Can I open 2 bank accounts once BR?

Reevesie76

I currently have a personal bank account with HSBC and my business bank account with HSBC.

Now I know the two will be closed, and that I have to open new bank accounts with either Co-Op or Barclays, but can I open more than one? I know they would both have to be personal ones for now, but I prefer to keep business monies separate from personal monies.

As I am employed 3 days a week I pay for all household bills etc out of that, the business money is litterally for stuff relating to the business, no utilities or anything is paid from it, hence why I want to keep it separate.

Also will hubby and I be able to open a joint one for utilities and rent?

skylight

You can have as many as you like, or rather that the banks themselves will permit you to open. I have 2 - there are no rules in BR about how many, just that you cannot have a cheque book etc, so its basic ones only.

Reevesie76

Thanks Skylight, that really helps. I hardly use a cheque book with my current business account so thats not a problem at all. That has really cheered me up

Sunk

I have 2 accounts Barclays/Co-op.

philnicandamy

Careful...most basic accounts wont allow for business use

Reevesie76

philnicandamy wrote: »

Careful...most basic accounts wont allow for business use

I know, but i will be playing dumb. I had a First Direct personal account for my business for around a year before being able to get my HSBC business bank account.

There isn't alot else I can do, I will need an account for my business, the pennies will need to go somewhere, I don't think under the matress will sufice :rotfl:

Dunpayin

Hi R

BR last Wednesday. Co op have just ok'ed a cash account, and i've applied to barclays too. I'm going to using one for business too, so i reckon playing dumb is the option! Good luck.

D*

OhDear

philnicandamy wrote: »

Careful...most basic accounts wont allow for business use

Fair enough, but if you are allowed to work as self-employed, then there should be a business account for BRs?

Dunpayin

I know several people who run small businesses from personal accounts. Perhaps if it's on a small enough scale, th banks don't worry about it...

Reevesie76

OhDear wrote: »

Fair enough, but if you are allowed to work as self-employed, then there should be a business account for BRs?

The advisor I spoke to at the National Debtline yesterday said that Nat West do a very basic business bank account but you have to be discharged from BR before they will accept you.

philnicandamy

OhDear wrote: »

Fair enough, but if you are allowed to work as self-employed, then there should be a business account for BRs?

In this financial downturn you'd think so but at the moment there is none while undischarged...maybe the banks will become better with time
most meanwhile though do run 2 basic accounts side by side & most of the banks turn a blind eye as long as theres not too many business transactions going through...although this is really a breach in terms & conditions of the acount and is very risky to do as they could close accounts very quickly

I wouldnt take a word of what Nat West say as truth though....they change the rules & move goalposts on a daily basis regards accounts..they may tell you yes on one day only to turn you down later