Best Business Account

[R11ysf]

What's the best bank to open a business account with? This will be a purely cash deposit account and will require no overdraft or loans etc. Ideally I'd like it to be linked such that I can put it into a high interest deposit account or if possible use it as offset against a mortgage (though I think this is impossible due to it being an Ltd company).

Also, is only the first 50k guaranteed? What does anyone do about the exposure to a larger loss? CDS on the bank???

[Eric Mc]

R11ysf said:

What's the best bank to open a business account with? This will be a purely cash deposit account and will require no overdraft or loans etc. Ideally I'd like it to be linked such that I can put it into a high interest deposit account or if possible use it as offset against a mortgage (though I think this is impossible due to it being an Ltd company).

Also, is only the first 50k guaranteed? What does anyone do about the exposure to a larger loss? CDS on the bank???

You won't get an offset against your personal mortgage through a limited company account.

You and your company are distinct legal persons and using a company facility to fund a private loan would generate all sorts of legal and tax problems.

[R11ysf]

Yes I know. It was wishful thinking really as it is frustrating having £xxx in an account and then having to apply for a mortgage to borrow it.

[influential]

We used to use RBS but have recently switched to Abbey for current account banking (it's free). For deposits, Allied Irish Bank and Investec - both offering over 2% right now, which beats most other cash-based offerings from banks.