Bank account advice for Small Start Up Business

[BackoftheWoods]

Hi Guys,

 

I'm after some advice on what banks people use for their business use. I am currently just using a current personal account but need to change this so all business use just stays in the one account rather than mixing it with my non-business personal spends!

 

Is it worth staying with a current/personal account, but just a new separate one from my personal spends? Or a specific business account? My turnover is only low <£15k per annum.

 

Any ideas on good banks/account ideas out there?

 

Cheers

James

[AA Teccie (Paul)]

Hi Guys,

 

I'm after some advice on what banks people use for their business use. I am currently just using a current personal account but need to change this so all business use just stays in the one account rather than mixing it with my non-business personal spends!

 

Is it worth staying with a current/personal account, but just a new separate one from my personal spends? Or a specific business account? My turnover is only low <£15k per annum.

 

Any ideas on good banks/account ideas out there?

 

Cheers

James

 

Hi James, maybe consider joining the FSB (Fed. Small Businesses) which is available from about £120 per year to a sole trader. They did offer free business banking to members through Co-op, I believe, but if no longer the case they should be able to advise.

 

Good luck..

Paul

 

PS If you're a member of the Arbor Association you can join FSB via ourselves n save the £30 registration fee...plus the AA research fund benefits from a small intro fee.

[slasherscot]

google small business current account.theres a few free for a year

[Kev Stephenson]

HSBC business is free for the first 18 months I believe.

 

If you get cheques paid to you personally and you are sole trader you may not need a specific business account. It does make things easier at tax time though.

[skyhuck]

Just open a second personal account and run the business through that, I did this for years.

 

I only opened a business account when I started my limited Co.

[Steve Bullman]

It does make things easier at tax time though.

 

How so

[AA Teccie (Paul)]

How so

 

probably to keep personal 'income n expend' separate from business stuff I guess.

 

The 2nd personal account is an interesting option though.

 

Paul

[Steve Bullman]

I use a second personal account

[Woodworks]

I use a second personal account

 

Same here.

 

The bank occasionally get get sniffy about me using a personal account for business and ask me to come in and then try to pursued me to open a business one that's free for a year or so but the costs there after look a lot less friendly. I just point out if I have to open a business account I will shop around and don't here from them again for a few more years

[Robert_S]

I'm the same a second personal account then a third for my tax money:biggrin: