeAgent account, then RBS/NatWest are worth considering. They're a long established bank, unlike Starling...which I appreciate can be seen as both as positive and a negative.

Most of the big (traditional) banks should now have live feeds that work well via Open Banking, so no longer relying on Yodlee/screen scraping. See here.

Not trying to put you off Starling, just chucking another option in there. Starling isn't on the Open Banking list (yet), but I gather does sync nicely with FreeAgent. Only oddity is it seems you need to instigate it from the Starling end, rather than FreeAgent end (ie Starling pushes data to FreeAgent, rather than FreeAgent pulling it from Starling).

[Michael at BI Accountancy]

Yorkshire Bank and Clydesdale (same thing) currently do 2 years free for switchers.

Just on Yorkshire Bank and Clydesdale, we've had issues with majority of clients who bank with these in relation to the FreeAgent bank feed (this may, hopefully will, improve with open banking). Duplicated transactions etc, might be worth the OP bearing this is mind as he is also looking for FA.

[SuperLooper]

RBS/NatWest are worth considering. They're a long established bank, unlike Starling

Long established banks are precisely the problem that Starling aims to solve.

[SteelyDan]

Just to mention if you want a free FreeAgent account, then RBS/NatWest are worth considering. They're a long established bank, unlike Starling...which I appreciate can be seen as both as positive and a negative.

Most of the big (traditional) banks should now have live feeds that work well via Open Banking, so no longer relying on Yodlee/screen scraping. See here.

Not trying to put you off Starling, just chucking another option in there. Starling isn't on the Open Banking list (yet), but I gather does sync nicely with FreeAgent. Only oddity is it seems you need to instigate it from the Starling end, rather than FreeAgent end (ie Starling pushes data to FreeAgent, rather than FreeAgent pulling it from Starling).

Thanks Maslins.
Do RBS/Natwest offer free banking too? Not sure what the application process might be, or how long it might take, but suspect longer than Starling if they're 'traditional' banks. I was looking for free business banking tbh.

[SteelyDan]

Yorkshire Bank and Clydesdale (same thing) currently do 2 years free for switchers.

TSB do 18 months.

The rest tend to be free for new businesses only.

You can get 5.5 years free by going Clydesdale-->TSB-->Yorkshire :-)

Use that only for in and out transfers and let it sit in Aldermore the rest of the time.

Your accountant will tell you how much money you've got for yourself and tax

Freeagent?

[SteelyDan]

It's the modern equivalent of sending off signed application forms in the post. It's actually very slick. Send a photo of your ID (passport/driving licence), send a video clip so they can check the person opening the account is the same person shown in the ID.

Hmm, wife's a PSC & not keen on this, she's a bit tech-paranoid so might need a rethink or get her temporarily removed as PSC...

[darrylmg]

Have decided to switch business banking from HSBC.
Been reading some good things on a previous thread, & elsewhere, about Starling. Are they still favourable? Any issues?
I'm looking for free banking, no fees, freeagent integration, & quick set-up with minimal fuss. Free freeagent would be even better tbh...
Seems Starling only have business current a/c whereas before with HSBC they provided a savings a/c called business money manager where I could shift VAT/Corp Tax amounts to until they were due to be paid. Not a deal breaker not having this but I like to separate these things from normal current a/c. Cheers.

Have you been put off by the recent HSBC online banking upgrade?

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[ladymuck]

Have you been put off by the recent HSBC online banking upgrade?

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It's not too bad. Downloading statements is far more straightforward now