When I changed my business accounts to A&L I was with Lloyds and paying between £30 and £40 a month.
My first 18 months with Lloyds were on their free for 12 months then 50% of charges for the next 6 months, but the charges soon started racking up. Saying that, it does depend a lot on the amount of transactions you do,. Banking 4 cheques cost 34p each and then a further 39p for the deposit transaction (one deposit slip with four cheques on it). A total of £1.75. Doing that most days really racks up the costs.
I am also the president of a Credit Union and we use an A&L account for all of the day to day banking activity and an additional account with a better interest rate for ocassional transactions. This save us hundreds of pounds a month.
Just like any other decision you will make in business, you need to do your research to find the account that suits your needs. Don't forget, you will not be shackled to the account forever (unless you can't repay any borrowings) and can move around if something else becomes more suitable to your circumstances.
__________________
If you use an HP Laserjet printer CLICK HERE
Linear Mode
March 2010
