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Posted

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

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Posted
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.

Posted

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.

Posted

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.

Posted
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 :laugh1:

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