Happy Friday everyone!
Some of you have asked about business bank accounts before, work is definitely happening on this on our end!
Have you ever opened a business bank account?
- Yes, I have opened a business bank account before
- No, I have never had a business bank account
It would also be great to learn about your experiences, the highs and lows when it comes to opening a business account, maintaining it, or growing your business!
I might get back to you with more questions if you’re happy to share your experience with us!
Hi Katja, As a small Limited Company, solely responsible for the maintenance of the communal aspects of 11 properties and their shared facilities, a business facility akin to a personal account would be perfect with no fees and the ability to save / invest money in our communal sinking fund, all within the same place. Best wishes. Jeremy
I have access to 4 business bank accounts with 4 different banks, by far the easiest to use is Starling for day to day as the app work, plus quick opening and no hassle. Quick customer service, they answer questions and you have instant payments, and the notifications are great for my sole trader account. The only reason they are not used for a limited company account is no desktop site, so doing accounts etc is time confusing, unless you pay for a third party program.
HSBC is horrendous, if anything goes wrong it all involves a bank visit. Plus you need a little key fob thing for payments and some things, which is slow.
High Street bank wise Barclays is by far the best, the online banking works very well and is simple. Amazing business customer service, plus you have branches if need be for counter service.
The other is a private bank so pointless discussing the in’s and out’s of that. Although a good website is important to me in business banking, one the new banks forget about. It’s not possible to effectively manage a business account without a desktop site, and those that say it is, normally actually use a different program like xero or freeagent, so are not making use of the app anyway.
Hey folks, thanks so much for your responses, I appreciate business finance can feel like quite a personal subject matter, so thanks for sharing!
I am trying to understand how small business owners usually finance their businesses. Here my findings, grouped by company size (I am a Tableau fan, as you can see).
Can you identify with those findings? It seems like a small company is much less likely to seek financial products to finance business growth. So I wonder:
Where do you go if your business is short of cash?
What stands in the way of applying for a loan/other finance?
What are your stories about trying and maybe failing to get a business loan?
Appreciate these are very personal questions, so here a little poll:
I’d rather visit Dozens and chat about my business journey in person:
The biggest problem to finance for small businesses is the hoops you have to jump through to get an answer.
With personal finance its all very quick, with business finance its slow, which makes no sense. Although recently a few more loan companies offer instant approval and so on.
Barclays use a pre-approved system, where if you use your account well for a while, you can apply for loans or credit cards for your business and know you are going to get it, so that’s actually good for managing your business because you know its there if you need it.
Its often easier just to use a personal credit card, or overdraft than the hassle of getting something dedicated for a business.