Which Bank

[Levanter]

A friend and I have just set incorporated a UK Ltd Company. We are 100% services in the high value leisure marine business and we need a UK bank account.

I have been out of the UK banking system for over 8 years and have no idea who to go to although I would now be likely to approach the CooP. I am sure they will all have glossy brochures and offer broadly the same services.

Does anyone have some thoughts or experiences for a start-up business. We are not anticipating any kind of loan and the income is likely to be larger sums infrequently rather than smaller sums regularly. (We will be working on the infrequently!!)

This forum is a mine of information and above all, I trust it.

[Andrew Price 2]

I'll look after it for you!!

[Mark Hancock]

Thought this was a model flying forum Seems to be less and less about flying on here these days

[john stones 1 - Moderator]

It's in Chit Chat Forum

I never have any money Levanter so I can't help you, a couple of clubmates are on here though and they are loaded so maybe they can help.

John

[Nigel Day]

Hi Levanter.

I have a Co-op account. It's free for me as I opened it through the FSB (Federation of Small Businesses). I think my subs cost me £110 last year (single-person business) with a £10 discount for paying with the FSB/MBNA credit card (also free).

You also get a £25 'cashback' loyalty bonus each year so it reduces the cost further to £85. That's a lot less than I'd pay in charges if it were not free.

I don't know what the scale of FSB business membership charges are though so this might make a difference.

If you do a lot of on-line banking then the Co-op account is pretty rubbish. It's usable but fairly basic. My personal accounts are with Nationwide and their on-line accounts are the mutt's nuts to use.

[Brian Lambert]

HSBC, Branches everywhere, first year free(ish), world wide reach.

Brian

[G-YRUS]

I have a business account with a Spanish owned bank high street big boy. I can only state my own view and they are appalling in so many ways. As and when time allows I intend to move accounts. Did not want to state the name outright in case of any legal ramifications.

[Lee Smalley]

I would not touch HSBC with a Barge pole they are not interested unless you have oodles of money I closed all my accounts and moved all my credit cards and mortgages away from them after being with them for nearly 20 years, Halifax bank just try to sell you loads, constant phone calls, coop bank have been good although I am very concerned at their ability to look after my money if they think it's fine to employ a guy with a taste for cocaine and no actuall experience of the finance business, wish I would have gone to nat west to be honest

[Ernie]

Good morning

Maybe I can help. I'm a Nigerian prince, and am considering moving to the UK. Unfortunately, due to the complex banking rules and the fact that all my assets are in gold bullion , it is difficult for me to transfer my fortune to a UK bank.

If you send me your banking details, along with a cheque for £1000 to cover my costs, then I will be happy to transfer around £20,000 to your account

John Hamilton

[Frank Skilbeck]

You need to set up a business banking account, when I set my business up a few years ago, I went with RBS, purely because I had an account with them, they have been OK so far and the online part works very well. Like you I didn't need any start up loans.

But if you are not resident in the UK you may find it harder, a friend of mine had a business in Dubai and decided to set up a registered UK ltd company to provide engineering services to his Dubai company. When they tried to set up a UK bank account, they couldn't as his two associate directors (both UK passport holders) didn't have a UK address, fortunately he did so they registered the UK company with him as sole director and the bank he had a personal account with in the UK set up a business account for him.

PM me if you need any further info.