Business bank account
 

Business Bank Accounts

 

 

When choosing a business bank account provider it is important to consider what is on offer and even more importantly what it will cost? That is why SFS have done the research for you. We currently recommend Barclays or for those looking for a high street bank account. Alternatively we offer banking with no credit check if that is more suitable to your needs.

All limited companies require a business bank account to be opened in the name of the business. This allows the business to make and receive payments in the name of the company and also separates the company's finances from the owners or directors of the company. We have setup a referral system to speed up the account opening process and also have an option for those that are in a real hurry or don't want a credit check to be carried out on the directors or shareholders.

 

A brief overview of the benefits of the two business bank accounts we can offer

Barclays Business Account

Fast opening through our referral service

Free banking for 12 months (charges apply in year two)

Credit checks will be carried out on all directors and shareholders

Manage the account online, by phone or at a branch

No Credit Check Business Bank Account

Same day account opening possible

No credit checks, you just need to be a UK resident

Low annual charge of £69 per year for this account

Manage the account online or by phone

 

Detailed Comparison of the bank accounts we offer

Barclays Business Account

  • Barclays Business Account for new start-ups and existing small businesses. The first year is free then monthly and per transaction charges will apply. Barclays will credit check directors and shareholders. This account is only available to UK resident clients.

How to apply for the account

  • Request a referral from us and we will ask Barclays to contact you
  • You will then be contacted to arrange a meeting at your local branch to open the account

How you operate the account

  • Telephone banking
  • Online Banking
  • Branch based banking
  • Mobile phone and tablet app

Withdrawing money

  • Card at cash machine (ATM)
  • Card at shops/retailers/online stores e.t.c.
  • Bank transfers out
  • Direct Debits and Standing Orders
  • Cheque payments

Paying money in

  • Bank transfers in
  • Cash at branch
  • Cheques at branch

Charges to operate the account

  • Annual fee in first year - FREE
  • Second year annual fee starts at £72 (paid monthly at £6.00p per month)
  • Receiving bank transfers from a UK account - (year 2 onwards) - £0.35p each
  • Sending bank transfers within the UK - FREE
  • Cash payments into the account (year 2 onwards) - from £0.90p per £100
  • Cash withdrawals at ATM within the UK - FREE (free ATM's only)
  • Receiving bank transfers from overseas/outside of the UK - ranges from free to £6
  • Sending bank transfers overseas/outside the UK - £25 each
  • Receiving in a cheque (second year onwards) - from £0.65p each
  • Sending out a cheque (second year onwards) - from £1.50p each

Credibility and Protection

  • FSCS protected UK based account
  • UK Customer Service
  • One of the largest banks operating in the UK
  • Over 1,500 branches in the UK

Please note the above fees and services are subject to change. Please check the exact fees and services being offered to you if you decide to apply for this account through our referral service. The supplier reserves the right to change or withdraw a product or offer alternative products at any time.

No Credit Check Business Account

  • A Business Account for new start-ups and existing small businesses. No credit check required and can be opened the same day in some cases. This account is suitable for UK residents and all types of business, not just those being operated by people with adverse credit history.

How to apply for the account

  • Instant online application process, no interview and no paperwork to complete
  • No credit check required. We will send you the information.

How you operate the account

  • Telephone banking
  • Online Banking
  • Post Office to pay in cash
  • Mobile phone and tablet app

Withdrawing money

  • Card at cash machine (ATM)
  • Card at shops/retailers/online stores e.t.c.
  • Bank transfers out
  • Direct Debits and Standing Orders
  • NO cheques are provided - you can not pay by cheque with this account

Paying money in

  • Bank transfers in
  • Cash at local post office
  • NO cheques are accepted as payment into this account

Charges to operate the account

  • Annual fee in first year - £69
  • Second year annual fee - £69
  • Receiving bank transfers from another UK account - FREE
  • Sending bank transfers within the UK - 3 free p/m then £0.99p each
  • Cash payments into the account at a Post Office - FREE
  • Cash withdrawals at ATM within the UK - £2 per withdrawal (more at charging ATM's)
  • Receiving bank transfers from overseas/outside of the UK - NOT POSSIBLE
  • Sending bank transfers overseas/outside the UK - NOT POSSIBLE
  • Receiving in a cheque - NOT POSSIBLE
  • Sending out a cheque - NOT POSSIBLE

Credibility and Protection

  • FSCS protected UK based account
  • UK Customer Service
  • Over 40,000 accounts already opened
  • Customer funds are held in trust at all times so completely safe

Please note the above fees and services are subject to change. Please check the exact fees and services being offered to you if you decide to apply for this account through our referral service. The supplier reserves the right to change or withdraw a product or offer alternative products at any time.

 

So which account do you choose?

There is very little difference between these two accounts but the key points are -

 The Barclays account gives you the ability to issue and receive cheques while the no credit check account does not offer this facility

 The Barclays account is cheaper in the first year but in year two the no credit check option may be cheaper depending on your circumstances

 The no credit check account obviously requires no credit check so if there is adverse credit history connected to one of your directors or shareholders then this account is the best option

 The no credit check account opens the account immediately after you apply online assuming your address and company details match the databases used to verify your identity

 If you need to send/receive bank transfers internationally then the no credit check account does not have this facility so the Barclays account is recommended

Please note Companies House processing times are an estimate only and not guaranteed.

Simple Formations is a trading name of Small Firms Services Limited. We have been trading since 1998 and are one of the UK's longest standing Company Formation Agents

Small Firms Services Ltd The Apex 2 Sheriffs Orchard Coventry, CV1 3PP