Business Bank account for a private limited company
Hi guys,
Can anyone recommend a UK bank that can open up a business bank account for me in the UK? I’m a private limited company (Amazon Seller) and the requirements to open up a business bank account from quite a few banks require one to have business transactions. How do I conduct transactions if I’m a new seller ? I need a business account for a start to conduct those transactions. Has anyone else experienced any issues opening up a business bank account when you’re just starting up?
Any help would be greatly appreciated.
Thanks
Seller_RaTODIi1yv0Eu
If you don’t want to have to go to one of the main High-Street Banks (I don’t know why we still call them that - there are hardly any left on the High Street), you could try CashPlus.
I have a friend who opened an account on AMZ, and his CashPlus account was acceptable to AMZ. It takes only a few minutes to open an account with them.
4 replies
Seller_RaTODIi1yv0Eu
If you don’t want to have to go to one of the main High-Street Banks (I don’t know why we still call them that - there are hardly any left on the High Street), you could try CashPlus.
I have a friend who opened an account on AMZ, and his CashPlus account was acceptable to AMZ. It takes only a few minutes to open an account with them.
Seller_YSVJTvJFHSin4
A lot depends on the kinds of things you want to do with such an account. Some online business accounts will not let you deposit cheques, for example, and even some high street banks will not let you make cheque deposits in any branch (you have to post them). Then there are the various charges they make for hosting the account, transactions, etc.
We were with Santander for a long time until an admin hiccup revealed that their business customer support was completely awful (we ended up receiving compensation for their mistakes). We are now at HSBC (entirely free banking for the first eighteen months), which was quite a lot of faff and paperwork to set up but is working well. When I refer to “faff” of course I mean necessary things like identity and address and credit checks etc., which you can expect from any business banking account. If you go with an established bank like that, expect quite a lot of postal correspondence. If you yourself are not in the UK this might cause you some problems. Some (not all) banks will require UK residency.
If you prefer exclusively online business banking, there are many to choose from. My son has his own limited company and he banks with Monzo.
