Switching Business Bank Accounts

[Waldo]

Tempted to switch my business bank account away from HSBC (poor level of service).

 

Is the switching process similar to (as easy as) switching a personal account? Also, what happens with payments coming in to the old account after the switch, are they auto sent to the new account? For how long will this happen, is it 12 months?

 

Also, any suggestions re: bank to move to; thinking of Starling, any good?

 

Thanks.

[tinfoilhat]

Santander arent completely awful, but the foreign transfers system is really awful. If you have suppliers abroad, I'd give them a swerve. 

[dan2802]

Ive just switched business accounts to Starling. All good so far.

[Steelmekker]

I have business accounts with Santander and also Starling, happy to recommend them both. Santander handy having the branch if needed but Starling has a far better App. I would suggest have a think how you are looking to bank, do you take cheques or need to deposit cash? If not then 100% Starling. 

[Jeffrey Shaw]

Few of the major banks are taking new business account applications at present. Barclays does but only very slowly.

[Waldo]

On 05/12/2020 at 22:08, Steelmekker said:

I have business accounts with Santander and also Starling, happy to recommend them both. Santander handy having the branch if needed but Starling has a far better App. I would suggest have a think how you are looking to bank, do you take cheques or need to deposit cash? If not then 100% Starling. 

Thank you everyone.

 

It’s pretty much 100% electronic payments, I think in about 7 years I’ve only ever had one cheque.

[davefor]

All I can say is I've tried a few banks and by far the worst service I've had was with Santander.

[Skink]

late to  this conversation but my 2 peneth.

 

We had so many issues with  HSBC business banking we had to move (long story of amazing incompetence and dozens of wasted hours). We only really transact online, dont handle cash, dont borrow money - how hard can it be to run a business banking account?!

 

Went round most of the banks to see what was available. Service seemed much the same so we were interested in "value add", we also wanted a human to talk to if we needed it

 

Barclays offered some use of their city centre space for client  meetings and regular events

Lloyds, TSB and Co-op seemed un-interested, didnt get very far

Handelsbanken interviewed us and then went never got back  to us . . .

 

Santander were very helpful, moved everything painessly. We had a named contact (and their mobile number) and are pretty happy with things. Had the odd issue, sorted professionally and quickly

 

Got invited to a  business networking event once, it was fun but not invited again, not sure why. The only time it got messy was when we needed a second business account

 

 

[Waldo]

Just to update; went with Starling in the end. The switching process (from HSBC) was super simple and I think took around 10 days. Happy with Starling so far...

[Jeffrey Shaw]

On 01/03/2021 at 13:36, Skink said:

Handelsbanken interviewed us and then went never got back  to us .

 

 

I tried there. It's very picky and upfront that it won't open accounts on which it cannot envisage sufficient fee income/profits.

At least it's honest about the motive.