Jump to content

Business bank accounts for LTD Company


Recommended Posts

Hi Everyone & thank you in advance for your advice.

 

I am looking at opening a business account for my LTD property company & have become a little overwhelmed.

 

There are the usual high street banks, but I have also found other "banks" such as Cashplus & Tide, these "banks" however do not actually hold your funds, other banks do, for example with Cashplus RBS actually hold the funds.

 

Would this cause any problems when applying for mortgages with lenders, have any of you come up against any problems when applying for mortgages because of who your business account is with?

 

Have any of you recently opened a business account or have a bank you would recommend or any mistakes that I could avoid?

 

Or are there even any business bank accounts aimed specifically at property businesses (I have not been able to find any).

 

Any help or advice would be extremely helpful as I have about million tabs open now on my browser due to having too many to choose from! 

 

Regards,

 

Doug

 

Link to post

Hi Doug

 

Not sure if you've opened one yet, but I believe there are some other Hub forum peeps that have Tide accounts via their Limited Co. I'm not sure if they've had any issues with borrowing, but it is FCA authorised and its current accounts are safeguarded by Barclays. If you do a search on the forum for 'Tide', you'll find a few other threads.

 

From a personal viewpoint, I opened a business account with Metro Bank. Appreciate they're not prominently located across the UK, but their service was good and haven't had any issues with them to date. It didn't take very long after making a booking with them. Just need the usual business and ID docs. 

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

Link to post

HI DerekT,

 

Thank you for getting back to me :) !

 

I was considering Metro Bank, did you have to go into a branch to open your account? I have started the process with Yorkshire Bank (25 months free banking, you can't argue with that!), however, if I have to go into a branch I wont be going with them since I live down in Dorset!

 

Thank you again,

 

Doug 

Link to post

Hi Doug,

 

Yes, I called up the branch to book an appt to get the account opened before work one morning. They verified the ID and business docs, ran their background checks and all went through. You get your debit card and create your own PIN on the same day if everything goes through, otherwise they refer to further checks which can take up to 48 hours. If you have over £5k in the business account, then it's fee-free.

 

Good luck with the process!

 

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...