Bank account advice for Small Start Up Business

[harrythecat178]

Barclays seem quite happy at the counter when I pay in a pile of cash to our private account, we only use this one for handling the rental incomes, and then transfer it afterwards to the company account. TSB seems to have a good deal at moment with 5% on balances up to £2000, we transferred my 19 year old son there from Santander

[Doobop]

Can you still trade in a personal account even if you have a business name?

[hamdogg]

Can you still trade in a personal account even if you have a business name?

 

 

Just put the personal account in your name!! Then trade under what your business name is! Just watch what your cheques are payable to!!

[AA Teccie (Paul)]

Can you still trade in a personal account even if you have a business name?

 

Perhaps not surprisingly, I'd be very cautious about so doing and breaching the account Ts & Cs, as someone else said, and potentially having yours and/or the business name black-listed with a bank...don't know if that's likely tho :I

Edited April 5, 2016 by AA Teccie (Paul)

[Alycidon]

I used HSBC for over 20 years before I retired and got into the stove job. HSBC were sniffy about this buisness, Nat West had my arm off. Other than changing managers every year or so they have been acceptable. Their on line banking is easier to use that the HSBC one used to be.

 

A

[Richard 1234]

Perhaps not surprisingly, I'd be very cautious about so doing and breaching the account Ts & Cs, as someone else said, and potentially having yours and/or the business name black-listed with a bank...don't know if that's likely tho :I

 

 

What he says! If you read the small print they can cause you all sorts of problems if you use a personal account for business. If the mood takes them. Not saying it will happen but it could. For £90 a year I don't think it's worth risking.

[AardvarkTreeServices]

The wifes been using a halifax personal account for years without a problem and paying in a handfull of cheques a week through the cash machine.

 

Shes undoubtedly breaching the Ts and Cs but the worst they are likely to do is ask her to close the account. Blacklisting businesses or any other significant action is bad for publicity so I cant see that happening unless you get anal with them.

 

On a 15k turnover as a sole trader any saving is good.

[BackoftheWoods]

Thanks for all the helpful replies guys, much appreciated.

[Brad1]

Depends whether you want to have cheques made out to your business name or you personally. The bank won't accept business cheques into a personal bank account.

 

I'd really recommend taking credit cards - something like Stripe, which is very cheap and easy to use on a mobile. Advertise that you take them and you'll probably get more business too.

[JustinYoung]

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