Cater Allen Questions

[mlc2009]

Hi All,
I'm moving from sole trader to LTD, need a new business account. I use barclays.

1/The cater allen offer on this site, is this done purely online or is a meeting needed with an actual person?

2/ How is the online banking area?

3/ Is there a visa debit included?

4/ Is there faster payments?

5/ What is the maximum limit on a single transaction? Daily limit?

[DirtyDog]

Might I suggest you ring Cater Allen and ask them?

[malvolio]

We already know they don't do faster payments very well...

IMVHO the reasons for using CA are fading rapidly. Best (or least problematic) of the big boys is HSBC

[Maslins]

I've just set up a Cater Allen account. To be honest it wasn't the easiest thing in the world. Was all done remotely, but involved a lot of forms to-ing and fro-ing.

This specific account was moving away from HSBC, variety of reasons.

Two main reasons why I chose to move it to Cater Allen:
1) with my MVLO hat on we write to a lot of banks, Cater Allen are the best we deal with in terms of speed/reliability of response.
2) they're one of the few still offering free accounts (subject to a few criteria).

Afraid I can't answer any of your other specific questions with any certainty at this stage...I'm sure I could've got a debit card, but didn't ask for one as don't need it.

[malvolio]

I've just set up a Cater Allen account. To be honest it wasn't the easiest thing in the world. Was all done remotely, but involved a lot of forms to-ing and fro-ing.

This specific account was moving away from HSBC, variety of reasons.

Two main reasons why I chose to move it to Cater Allen:
1) with my MVLO hat on we write to a lot of banks, Cater Allen are the best we deal with in terms of speed/reliability of response.
2) they're one of the few still offering free accounts (subject to a few criteria).

Afraid I can't answer any of your other specific questions with any certainty at this stage...I'm sure I could've got a debit card, but didn't ask for one as don't need it.

Fair enough, but I don't buy the cost argument for the same reason I don't buy it for accountants. HSBC costs me roughly a net £200 a year on average; for that I get multiple current and business accounts, full internet access, monthly statements plus on line history, credit card facilities, three variations on payment process including full fat FP, a standing overdraft facility and shedloads of financial advice should I need it (usually I don't).

People rightly praise the quality of CA's support service and there's a real human at the end of the phone, but I've had occasion to phone HSBC once in 12 years (and that was fixed in one 20 minute phone, eventually by a charming lady out in Singapore who spoke better English than I did); if the bank works, why do you need support?

Then again, some people use Barclays...

[northernladuk]

Barclays have been pushing some thing on the radio over the last couple of days whereby the reduce fees over time for loyalty. Haven't looked at it myself and doubt it would be a deal maker tbh.

[craig1]

Fair enough, but I don't buy the cost argument for the same reason I don't buy it for accountants. HSBC costs me roughly a net £200 a year on average; for that I get multiple current and business accounts, full internet access, monthly statements plus on line history, credit card facilities, three variations on payment process including full fat FP, a standing overdraft facility and shedloads of financial advice should I need it (usually I don't).

People rightly praise the quality of CA's support service and there's a real human at the end of the phone, but I've had occasion to phone HSBC once in 12 years (and that was fixed in one 20 minute phone, eventually by a charming lady out in Singapore who spoke better English than I did); if the bank works, why do you need support?

Then again, some people use Barclays...

Much the same reason why I use the Co-op. I don't need anything but business current and deposit accounts as well as a debit VISA card, I'll never use an overdraft or credit card facilities but I do want a bank that's got FP and knows what they're doing with international payments. Their telephone staff are outstanding and have never failed to help me with what I need. Their internet banking is simple and looks dated but does exactly what I need without too much fuss.

Completely free banking for my simple needs and they pay me a £25 loyalty bonus each year.

There's no "one size fits all" approach to business banking, get your requirements straight and find a bank that meets them.

[Sausage Surprise]

We already know they don't do faster payments very well...

IMVHO the reasons for using CA are fading rapidly. Best (or least problematic) of the big boys is HSBC

Other than faster payments taking overnight to process I don't have a problem....
To the OP I have a debit card too.

[Maslins]

Fair enough, but I don't buy the cost argument for the same reason I don't buy it for accountants. HSBC costs me roughly a net £200 a year on average; for that I get multiple current and business accounts, full internet access, monthly statements plus on line history, credit card facilities, three variations on payment process including full fat FP, a standing overdraft facility and shedloads of financial advice should I need it (usually I don't).

People rightly praise the quality of CA's support service and there's a real human at the end of the phone, but I've had occasion to phone HSBC once in 12 years (and that was fixed in one 20 minute phone, eventually by a charming lady out in Singapore who spoke better English than I did); if the bank works, why do you need support?

Then again, some people use Barclays...

£6/month is nothing for an account getting a lot of usage, I agree. The specific account I've moved has a trivial number of online only transactions. It's also partly the principle, I was "sold" the HSBC account that within certain restrictions (no cash, few cheques) it'd be free forever...I specifically went for that rather than an "introductory offer" as I knew our transactions would nearly all be online...then they moved the goal posts.

Also I'm now on my 3rd relationship manager in 4 years. They seem to get worse each time. Perhaps I have more need to contact them than the average contractor (eg setting up accounts for new clients, plus as an accounting firm we probably have more transactions than most contractors).

Service going down combined with price going up meant time to look elsewhere. Has been a bit of a headache getting the CA account set up, but hopefully(!) it'll be plain sailing from here. Plan is if it goes well, we'll consider moving our "main" account...but that involves more stress.

[MPwannadecentincome]

Other than faster payments taking overnight to process I don't have a problem....
To the OP I have a debit card too.

Yes the debit card is "deferred debit" so looks like a credit card to the outside world. For some reason though some web sites can't seem to authorise it. Bumpf that comes with it is hard to read and out of date, I finally got written confirmation that 5 withdrawals at ATM are allowed per day upto £600 each time with a daily limit of £2005. Over the counter withdrawals are allowed at any bank with a VISA sign if you have ID - note they will phone to authorise that and if you ask for too much it will get declined.

Internet banking works fine.



Good Luck!