[Crystal-clear]

How much do you pay for your business banking per month if you have 300 transactions going in at 30 pence thats £90.00 a month
whats your typical monthly expense.Im aware that you can keep switching to get a free 12 or 18 months however then customers always need new details.in our trade we have plenty of low transactions but the banks normally have a minimum charge it wouldn't matter on 3 figure numbers.anyone use a business account that works out better?

[Cookie]

I'm a sole trader, I just have a standard bank account. I pay in roughly 20 cheques per month (via the Post Office) - it costs me nothing.

If you're a member of the FSB you can get free business banking with the CoOp:

https://www.fsb.org.uk/benefits/finance/business-banking

[dazmond]

How much do you pay for your business banking per month if you have 300 transactions going in at 30 pence thats £90.00 a month
whats your typical monthly expense.Im aware that you can keep switching to get a free 12 or 18 months however then customers always need new details.in our trade we have plenty of low transactions but the banks normally have a minimum charge it wouldn't matter on 3 figure numbers.anyone use a business account that works out better?

I've never paid any bank charges whatsoever for putting in cheques or BACS transfer....get rid of your business bank account if your a sole trader they are rip off merchants...

[Crystal-clear]

How much do you pay for your business banking per month if you have 300 transactions going in at 30 pence thats £90.00 a month
whats your typical monthly expense.Im aware that you can keep switching to get a free 12 or 18 months however then customers always need new details.in our trade we have plenty of low transactions but the banks normally have a minimum charge it wouldn't matter on 3 figure numbers.anyone use a business account that works out better?
[/quote

I've never paid any bank charges whatsoever for putting in cheques or BACS transfer....get rid of your business bank account if your a sole trader they are rip off merchants...

Theres no legal obligation even if you are Limited
https://www.rapidformations.co.uk/blog/do-you-need-a-bank-account-for-a-limited-company/

however it would make things look better and easier amongs other benefits my issue would be the fee per transactions that would put me off so some of the boy boys on 2000 say monthly transactions would pay £600.00 a month £7k a year that would be a solid months work for the year for one van!

[cleaniac]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

[cleaniac]

Theres no legal obligation even if you are Limited
https://www.rapidformations.co.uk/blog/do-you-need-a-bank-account-for-a-limited-company/

This is misleading.

There is no direct legal requirement to open a business bank account for a LTD company, but and this is a big but.

You cannot open a personal account in a LTD companies name. So therefore by opening up a personal account and using it to run your LTD company, you would need to operate the business through the directors loan account, and that is a big big no no to you as a director in terms of taxation, and the rules of 'bed and breakfasting'

In effect you pay in 100 to a personal account , it would form and show as a loan from the company to you the director before the company has been able to lend it to you, as the company hasn't received the funds, the director has .

So i wouldn't do it, or trust that advice at all.

[Crystal-clear]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

hey cleaniac thx for the replys.

the free bacs credits for £6.50 a month clears things up for me great news if thats the case
and regarding cheques ill be looking to stop them very soon also.
cash seems to be less then 1% so that aint too bad as well.

[dave0123]

Santander is a free business bank account. I don't know if it's under or over a certain amount each month or not

[LBWCS]

Santander. No charge for bacs and cheques and cash are free up to a certain limit (the limit is high so for me there’s no additional charges) and it’s £7.50 pm. With the exception of GoCardless, I’m loathed to pay to receive money that is mine

[Crystal-clear]

Santander. No charge for bacs and cheques and cash are free up to a certain limit (the limit is high so for me there’s no additional charges) and it’s £7.50 pm. With the exception of GoCardless, I’m loathed to pay to receive money that is mine

Well that's the same as well what they charge you per gocardless credit.

[LBWCS]

Santander. No charge for bacs and cheques and cash are free up to a certain limit (the limit is high so for me there’s no additional charges) and it’s £7.50 pm. With the exception of GoCardless, I’m loathed to pay to receive money that is mine

Well that's the same as well what they charge you per gocardless credit.

I don’t understand sorry.
I’m happy to pay Go armless charges for the convenience of debiting them,  or the other way around. If I’m paying cash or cheques in there is no charge. Hope this helps

[Stephen burton]

I use Lloyd’s and pay about £25 a month, pay about 30 cheques in a month cash twice a week and lots of online payments which are free so it’s  mainly cheques I get charged for, at the end of the day your bank charges come of your profit so less tax to pay at the end of the year so you get some back in a way, good thing about Lloyd’s now is you can pay your cheques in via the app on your phone and takes no more then 2 days to clear

[Clever Forum Name]

Santander. No charge for bacs and cheques and cash are free up to a certain limit (the limit is high so for me there’s no additional charges) and it’s £7.50 pm. With the exception of GoCardless, I’m loathed to pay to receive money that is mine

Yep same with me. It’s about a £1000 cash I think.

Never had an issue and post cheques off which is really convenient for me.

[Crystal-clear]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

just been on the phone i was transferred to the Philippines.He said a bacs transfer is 65p!
im gona try call again. Edit.just called and requested someone from the uk he has confirmed free bacs credits which is very important. however 1.50 per 100 on cash and cheque and 1.50 charge for any sort of assisted payment including buying online you mentioned 80 which tariff is that ?

[dazmond]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

just been on the phone i was transferred to the Philippines.He said a bacs transfer is 65p!
im gona try call again. Edit.just called and requested someone from the uk he has confirmed free bacs credits which is very important. however 1.50 per 100 on cash and cheque and 1.50 charge for any sort of assisted payment including buying online you mentioned 80 which tariff is that ?

sounds like you need to change bank accounts......why do you need a business bank account anyway?i thought you were a one man band?

[tlwcs]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

£1.50 per cheque (handling charge) and the 6% of the cheque value as a charge.
As said pay in via post office, cash and I pay cheques into my personal account and account for it as a personal drawing.
I’m with Barclays to and have never paid more than £6.50 a month
Tony

[Crystal-clear]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

£1.50 per cheque (handling charge) and the 6% of the cheque value as a charge.
As said pay in via post office, cash and I pay cheques into my personal account and account for it as a personal drawing.
I’m with Barclays to and have never paid more than £6.50 a month
Tony

Did you just say they charge you also 6% of the check what the hell? So you got around that by asking customers to make the cheque in your name and then it goes out of your drawing.
And if you pay in via post office it's only £80 for the cash is that right

[tlwcs]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

£1.50 per cheque (handling charge) and the 6% of the cheque value as a charge.
As said pay in via post office, cash and I pay cheques into my personal account and account for it as a personal drawing.
I’m with Barclays to and have never paid more than £6.50 a month
Tony

Did you just say they charge you also 6% of the check what the hell? So you got around that by asking customers to make the cheque in your name and then it goes out of your drawing.
And if you pay in via post office it's only £80 for the cash is that right

No, the Barclays flat fee is £6.50 a month
They then rebate you back .53p as a loyalty reward.
So monthly account fee is just under £6.00
They then charge you for depositing cash and cheques
No sure of the fee for cash but the fee for each cheque is £1.50 They dress this up as a handling charge. You then pay 6% of the cheques value as a fee. (They are a bank handling a cheque must be such a chore ffs)
I always bank cash through the post office, they do the transaction and it is available the following working day. This seems to be a loophole as Barclays don’t charge me when deposited this way.
Cheques, my business name is my name (sole trader)
I only get 4 cheques a year. I mark the customers account as paid via cheque and then credit a personal drawing for the same figure and then pay that cheque into my personal account, again through the post office.
I’m sure at some point either the post office or bank will close this loophole
HTH
Tony

[Crystal-clear]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

£1.50 per cheque (handling charge) and the 6% of the cheque value as a charge.
As said pay in via post office, cash and I pay cheques into my personal account and account for it as a personal drawing.
I’m with Barclays to and have never paid more than £6.50 a month
Tony

Did you just say they charge you also 6% of the check what the hell? So you got around that by asking customers to make the cheque in your name and then it goes out of your drawing.
And if you pay in via post office it's only £80 for the cash is that right

No, the Barclays flat fee is £6.50 a month
They then rebate you back .53p as a loyalty reward.
So monthly account fee is just under £6.00
They then charge you for depositing cash and cheques
No sure of the fee for cash but the fee for each cheque is £1.50 They dress this up as a handling charge. You then pay 6% of the cheques value as a fee. (They are a bank handling a cheque must be such a chore ffs)
I always bank cash through the post office, they do the transaction and it is available the following working day. This seems to be a loophole as Barclays don’t charge me when deposited this way.
Cheques, my business name is my name (sole trader)
I only get 4 cheques a year. I mark the customers account as paid via cheque and then credit a personal drawing for the same figure and then pay that cheque into my personal account, again through the post office.
I’m sure at some point either the post office or bank will close this loophole
HTH
Tony

Thank you obviously most importantly it's credits electronically that is BACS transfers and go cardless payments those are free and only £6.50 also a month I Can take that.
When it comes to cheques I do get a few. I'll probably do one of the other charging extra £1.50 or ask them to write a check out covering them for the year. I've done my best to abolish them but I still do probably get 30 a month its quite alot. If they refuse both I guess eating Humble Pie or losing the customer although it will be costly to bank the cheque is probably better than losing I guess...

[tlwcs]

It depends what tariff you are on. Im with Barclays business.

I pay £6.50 per month, free BACS credits and transfers no limits. And i get a loyalty bonus credit back, so its now £5.90

Cash is 80pence per £100, if paid into a Barclays Bank, but if you use the post office this is also free.

Cheques i think is 1.50 per £100 but never use or accepted them.

£1.50 per cheque (handling charge) and the 6% of the cheque value as a charge.
As said pay in via post office, cash and I pay cheques into my personal account and account for it as a personal drawing.
I’m with Barclays to and have never paid more than £6.50 a month
Tony

Did you just say they charge you also 6% of the check what the hell? So you got around that by asking customers to make the cheque in your name and then it goes out of your drawing.
And if you pay in via post office it's only £80 for the cash is that right

No, the Barclays flat fee is £6.50 a month
They then rebate you back .53p as a loyalty reward.
So monthly account fee is just under £6.00
They then charge you for depositing cash and cheques
No sure of the fee for cash but the fee for each cheque is £1.50 They dress this up as a handling charge. You then pay 6% of the cheques value as a fee. (They are a bank handling a cheque must be such a chore ffs)
I always bank cash through the post office, they do the transaction and it is available the following working day. This seems to be a loophole as Barclays don’t charge me when deposited this way.
Cheques, my business name is my name (sole trader)
I only get 4 cheques a year. I mark the customers account as paid via cheque and then credit a personal drawing for the same figure and then pay that cheque into my personal account, again through the post office.
I’m sure at some point either the post office or bank will close this loophole
HTH
Tony

Thank you obviously most importantly it's credits electronically that is BACS transfers and go cardless payments those are free and only £6.50 also a month I Can take that.
When it comes to cheques I do get a few. I'll probably do one of the other charging extra £1.50 or ask them to write a check out covering them for the year. I've done my best to abolish them but I still do probably get 30 a month its quite alot. If they refuse both I guess eating Humble Pie or losing the customer although it will be costly to bank the cheque is probably better than losing I guess...

Yes bank credits are free in and out.
30 cheques a month is too many. Our local Asda haven’t taken cheques in years.
Normally it’s the old biddies just being defiant about not being to pay any other way