Business Banking

[Frankieola]

I'm thinking of starting my own business and dont know which bank to approach with a view to a business account and funding. Has anyone got any recommendations? Is there a small obscure bank somewhere that puts all the others in the shade maybe where business matters are concerned? Thanks.

[eastern]

I don't mean to be a Killjoy but have you been reading the papers/watching the news lately!!! I shut my business down last year and I'm breathing a sigh of relief now. Unless youv'e found a way of printing money I would stick with your current employment. PS all the obscure banks, do you mean places like Iceland, Ireland etc. No where is lending money thats why were in the doo doo at present. Sorry mate but thats just how I see it.

[buildersmate]

Opening a business bank account and obtaining funding are two entirely separate things.
The first is easy.
The second might be possible to get a small overdraft, but unless you have a substantial proportion of the equity you are prepared to put into the venture, I don't think you will find this easy.

[thugulike]

I did this a few years ago. First I decided where I wanted the bank to be located (I live in a rural area, the nearest big town is 46 miles round trip). Then I chose HSBC who assured me I would have access to a personal business banker. But when I tried to phone the personal banker to make an appointment for me to bring documents which you need to produce under the money laundering regulations, I had to go through a call centre. And they wanted an account number which I didn't have. After wasting time explaining to someone who frankly didn't care, I went to the Natwest. My business banker I have known for almost 18 years and we are on first name terms. He plays golf with my accountant. No problems at all but I didn't and won't ever need to borrow money. Your needs may be different but be careful where you go, relationships are very important in business.

[sandmaster]

AS an ex Lloyds employee I can confirm that relationships are important. Go to one of the smaller banks, such as Co-op or take thug's advice and go to the Nat West. The bigger banks just don't seem to care anymore.