Free business banking anywhere?

[bluedrop]

Hi all, My business is 3 yrs old. I've been with HSBC all through. They've now started charging me even for a business direct account

Is free business banking available anywhere?

[Maslins]

This comes up fairly often (especially for disgruntled HSBCers who did have a free account). Cater Allen I believe do still have a free account, but I think you need to have a minimum £5k balance in there, and sure I heard a rumour they only accept new accounts via intermediaries these days (eg your accountant).

There will also be lots of people in the "it's only a few quid, if HSBC are doing an ok job why change" camp.

[Martin at NixonWilliams]

Many banks offer free business banking but only for a limited period - usually no more than 12 months.

The £5k minimum balance on the Cater Allen account is generally waived if you have opened the account through an introducer. Our clients benefit from this and free banking for up to 30 transactions per month.

I hope this helps.

Martin

[SteelyDan]

There will also be lots of people in the "it's only a few quid, if HSBC are doing an ok job why change" camp.

Yep, I'm one of them; it's annoying but negligible. £5.50/month; just expense it. Plus, if you pay a creditor by cheque (yes, some places still use those bad-boys) they bill you something outrageous like £0.80/cheque. I'll stick with them though if only for an easy life.

[Jeremiah@RHJAccountants]

Like what the other two accountants have said Cater Allen is free for up to 30 transactions per month and is what we generally encourage for all our contractor clients.

I would say HSBC are one of the best when it comes to traditional high street banks.

You can always switch banks every 18 months and enjoy free banking if the charges are annoying!!

[saptastic]

Hi all, My business is 3 yrs old. I've been with HSBC all through. They've now started charging me even for a business direct account

Is free business banking available anywhere?

Available here:
Free business bank account l IT contractor bank account l Cater Allen free banking :: Contractor UK
No minimium balance. I switched last year from HSBC.

[jmo21]

I opened an Aldermore account last month. Free, no min balance, 1.1% interest (ish)

Apply for Easy Access Business Savings Accounts - Aldermore Bank

[Sausage Surprise]

I opened an Aldermore account last month. Free, no min balance, 1.1% interest (ish)

Apply for Easy Access Business Savings Accounts - Aldermore Bank

Isn't that a savings account though?

[craig1]

I have a Co-op business account that's completely free for small business transactions. In essence, as long as I'm not hauling lots of cash over the counter or issuing/cashing lots of cheques then it's free, plus I get a £25 annual loyalty reward. I think they stopped allowing people to open that type of account years ago but if you're a FSB member then you can get access to the same account benefits as part of the membership.