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Bank Account for Ltd Co


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Hi

 

I'd love some advice from anyone with experience of letting their properties through a limited company. I've just set one up and need to open a bank account but all the account I've looked at seem to have lots of charges. Does anyone know of a good account bank to open an account with in this situation? Would love to hear from you!

 

Thanks, Charlie 

 

t

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Ive had my limited company account for 2 years now and never paid a fee, with Lloyds Business banking. Most offer a free first year, and when thats up if you suggest you might go elsewhere it seems they are quite happy to extend that.

 

Having said that, have a look at what the fees are for, often its pence per electronic transaction, either in or out and the more expensive stuff is dealing with cash deposits, cheques etc. For managing property you should find you have minimal numbers of chargeable items.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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I've recently set-up a business account with Lloyds for my Ltd company, as Stuart mentioned the first year (or 18months?) is free. I did compare a few other accounts and for the transactions I'll be doing the long term cost will be minimal, I'll aim to do most of my banking online. I think the cash payments were 1% and  cheques 65p, but don't quote me on that.

One thing that did surprise me was how long it took to set-up the account. It maybe quicker if you go into a branch but setting everything up online from start to finish was around 3-4weeks. It involved filling out all of the appropriate forms online, a week later a short phone explaining the purpose of the account and details of the business, then my partner had to go in to a branch for ID purposes, some paperwork to read through and send back. Maybe other banks are quicker but bear this in mind.

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I've used HSBC who also give 18 months fee-free then a £6/month standing charge with all electronic transactions free. They send me a statement every month of what fees would have been incurred if they weren't free - the only extra I would have paid is 40p for paying a cheque in!

 

Hope this helps!

 

Daryl

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  • 4 weeks later...
On 06/03/2017 at 2:50 PM, Daryl Leeds said:

I've used HSBC who also give 18 months fee-free then a £6/month standing charge with all electronic transactions free. They send me a statement every month of what fees would have been incurred if they weren't free - the only extra I would have paid is 40p for paying a cheque in!

 

Hope this helps!

 

Daryl

 

 

 

I use HSBC too and agree with Daryl.  Also the use of the business account is an expense, so make sure you highlight this to your accountant!

 

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  • 2 weeks later...

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