Business accounts - which bank is best?

sabrina - there's nothing illegal about it as far as I know, but I suppose it would be much simpler for accounting purposes to keep your business and personal transactions seperate?

My wife is starting up a small business and enquired in our local (TSB) branch about a business account. The charges were substantial, so she asked why she could not operate a personal current account for the business. The answer was that there's nothing stopping her, but the bank 'frowns' on this if it finds out...
 
They can 'frown' all they like.. if its not illegal and it saves me paying massive charges, all the better. Total rip off.. many thanks
 
BOSI offer free business current accounts. The only thing I've been charged in 8 months is a few pence stamp duty (btw, anyone know why I have to pay stamp duty?).

(I don't work for BOSI, just thought I'd point out there is free business banking as well!)

From what I see the advantages of a business account over a personal account is more generous loans, higher over drafts and you should expect a more professional service. I've also noticed that business cheques get processed immediately and are usually accepted without question.
 
Moggy said:
From what I see the advantages of a business account over a personal account is more generous loans, higher over drafts and you should expect a more professional service. I've also noticed that business cheques get processed immediately and are usually accepted without question.
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My experience is the other way around. Having an account as a limited company, they seem to want to put you through hoops in order to even look at extending credit. For example to get a company CC with UB, they wanted a full breakdown of both directors personal financial assets (mine are not huge, but fellow director is minted), plus a letter of guarantee for double the limit on the card!! I wouldn't mind so much, but this was for just 2k limit, and payment by dd!!! My personal CC limit is 20k, and I never had to provide such info...... And don't even get me started on talking about an overdraft with them
Maybe it's just UB, will update if I have similar bad experiences with BOI as I am moving to them

With regard to the stamp duty - there is stamp duty charged on cheques I believe and obviously credit card if you have one on the account also
 
Wow, you seem to be having a really bad time with UB. I have to say my experience has been ok so far. I just set-up my Ltd. Co. account and I asked for a MasterCard and was given it with a limit of €2k no problem, just the usual forms to fill out.

Your bank manager must be very suspicious :D
 
Stay away from AIB

we setup an account and the service was rude, for some reason they decided to treat a new business like a bad smell, and we didnt like it

also they wouldn't give a credit card despite one being needed to pay costs (online suppliers) and wanted extra money for internet banking!

we promptly closed account and move to BOI, who were polite (they already knew me as a good customer) and setup free internet banking and issued CC with a high limit straight away

so far very happy for last few years
 
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