20i Domains

Online Business Bank Accounts

Discussion in 'The Bar' started by Adam H, Jul 17, 2020.

  1. Adam H

    Adam H Well-Known Member Exclusive Member

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    I know this has been discussed before, but things change so thought id ask for some fresh views.

    As a result of Covid and my wifes employer being....well shit. I've finally managed to convince her she'd be better off working with me and have much more freedom. She's going to help out with a few of my brands but also start a new one and learn along the way.

    Whats the best online business banking sites now days I can get her setup on? I've heard good things about Starling but I a few people here use others which i may not have heard of , any pro's and con's ?
     
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  2. Domain Forum

    Acorn Domains Elite Member

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    articles.co.uk
     
  3. diablo

    diablo Well-Known Member

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    I can recommend Starling.

    Limited company or sole trader. Fee free except for few things (eg cash deposits).
     
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    Last edited: Jul 17, 2020
  4. ian

    ian Well-Known Member

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    Highly recommend Starling. Not tried Monzo yet but they are similar.
     
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  5. Trauiner United Kingdom

    Trauiner Active Member

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    I use Monzo for business. Never had an issue with them.

    Their support response times have slowed down as time has gone on but I've rarely needed to contact them.
     
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  6. Adam H

    Adam H Well-Known Member Exclusive Member

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    Thanks everyone, went with Starling. Looks really good, super easy to get setup.
     
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  7. diablo

    diablo Well-Known Member

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    Best of luck to your wife with her new business!
     
  8. Adam H

    Adam H Well-Known Member Exclusive Member

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    Thank you, I think she'll do great. :)
     
  9. Admin

    Admin Administrator Staff Member

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    Transferwise
     
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  10. Ben Thomas

    Ben Thomas Well-Known Member

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    I've tried Tide, Monzo and Starling and I closed my Tide account, because it was... well, shit. I opened Monzo, personal and business. It's not too bad for personal. The business account has just been sat there, I will probably close it. I moved personal and business to Starling about 1 year ago now and I honestly haven't looked back. The only reason I still use Monzo is that I and the Mrs have a joint account for the house bills.
     
  11. diablo

    diablo Well-Known Member

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    If you accept / make payments in dollars, euros or other currencies, Transferwise comes highly recommended from me too. Will save you a fortune over traditional banks' charges.

    Starling offers a free euro account too.
     
  12. Ben Thomas

    Ben Thomas Well-Known Member

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    Starling have just launched a USD account as well now.
     
  13. JMI

    JMI Active Member Acorn Supporter

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    I would recommend getting an account with a proper established bank.. especially if you setting up a Ltd company. Lot of these fly by nite I'd rather not bother taking the risk finding out if they survive in the future. It took me less than hour to open a new Natwest biz account, NatWest are certainly not perfect but they have long term credibility, branches etc.
     
  14. ian

    ian Well-Known Member

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    I don't agree entirely with that statement, the new guard are taking significant share from the old guard with a more ethical stance on banking, but admit I have retained a well established bank for my largest business as way of protecting against the insured limits.
     
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  15. JMI

    JMI Active Member Acorn Supporter

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    It depends what you want the account for. I guess some of these start-up banks with no dedicated human support, no decent app, amature online interface, chat-bot customer service are all ok if are going to run a tin pot hobby biz, but I for one won't be risking it, it's too early, I'd rather pay a bit more and stick with one of these shitty banks we all hate that have been about for over 60 years.

    I do agree the new banks will have their day, it's just very early days.
     
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  16. dazc United Kingdom

    dazc Active Member

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    Indeed, good luck to those people who've banked with upstartbank.com for 6 months and 'never had a problem'.

    If you do eventually have a problem you'll appreciate why old fashioned banks are just about still around. Yes, they are far from perfect but money doesn't disappear overnight without good reason and you can always walk into a branch and speak to someone who will not only be human but will, usually, also be a nice person.

    I have a monzo account for trivial transactions, mainly because thy are happy to lose money on foreign exchange rates. This isn't exactly encouraging for their long term survival either, but hey ho. I expect the few that do last beyond the inevitable round of consolidation will be bought up by the old guard eventually anyhow.
     
  17. Ahmed Benlahreche Algeria

    Ahmed Benlahreche Active Member

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    what is the best online service to start a LTD for NO uk to get Transferwise business account + Paypal
     
  18. Ben Thomas

    Ben Thomas Well-Known Member

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    Not sure which "start-up banks" you've been using or tried. Or whether you just assume they are rubbish. But Starling, in particular, is very good. It's a mobile-first operation, so their app is first-rate. Transactions are shown instantly. You can approve transactions through the app with Face-ID, or a pin - instantly. It's far more secure. It's easier, faster, more streamlined. Miles better than any high-street bank I've ever used. I've been with Natwest, their app is rubbish. When I first launched my business in 2017 I was with Natwest. It was horrendous. Took me about a year to close it as well. Starling have in-app support as well as telephone support, with real humans that are UK based. There is no "chat bot" customer service and frankly, it's probably the best bank I've ever used. I've been with Nationwide for nearly 16 years, and I moved over to Starling for personal and business almost as soon as I signed up. They now also have a web interface.

    For even more reassurance, Starling was founded by Anne Boden who since graduating from Swansea University, has worked in the banking sector for companies such as Lloyds TSB, Standard Chartered, UBS and was Head of GTB at Royal Bank of Scotland. She poured everything into Starling, going so far as selling her house to get it through the 2008 financial crisis. She must have done something right, if Tom Blomfield (founder of GoCardless) who worked for Anne within Starling until 2015, left the company to start a rival business. That business is known as Monzo. Monzo must not be as entertaining to work for, because in January 2020 his fellow founder, Paul Rippon, departed the company to spend time farming alpacas.

    I've used both Monzo and Starling, as I mentioned previously. They are both decent. But Starling is much better in my opinion. It feels more robust and it feels more like a traditional high-street bank of the future than Monzo. Monzo feels a bit less cool, even if their cards are bright orange. I've got accounts at Nationwide, Lloyds, Monzo and Starling. And Starling is the only account I really use.

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  19. dee

    dee Well-Known Member Acorn Supporter

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    plus one for transferwise if you need international currency facilities.

    Good luck to the mrs .
     
  20. dazc United Kingdom

    dazc Active Member

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    It's Monday morning, you open up your cool banking app to be greeted with a sign-up message. You're already signed-up, of course, so go to the log-in because, obviously, the app has just forgotten this minor detail.

    Low and behold, your details are not recognised. No matter what you do all you get is a sign-up message. So in frustration, you sign up with your previous details only to get another message saying an account already exists.

    Now what? This has happened to me, it was never resolved. Up to that point 'I never had a problem.......
     
  21. Ben Thomas

    Ben Thomas Well-Known Member

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    I suspect you would need to contact their support team via phone.