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K and B Accountancy Group
K and B Acountancy Group
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The computer contractors bank account
Whilst the Inland Revenue and the Government regard computer contractors as disguised employees, the High Street banks regard computer contractors as businesses and charge them accordingly for the operation of a bank account. Banks make money from contractors by charging for the use of an account and by ensuring that contractors accumulate funds in an account that pays little or no interest.
Business Bank Account
  
Carter Allen Bank
For many years the major clearing banks have ensured small companies subsidise their personal bank account holders. They have, in our opinion, unfairly offered nil credit interest, charged up to 50p per transaction and in instances introduced monthly fixed charges.

It is believed that many small limited companies are paying £300-750 per annum unnecessarily in lost interest and transaction charges.

We have teamed up with Cater Allen Banking Services (formerly Fleming Premier Bank) who are owned by Abbey National plc, to provide an account that is easy to set up, pays up to 3.5% (gross) and provides up to 30 transactions free of charge per month. For Balance openings of £2500 a visa debit/cash withdrawal card is available.
What does this account offer
Interest Rates
Balance Gross % pa AER
£500,000+ 3.500 3.56
£100,000+ 3.200 3.25
£25,000+ 2.750 2.78
£10,000+ 2.625 2.66
£1+ 1.500 1.51
Services
Cater Allen Private Bank in addition to higher interest rates provides:
  • Chequebook, Gold VISA Debit Card/ATM Card
  • Unlimited direct debits and standing orders/30 cheques per month
  • Monthly bank statements
  • Minimum opening deposit only £100.00
  • No penalties or notice for withdrawals
  • No fees for cheque deposits via Royal Bank Scotland Branches
Comparison of Interest Rates with Major Instant Access Accounts
£10,000% Gross pa
£25,000% Gross pa
£100,000% Gross pa
Cater Allen Computer Contractors Account
2.625
2.750
3.200
Barclays Instant Savings Account
0.65
0.65
0.65
Halifax Liquid Gold Account
0.10
0.10
0.10
Lloyds TSB Flexible Savings Account
0.40
0.40
0.40
HSBC Instant Access Savings Account
1.20
1.70
2.00
Nationwide Cashbuilder Account
1.25
1.65
2.00
NatWest First Reserve Account
0.85
1.00
1.25

Source:- Moneyfacts April 2002 and Cater Allen Private Bank Research
* Most High Street "Business Accounts" accrue no credit interest. These examples are 'personal savings accounts' but give an illustration of interest earnings
To apply please download the application form (153Kb-approx 10 sec download)
(The account is only available to Limited companies)
New Money Laundering Regulations have been implemented in recent years and therefore you will need to follow the simple application process very strictly:
  1. Complete the 6 page application for the standard business account - Only complete the final 4 pages if you want to open an additional "personal account."
  2. Ensure you write 000123 in the Introducer No. box in the top right-hand box of the form. The application cannot be processed without this number.
  3. Enclose any two of the following items (Must be original not photocopies)
    • Credit Card Statements (under 3 months old)
    • Bank or Building Society Business Statement (under 3 months old)
    • Recent Utility Bill (under 3 months old)
    • Inland Revenue Notice of Coding (latest)
    • Recent Mortgage Statement

    Plus
    • A copy of your Certificate of Corporation
    • A copy of your latest report and accounts (only if trading more than 22 months)
  4. When you have completed the application form please enclose the two original and one/two copy documents together with a cheque made payable to "Cater Allen Ltd" minimum amount £100.00 (£2,500 if Visa Debit/ATM card required) and post to:

    Banking Services Section
    Suite 501, International House
    223 Regent Street,
    London
    W1R 8QD
    UK
  5. Your account will usually be set up in approximately seven days and Cater Allen will advise you direct and return your proof of ID documents.
  6. If you have any questions please call us on Freephone 0800 195 4393,
    or
    send an email to admin@kbaccountancygroup.com
Thank you for arranging your account with K & B Accountancy Group.
Administration Office
K&B Accountancy Group
35a Upper Wickham Lane
Welling
Kent
DA16 3AB
Tel: 020 8298 6790
Fax: 020 8298 6791
UK
Email : admin@kbaccountancygroup.com
Limited Company Services
K B Accountancy Group
Suite 106
Tower Bridge Business Centre
46-48 East Smithfield
London
E1W 1AW
Tel: 0207 096 8798
Fax: 0207 709 3052
Email : admin@kbaccountancygroup.com
K&B Accountancy Group
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