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Overview | List
Overview
Most major high street banks are household names. They generally offer both personal and business banking and can be bewilderingly difficult to navigate. However, their size offers many customers comfort claiming they are they too big to fail.
✔︎ Pros
✘ Cons
List
High Street Banks
Account Types
Pros
Cons
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Barclays
Background
Barclays Internet Banking is by far the most user friendly of the two options, and is ideal of making one off payments, checking account balances, downloading bank statements etc.
is far less intuitive, and is widely regarded as being extremely frustrating to use. It's main purpose is for making bulk payments, as explained in more detail below.
Support
You will have access to an account manager. Telephone support is easy to get hold of but frustratingly there are a lot of forms to be filled out to get any changes in mandates payments limits etc
Online Platform
Not very intuitive. They even charge for a training session to use the platform which a testimony to how difficult the system it so use!
Login Method
Via a secure token device
Set up
Notoriously difficult to set up as it involves the installation of bespoke software. Only works on a specific version of Firefox on Apple devices and Interest Explorer on Windows devices.
Known issues
There are no rows in this table
Payment file - Barclays.net
Populating the payment file
Importing the file to the banking platform
Confirm / Finalise
Final check
Coutts
Background
The Queen's bank and quite uncommon among small businesses. Nevertheless...
Payment file
Support
You will have access to an account manager. However, more often than not, they will defer you their telephone support who is easy to get hold on the phone, but not always helpful.
Online Platform
Simple to use, easy to set up
Login Method
Via a secure token device
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Payment lists
Coutts offers a functionality called 'Payment Lists', which allows for multiple payees to be paid simultaneously; ideal for Payroll and weekly/monthly expenses
Detailed instruction on how to create and use payment lists can be found here:
HSBC
Online Platform
Simple to use, easy to set up
Login Method
Via a secure token
Set Up
Set up is relatively easy and can be done by the primary user of the account
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Payment authorisation
Every business has a daily payment limit as requested by the business' mandated signatories on the application form.
The Primary User is the admin of the account and can set up other users on the account.
To set up segregation of controls, the Secondary User to be set up with a daily payment limit and individual payment limit as zero, so that all payments that the Secondary User has initiated need to be approved ty the Secondary user.
Metro
Background
There are two main types;
Business banking offers a very basic banking platform, suitable for a one man band business where the directors expect to make payments themselves. Most businesses should opt for the commercial banking where approval workflows can be set up and bulk payments can be made.
Support
You will have access to an account manager. However, more often than not, they will defer you their telephone support who is easy to get hold on the phone, but not always helpful.
Online Platform
Simple to use, easy to set up
Login Method
Via a secure token device
Set up
One of the easier high street bank to set up.
Known issues
There are no rows in this table
Payment file
Populating the payment file
Importing the file to the banking platform
Confirming that payments have been processed
Natwest
Background
There are two main accounts:
Natwest Internet Banking is by far the most user friendly of the two options, and is ideal of making one off payments, checking account balances, downloading bank statements etc.
Bankline is far less intuitive, and is widely regarded as being extremely frustrating to use. It's main purpose is for making bulk and scheduling payments.
RBS
Santander
SVB
Background
Support
Telephone phone is helpful and very quick to get hold of
Online Platform
Simple to use, easy to set up
Login Method
Via a username and password
Set up
Setting up a new user doesn't require KYC
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Amending privileges
Payment file
Transferwise
Background
Support
Only online support and mostly helpful.
Online Platform
Simple to use, easy to set up
Login Method
Via a username and password
Set up
Very quick and easy to set up. No need to visit a branch, as there isn't one
Pros
Known issues
There are no rows in this table
Payment file
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