Business Account

Pere_Ubu

Am trying t open a business account but have debt which is being managed by Payplan. Have bad credit score have been turned down by one bank. Which bank is more likely to give me a chance. Business doing well just need an account.

h4nym

Hi Pere

Is it a limited company? If not, then just set up a personal account - even a basic account - and use that. Unless you're precious and need cheques to be made out to your business name...

If it is a limited company, do you need to be a director or signatory? If not, you can get an account set up fairly quickly...

What's the detail? Let's see what we can do to help here!

H

Pere_Ubu

no not a limited company just sole trader have been using own account but know i'm not supposed to do this. don't want a cheque book or anything just a basic business account. i have just taken on an employee and would like to set up a bacs to pay salary. it's going quite well.

tru

There's no law that says you have to have a business account, it's just that the banks don't like it because they make less money.

saubryn

Which bank turned you down? I'm in a similar position, and I can't tell you who to try (except maybe Abbey - they do 'free' business banking (free as in no monthly / yearly fee, you're charged on a per transaction basis - good if you have only occasional activity, not so good if you have lots of traffic on your account), and my advisor said if I don't want an overdraft they're good.

Natwest have taken ages and ages to look at my account, and just turned me down - so I suspect you won't have much luck with them.

Not sure if thats any use to you.

nelly_2

Only go for a buisness acount if its cheaper, charge wise.

I was trading for years using my wifes account.

Pere_Ubu

Thanks for the advice. Tried Alliance & Leicester. Didn't want to try another bank until I was pretty sure they would say yes. I use my basic account at the moment which is free but when cheques are made out to me instead of the business name didn't think it looked very professional with customers. However, I beginning to think that maybe I should continue using my basic account to avoid unecessary costs. It would have been handy for the salary of my one employee but could continue to pay her by cheque/cash.

nelly_2

If a customer queries it just say, "it may look slightly less proffesional , but I avoid charges, which in my opinion is a very proffesional way to run my company".............who could dissagree with that?

Seraphim

Depends how much business and personal transactions you have going through your account....if you have a lot, it will make your accounting a lot harder at the end of the year. However, if you aren't big money plus there aren't huge amounts of transactions, there's nothing wrong with using a personal account

blackdoor

I would try Lloyds TSB. Free banking for 18 months.

Pobby

I don`t have that many transactions and my bank know I am self employed but I just use my current account.No charges!