Online Business Bank Accounts

[Adam H]

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 ?

 

[diablo]

I can recommend Starling.

Limited company or sole trader. Fee free except for few things (eg cash deposits).

 

[ian]

Highly recommend Starling. Not tried Monzo yet but they are similar.

 

[Adam H]

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

 

[diablo]

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

Best of luck to your wife with her new business!

 

[Adam H]

Best of luck to your wife with her new business!

Thank you, I think she'll do great.

 

[Admin]

Transferwise

 

[diablo]

Transferwise

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.

 

[JMI]

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.

 

[ian]

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.

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.

 

[JMI]

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.

 

[dazc]

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

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.

 

[Ahmed Benlahreche]

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

 

[dee]

plus one for transferwise if you need international currency facilities.

Good luck to the mrs .

 

[dazc]

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.......

 

[JMI]

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.......

Just pop into a branch you'll be fine.

 

[dazc]

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

You should try that before depositing anything over pocket change into one of these accounts.

 

[geniejjc]

Only ever had real issues with Lloyds online.

Well and in branch as well - was once told when I asked to see a small business manager that I would have to "wait til next quarter." Not a time measurement I deal in.

If you want a high street name and a bit of hand holding I use Santander as they still have branch level business bods and also Starling for speed of opening and usability.

I work with new and restart businesses and these two are pretty much the only banks I recommend now.

 

[Adam H]

Just to note, we have physical bank accounts with the normal high street banks for personal and businesses uses with Barclays, Halifax and Lloyds and have done for 30 years, that won't be changing as we've never had any problems with any of them. Funds will be moved to and from those accounts to minimise risk while I test waters with Starling for this particular brand, but i dont expect there to be any problems and we certainly won't be putting all egg's in one basket so to speak.

Starling looks good, just wanted to try something that was quick and easy to setup, which could then be linked quickly to new paypal and marchant accounts to get things opperational as fast as possible. If there are any hiccups, it won't be the end of the world so its a calculated risk im prepared to take to give Starling a chance.

Thanks for all the replies, lets try and keep this factual instead of opinions based on personal grievances with modern/future banking platforms.

 

[dazc]

Thanks for all the replies, lets try and keep this factual instead of opinions based on personal grievances with modern/future banking platforms.

I have experience of being locked out of an app based account. I understand not everyone wants to hear that, but it's fair to point this out. If it's taken a personal grievance I apologise for that. I hope you have a happy experience and, in all likelihood, you will.