The Best Bank In Town

Is there anyone out there that really loves their bank? When I ask people what they think of their bank and the service they receive, the usual response is a grumpy face and the words "OK". Not a very emphatic endorsement and it seems like the days of personal service which helped a branch stand out from the crowds is over too. In the world of accounting, I'm regularly asked for advice on which bank is the best for small businesses. Unfortunately it isn't an easy question to answer...

The first thing to note is that in a previous article, I extolled the virtues of having a group of advisers in your circle of trust. A friendly bank manager was an essential member of that trusted group but for my money, only 2 banks really stand out from the crowd:

• Metro Bank - customer service is at the heart of their offering. The staff are really friendly, want to solve your problems and each store (that's right they don't call them branches) is open from 8am until 8pm plus they are open on Saturday and Sunday. Britain's newest bank which only has branches in London.
• Co-operative Bank - free banking forever if you're a member of the Federation of Small Businesses plus a friendly manner from staff. Their insistence that they won't invest your money in unethical stuff really does stand them out from the crowd.

So there it is. The usual suspects aren't in my list of top banks. Not really a surprise to most I guess as they simply push out products that don't quite fit our needs and treat us as if we should be grateful for their service. 

In my business I have started the process of shifting from one of the big 4 high street banks and have opened my account at Metro Bank. It was a close call with the Co-operative Bank but in the end I went with my experience of having met the Tottenham Court Road business manager. His name is David and the next time you're at the branch, tell him "hi!" from me.