After doing a little bit of research I found that most small businesses are looking for ways to keep business costs as low as possible. They would almost always benefit from some expert advice too. For that reason, I would choose to bank with Barclays. Their start-up account package offers a period of 12 months free banking. Two plans are offered here, a Mixed Payments Plan or an E-Payments Plan. After the free 12-month period you’ll incur a small cost of £0.90 – £1.50 per £100 for cash payments in or out depending on which package you’ve decided to go with. Although, withdrawals from cash machines and electronic transfers are free regardless of the package you choose. As with most business bank accounts you will have a monthly fee, this will be either £6 or £6.50. Earlier on I mentioned expert advice, Barclays’ small business help service is called Barclays Business Direct which supports businesses with an annual turnover under £400,000.
More information about this account can be found here
NatWest offers a start-up package with 18 months free banking. A 60% discount on DHL express standard tariff for 12 months on international shipping which is great if your business is selling physical products here in the UK allowing you reach customers internationally. NatWest also offers a free accounting software called Free Agent. Although I haven’t used Free Agent myself, I’ve read that Free Agent is great for contractors while something like QuickBooks from Intuit is better. Better because the app is great, simple to use and is feature rich given the pricing. From my personal experience QuickBooks made invoicing SO EASY! It also gave me great prompts when Invoices were late or overdue. If you’d like to read a better comparison between Free Agent and QuickBooks, you can find it here.
Make sure your Limited Company has already been registered with Companies House for at least 48 hours before starting an application with NatWest.