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Business Banking charges

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v3rob11 | 22:31 Thu 27th Mar 2008 | Business & Finance
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hi all, im setting up a business and altho i'm getting 18months free banking charges i'm horrified at the banking charges, litterally getting charged for everything!!

are these prices the same at every bank, what charges do you pay?


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Alliance and Leicester offer business banking with no charges whatsoever for cheques (in or out), direct debits and standing orders. Also, the first �4000 of cash deposits, each month, are free of charges. (Then it's 35p per �100). For the first 2 years there are no transaction charges at all. You can bank at a branch, online or at any post office:

Some people love Alliance and Leicester because of their cheap rates. Others hate it because of (allegedly) poor customer service. However, it might be worth a try?

Alliance and Leicester are indeed very cheap (mostly free) and we use them for that reason, although you dont get much in the way of 'support'. It depends what you need from a bank, if it's simply a place to deposit money and pay bills from then theyre ideal.
I worked out very carefully how many debits and credits I would be expecting before I chose my business bank. If you don't have many then you may still find you don't pay for the banking service. Don't forget that every internal transfer between current / savings accounts 'counts'. This is the one I forgot.
I elected not to use A&L for the alleged reasons stated above.
my husband started his business 10 months ago and went for the 'free' a + l account however there is a charge each month of �5 (cant remember what description they give it-maybe admin?) but they do give interest on the money in the account so it is virtually cancelled out. i believe the last statement he had the charges amounted to about 75p. Of course this would not be the case if there was little or no money held in the account.

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