Business bank accounts : which is the best one?

[easyrider]

What are your recommendations for a business bank account (for contracting with low transactions per month) : preferably a free one?
Is there anything to be gained by opting for a 'paid for' account?
has anybody used the one recommended by CUK?

(background : I have re-started contracting after 5 years of perm)

[northernladuk]

Lots of discussions about business bank accounts including free/not free, speed of setup and other issues that have come to light below...

https://www.google.co.uk/search?q=bu...hrome&ie=UTF-8

[easyrider]

Yep... they still seem to offer no interest. May as well bury it in the garden

[kevpuk]

Yep... they still seem to offer no interest. May as well bury it in the garden

Grab a deposit/saver account from the same provider?
I use NatWest, for example, and have my Business Current account. Next to this, I have 2 deposit/saver/reserve accounts - in one of these, I filter of VAT owed (the whole 20%, even though on FRS) and the other I use to put everything else into leaving a 'float' of around £1k in the Current account. Come Divi time, it comes out of the 'savings' account.
Simples

[easyrider]

Grab a deposit/saver account from the same provider?
I use NatWest, for example, and have my Business Current account. Next to this, I have 2 deposit/saver/reserve accounts - in one of these, I filter of VAT owed (the whole 20%, even though on FRS) and the other I use to put everything else into leaving a 'float' of around £1k in the Current account. Come Divi time, it comes out of the 'savings' account.
Simples

Do Cater Allen offer any business saving accounts ? (I just can't be bothered to slog through their website...)

[northernladuk]

I use Santander which have a Business Reward Saver. Still an awful rate but better than nothing.

Business Reward Saver: Santander

Do Cater Allen offer any business saving accounts ? (I just can't be bothered to slog through their website...)

I do think that this is a pretty poor attitude to your business banking though.

[Maslins]

FWIW I'm in the process of moving one of our own accounts from HSBC to Cater Allen.

HSBC's account was meant to be free forever within certain transaction limits (negligible cash/cheques, nearly all online), but they recently changed their mind on that.

With my MVL Online hat on, Cater Allen have been a pleasure to deal with, acting upon our documentation with a day or two, rather than a few weeks as many of the other big banks seem to.

Interest received? I don't know...that's certainly not why I'm moving to them or away from HSBC.

[easyrider]

I use Santander which have a Business Reward Saver. Still an awful rate but better than nothing.

Business Reward Saver: Santander



I do think that this is a pretty poor attitude to your business banking though.

I've emailed them for details...
I used to have a free HSBC account 5 years ago when they were free.

Anybody know why business bank accounts are rock bottom interest? Is it just lack of competition or some gentleman's agreement?
Always struck me as odd....

[easyrider]

Gross Interest

The Cater Allen application form asks 'is the account eligible for gross interest' : any ideas what the answer is ?

[TheFaQQer]

The Cater Allen application form asks 'is the account eligible for gross interest' : any ideas what the answer is ?

Yes.