I am looking at setting up a business bankaccount as at the moment I just use my personal account which when I first set up I found it easier having everything going in and out, but now I have more money going in and out both business and personal it is doing my nut in.
I spoke to my bank the co-op about what they can offer me and was given 3 options
1st was free for 18 months as long as I keep it above £1000.00 credit which when I said I will probably drop below £1000 from time to time, in this case it became quite expensive with debit payments become 70p per transaction and as I dont have credit accounts anywhere I can make loads of payments in a month so off an average of the last 3 months it would cost me £370.00 a year!
The second option was out as it was more for companies dealing with large amounts of cash.
the 3rd was free banking as long as I am a member of the fsb (which I'm not at the moment) but this worked out the cheapestas it would be £160 for the first year (I'm guessing plus VAT) but then I get free banking unless I bank over £2000 of cash in a month then it is something like 75p per £100.00. I dont deal with huge amounts of cash and can pay myself out of the cash if I need to so I can avoid that.
Are these charges about normal or should I do more shopping around as I've only looked at a couple of banks so far.
I spoke to my bank the co-op about what they can offer me and was given 3 options
1st was free for 18 months as long as I keep it above £1000.00 credit which when I said I will probably drop below £1000 from time to time, in this case it became quite expensive with debit payments become 70p per transaction and as I dont have credit accounts anywhere I can make loads of payments in a month so off an average of the last 3 months it would cost me £370.00 a year!
The second option was out as it was more for companies dealing with large amounts of cash.
the 3rd was free banking as long as I am a member of the fsb (which I'm not at the moment) but this worked out the cheapestas it would be £160 for the first year (I'm guessing plus VAT) but then I get free banking unless I bank over £2000 of cash in a month then it is something like 75p per £100.00. I dont deal with huge amounts of cash and can pay myself out of the cash if I need to so I can avoid that.
Are these charges about normal or should I do more shopping around as I've only looked at a couple of banks so far.