Choosing a Business Bank Account - Ltd Company Essentials Accounting Course Part 2

Описание: Let's walk through some of the things to look out for when you're choosing a business bank account as a new limited company. This video is part of our Limited Company Essentials Accounting Course so be sure to subscribe for more.

In the video we discuss how most high street banks are a decent choice for your business account such as Lloyds, Barclays, NatWest, HSBC, Santander, etc. These will all sufficiently protect your money, just look out for free banking offers and check the monthly account fee after that expires.

There are some more modern banking options recently such as Metro Bank and Starling Bank which are definitely worth checking out.

Another thing to keep in mind is what you need the account for. If you're looking to have lots of international transactions, we know that Barclays offer USD and EURO accounts in addition to their usual GBP account. Revolut have also come out with their own business account. Although they're not a bank, they can certainly help you manage international payments at very good exchange rates - especially if you have incoming transactions from all over the world.

If you're just a single director limited company in the UK with turnover below £1,000,000 then Starling Bank could be a great option for you. The account can receive payments in GBP and EUROs. You can also purchase goods in different currencies without foreign transaction fees. Withdrawing cash in foreign countries is also free, with near perfect exchange rates. This info is accurate as of now, but please do check their terms & conditions before going ahead in case anything changes.

In the video we also discuss options for those with a poor credit history. A Cashplus account is almost guaranteed since it's essentially a pre-paid debit card. There is another non-bank option called Tide who do not perform any checks that affect your credit history according to their FAQ. It's worth looking into since Cashplus has a limit on the total amount you can store in the account.

Ultimately though you'll want to at least try and get an actual bank account opened for your limited company to ensure the money is protected. We've looked into Barclays, Santander and Metro Bank for help with opening a bank account with poor credit history. They'd all be willing to help open a business account for your company if you visit them in-branch.

Remember, check all the banks that look good to you and pick the one that works best for your personal circumstances. There are plenty of different options!

Stay tuned (subscribe!) for Part 3 of our Limited Company Essentials Accounting Course.

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