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Which Bank?

Discussion in 'General Business Forum:' started by Stationery Direct, Sep 30, 2008.

  1. Stationery Direct

    Stationery Direct Administrator Staff Member

    If you have recently started up a design related business or looking to do so, which Bank to use may be a question that you have.

    For all my businesses I use Abbey, they offer completely FREE business banking which is great for businesses just starting out (and established businesses).

    Obviously FREE does come at a price, such as no over the counter service, and all cheques to be paid in must be done via post or one of Abbey's cash points. For me this is no problem and my business runs smooth like this, I also have online banking and can keep track of payments via the internet.

    So glad I left Barclays 2 years ago, their charges were extortionate, I'm saving at least £1,000 a year now.

    Give them a try: Abbey's free day to day business banking forever
     
  2. Maddy

    Maddy Member

    I agree. When I have enquired in the past about a business account, Abbey was my number one choice. Posting cheques was good for me too coz I hate parking in town:icon_smile:
     
  3. dot design

    dot design Member

    I'm with Barclays and their fees are high, I've been meaning to review my banking - time for a change to Abbey I think!:icon_cheers:
     
  4. Stationery Direct

    Stationery Direct Administrator Staff Member

    Abbey are ideal for graphic designers and businesses operating online, I presume 99% of your business comes from online so how often do you get paid cash? Hardly ever I should imagine...

    ...in this case you won't really need over the counter services and Abbey is perfect for your needs.

    Why pay Barclays, X pence per paying in slip and then X pence per cheque paid in? Do they still charge a monthly fee for the business account?

    I suppose it depends how many cheques you pay in to be honest, in my case it was loads so it made financial sense.

    It also works with ecommerce stores, I use PROTX and Streamline and funds are deposited into my FREE Abbey account, brilliant!

    Make the change :icon_thumbup:
     
  5. Pixels Ink

    Pixels Ink Member

    hmmm, I'm tempted to look into this.

    My business account is up for review at the end of November, (currently with RBoS).
     
  6. sabian1982

    sabian1982 Member

    Abbey sounds good- is it not FREE for just the first 18 months or is it truely free FREE? Think i'll have a look at them as im going to be using Protx on a new startup business shortly- sounds like it might be just what im looking for!
     
  7. Stationery Direct

    Stationery Direct Administrator Staff Member

    FREEEE forever, or so they say.

    PROTX - STREAMLINE - ABBEY (highly recommended)
     
  8. sabian1982

    sabian1982 Member

    Can you remember what the requirements were for setting it up? Proof of identification i presume, what about proof of the business name being registered etc?
     
  9. Stationery Direct

    Stationery Direct Administrator Staff Member

    Not sure to be honest as it's a few years back now, in the past I had to show a letterhead with the business name on, although in this case I am sure I didn't need much at all, definitely didn't need to prove the business name was registered or anything. Maybe just passport/utility bill etc, sorry not sure, give them a call: 0845 6070 666
     
  10. Maddy

    Maddy Member

    For sole trader a letterhead. This was a couple of years ago and then obviously id.
     
  11. Stationery Direct

    Stationery Direct Administrator Staff Member

    Sorry forgot to say, I am a sole trader trading as "Company Name", infact you can also have your company name trading as another company name too, allowing you to accept cheques in your personal name, business 1 name and business 2 name. Comes in handy if you have a similar business sideline and want to accept cheque payments in that business name also.
     
  12. Maddy

    Maddy Member

    You can have the letterhead showing your company name then your real name and address at the bottom.

    I think it's law if you're a sole trader to have your personal name somewhere and you can display as a "trading as" format or like I said before just add your name somewhere else.
     
  13. sabian1982

    sabian1982 Member

    Thanks Maddy- i'll need a business account as this will be what shows up on peoples statements when they pay me which will make everything look a lot more professional.

    I've still not given up on starting the 'Bank of Mike' - i think its the way to go! I'd be more than happy to look after other peoples money :p
     
  14. Maddy

    Maddy Member

    Da BOM (the bank of mike!)

    I'll sign up as long as you're paying, ooh, around about 25% interest...
     
  15. sabian1982

    sabian1982 Member

    Surely if Da BOM offered over 6% it would be a good thing? no?
     
  16. Maddy

    Maddy Member

    I get over 7% on my savings account so you'll have to do better :icon_smile:
     
  17. sabian1982

    sabian1982 Member

    Yes but its a savings account- i'd be offering 7% for a current account... surely that would make Da Bom a bargin?
     
  18. Maddy

    Maddy Member

    Yeah ok - so if Da BOM ever takes off let me know...
     
  19. sabian1982

    sabian1982 Member

    Back on topic though; Boss Hog- best to have a business account with the business name linked to your Protx account as when they recieve their statement it will show you're business name as the transaction... right?
     
  20. Stationery Direct

    Stationery Direct Administrator Staff Member

    I have a business account, I am a sole trader but the account is still in my business name.

    Abbey is only used to deposit the monies into from Streamline, my details with PROTX or Streamline which is the business name anyway determine what shows up on my customers statements.
     

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