Small Business Bank Accounts Discussion Area

King_of_Spades

Savvy_Sue wrote: »

Welcome to the boards!

I don't know how much of a muchness it is out there, but really you need to concentrate on who offers the services you need.

As well as a cheque book and paying in book, you need facilities for paying cash in over the counter - coins as well as notes and cheques. So, which banks can you get to? Is there a Post Office convenient for you? Go and ask what they offer.

In a similar position to you years ago (occasional inputs of lots of cash), I found using Alliance and Leicester via the local Post Office worked very well: it used to be a Clubs and Societies account. Other banks also let you use the PO for paying in cash - worth asking which those are if a PO is convenient. (NatWest never used to!)

Also I was opening an Executor's account in Lloyds the other day, and was assured that they have no plans to stop issuing cheque books.

Thanks, Sue. Apologies for the follow-up: I've been away on holiday.

We're with A&L at the moment. There's no branch where the club is based (or where I live); I presume the original treasurer who set up the account must have lived elsewhere. I didn't know you could deal with A&L via the PO (hence why I was thinking of switching to another bank/BS)... I'll pop in tomorrow and see what's what.

Helsieboo

First of all, apologies for asking what may seem stupid and what you've all answered before, I just want to be really sure...

I'm leaving my job to set up on my own as self employed. My credit rating could be worse, but it's not good either. I'm 100% certain I can make a success of what I'm doing and that I'm doing the right thing - I also have a lovely housemate who is letting me live rent-free for a few months in the beginning, which is a massive help.

Anyway, I'm looking to set up a bank account as people have previously said, I have been told that I could just set up a second personal bank account, as I will be a sole trader. My concern is whether the banks will object to this and also, I want my cheque book to say blah blah t/a blah blah on it. Can this happen with a personal account?

I've looked at business accounts and read reviews etc and not really sure where to start! Obviously, I don't want to be paying more than I have to. I anticipate payments to me will be mostly cheque, maybe the occasional BACs, but cash is unlikely.

Any suggestions?

Savvy_Sue

I'd suggest talking to your own and any other 'convenient' banks: if you have 't/a' on the cheque books I doubt if they will treat it as a personal account, but banks don't like you using personal accounts for business anyway. There are advantages to not having both accounts at the same bank, btw.

Paulgonnabedebtfree

Helsieboo wrote: »

First of all, apologies for asking what may seem stupid and what you've all answered before, I just want to be really sure...

I'm leaving my job to set up on my own as self employed. My credit rating could be worse, but it's not good either. I'm 100% certain I can make a success of what I'm doing and that I'm doing the right thing - I also have a lovely housemate who is letting me live rent-free for a few months in the beginning, which is a massive help.

Anyway, I'm looking to set up a bank account as people have previously said, I have been told that I could just set up a second personal bank account, as I will be a sole trader. My concern is whether the banks will object to this and also, I want my cheque book to say blah blah t/a blah blah on it. Can this happen with a personal account?

I've looked at business accounts and read reviews etc and not really sure where to start! Obviously, I don't want to be paying more than I have to. I anticipate payments to me will be mostly cheque, maybe the occasional BACs, but cash is unlikely.

Any suggestions?

Bear in mind that those cheque payments will gradually dwindle and turn into BACS payments as time goes by. It also sounds like there will be no cheques looking towards 2018. So make sure that you are with a bank that gives you sufficient details to know which customer the payment has come from (i.e. NOT Santander).

paulwf

Helsieboo wrote: »

First of all, apologies for asking what may seem stupid and what you've all answered before, I just want to be really sure...

I'm leaving my job to set up on my own as self employed. My credit rating could be worse, but it's not good either. I'm 100% certain I can make a success of what I'm doing and that I'm doing the right thing - I also have a lovely housemate who is letting me live rent-free for a few months in the beginning, which is a massive help.

Anyway, I'm looking to set up a bank account as people have previously said, I have been told that I could just set up a second personal bank account, as I will be a sole trader. My concern is whether the banks will object to this and also, I want my cheque book to say blah blah t/a blah blah on it. Can this happen with a personal account?

I've looked at business accounts and read reviews etc and not really sure where to start! Obviously, I don't want to be paying more than I have to. I anticipate payments to me will be mostly cheque, maybe the occasional BACs, but cash is unlikely.

Any suggestions?

Not sure a personal account is appropriate when I'd imagine there would be £20+K going through it (assuming you are doing it full time and will incur some expenses).

HSBC, Lloyds and NatWest are probably a good place to start if you have them locally, make sure you get 18 months free banking and a dedicated business manager.

davehenessey

Hi, me and my friend have recently been made redundant and are going to start our business. We have stakeholder pension schemes with the HSBC, each paying £200pm into them for 4 years, we are 26 and 27 years old.

My question is, Is it possible to open a business account with the HSBC and release the money from our pensions into that account?

Premier_2

davehenessey wrote: »

Hi, me and my friend have recently been made redundant and are going to start our business. We have stakeholder pension schemes with the HSBC, each paying £200pm into them for 4 years, we are 26 and 27 years old.

My question is, Is it possible to open a business account with the HSBC and release the money from our pensions into that account?

No.

The money in your pension plan is tax free. It is for your retirement.
Try to keep funding that plan even during your new business venture.

wiggyuk

Hi all, me and my partner have just setup a new business and I was hoping you guys could help me choose the right business bank account to open the is a catch though.

I am the MD and I have a poor credit reatin/credit history I have been turned down for personal bank accounts in the last month or so.

My partner Company Secretary as no poor credit history that we are aware of.

Can you guys help us out ?

Squeek_2

Does anyone know which is best - Paypal or to invest in the use of CC Machines in a small business. We have been trading for over a year and have a sole trader acc (santander), but as we are now expanding wonder if we should use our own machine instead of being linked to PAYPAL. Has anyone any suggestions? Thanks:j

Premier_2

Squeek wrote: »

Does anyone know which is best - Paypal or to invest in the use of CC Machines in a small business. We have been trading for over a year and have a sole trader acc (santander), but as we are now expanding wonder if we should use our own machine instead of being linked to PAYPAL. Has anyone any suggestions? Thanks:j

If you think the cost will more than be covered by the additional profit one will give you, apply for one.
If not, forget it.