Bank account advice for Small Start Up Business

[Matthew Storrs]

Interesting that many are using secondary personal accounts for their buisness- The bank pretty much told me 5 years ago that they would not allow me to use a personal account for buisness use (on reflection not sure how they can enforce this) so have been paying £20 or so a month to HSBC for the pleasure, doesn't sound alot but id prefer £240 a year to be in my account than theirs!

[Robert_S]

They have never once questioned mine. Banks will try there hardest to get as much money out you as possible, Coke and whores do not come cheap for there xmas parties !!!

[Mick Dempsey]

Interesting that many are using secondary personal accounts for their buisness- The bank pretty much told me 5 years ago that they would not allow me to use a personal account for buisness use (on reflection not sure how they can enforce this) so have been paying £20 or so a month to HSBC for the pleasure, doesn't sound alot but id prefer £240 a year to be in my account than theirs!

 

I had the same thing, after a while of paying in cheques and cash into my personal account they just told me I needed/was obliged to have a business account.

Got away with it for a while I suppose.

[rovers90]

Having worked for a high street bank for 23 years up until 6 years ago, if the bank finds out you are running a business through a personal account they could ask you to stop and if they wanted to, if you persisted, they could close your personal account as running a business through a personal account is in breech of the terms and conditions for a personal account.

[Steve Bullman]

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

Yep, forgot about the 3rd

[Macpherson]

Same here.

 

 

 

Yep, keep it as simple as possible specially if your a sole trader, I dropped my business account 25 years ago in the face of ever increasing charges, there's no need for one, no point in giving money away, when I started as self employed the bank tried to bleed me dry along with everyone else, I would imagine that it's even more difficult these days.

Don't think you'll find a good bank !! good luck.

[woody paul]

If you are sole trader in your name no need for business account as others have said. I have 1 account and a good accountant.

[eggsarascal]

I use Santander for business and Natwest for personal account. Natwest did get it really wrong a few years ago and managed to shut down my business and current account, leaving me snookered for a few weeks, ence the Santander account.

 

Eggs in one basket and all that.

[simonm]

If you are sole trader in your name no need for business account as others have said. I have 1 account and a good accountant.

 

What he says, i had to open a business account when i went ltd which i pay £5 a month for, i still get cheques made into my name if possible and pay those and cash into a personal savings account then transfer them over to business acc online, that way i avoid being charged to pay into business account

[hamdogg]

2 personal accounts! It's says on my invoices, cheques made payable to .... My name!