Can a 16 year old have a business bank account

kaydanmy

Can a 16 year old open a business bank account and if so, which banks will do it????

adamc260

I think you have to be 18 for things like that :S Try googling it?

terryw

Hell yes. Check out this little chappie
https://forums.moneysavingexpert.com/discussion/2467259

and then do bit of a search on MSE.

Olipro

why would you want a business bank account - I would wager that you could do everything you need from your personal account.

The only real reason you might need or want a business bank account is if you had a limited company or a partnership

Tixy

The minimum age to be a director is 16 (this came into force in 2008, prior to that you could be a director younger than 16).
And if it was a limited company then the business bank account would be in the name of the company, so the age of the person would not be relevant.

Kaydanmy - why particularly do you want a business bank account? what benefit of them are you interested in?

lynxptc

I had a business bank account with Natwest at 16. No lending facilities but it was a business account with a cheque book and card etc.

suresh65

what bank offers a bank account for a 16 year old director? Can anyone point me in the right direction.:j

MichaelCR

kaydanmy wrote: »

Can a 16 year old open a business bank account and if so, which banks will do it????

Yes ! My friend had 2 accounts one with Barclays and one with lloyds TSB both business accounts to run his underage night club event company !

InsideInsurance

suresh65 wrote: »

what bank offers a bank account for a 16 year old director?

From your posts I am not convinced you know what you are saying

If you are a sole trader/ "self employed" then you can open a business account for your business if you wish to but are under no requirement to do so.

Generally business accounts are more expensive than personal ones and come with less benefits so don't rush out to do it if you dont have to. The one advantage they used to have was to allow you to accept cheques in the name of your company as well as your own name but given the increasing rarity of cheques this benefit is diminishing

If you are a director that means you have formed a limited company with Companies House. In that case "you" cannot have a business account but the limited company obviously can - you and your company are two separate legal entities. As such the bank will decide if the company can have an account or not and you as are of little consequence to them.

pvt

OP,

My son had a Barclays business account at 17, and he was also VAT registered.

InsideInsurance wrote: »

Generally business accounts are more expensive than personal ones and come with less benefits so don't rush out to do it if you dont have to.

Banks aren't stupid. They will often work out that someone is running a business through their personal bank account. And close it. Though you be offered the benefit of being invited for an "account review" before they do it.

A number of banks offer business account free of charge for an introductory period, that's a better way to go.

pvt

tyrone10

suresh65 wrote: »

what bank offers a bank account for a 16 year old director? Can anyone point me in the right direction.:j

Hello There,
I am 16 in exactly the same position as you are. I started running and started trading as a Sole-Trader in February 2011. (Unfortunately not lucky enough to have become a Director like your self LOL.)
I can fully understand that using a Personal Banking Account is not very good for running a Business for reasons such as:

• Your Personal Finances become mixed with your Business Finances
• You are Unable to have a Bank Account trading under your Business Name, which to your Customers or people you are trading with would seem unprofessional
• A lot of the services on a Under 18 Current Account are not sufficient for a person running a Business

I think to be honest the rules that are in place are stupid. If you can be a Sole-Trader or Director at 16. Why on earth can you not have a Business Banking Account at 16???? :mad:

Fear No More!
After making a lot of phone calls and Barclays are the only High Street bank who will offer a Under 18 Year Old a Business Account.

And they are really good. They can offer you:

• A Business Manager/Adviser
• A Debit Card
• A Cheque Book
• Online Banking and Telephone Banking
• Business Insurance
• A Shopping Cart for your Website
• An Overdraft Facility - Yes Thats Right an Overdraft Facility for an Under 18 Year Old :j
• And loads of other little things which mean a great detail to your Business
• They are even able to help you financially and give you a loan

And yes they are all very good banks to bank with. But The people at Barclays are so kind and really helpful, providing excellent Customer Service.

And I think they are really good in helping Young Business People out by offering services like this, many of which I was shocked at. Especially when I was given a Loan and an Overdraft Facility. :T

All You have to simply do is Call 0845 601 0106, and they will guide you through the process. You then arrange a Date and Time to go into a Branch and Meet your New Business Manager who you can speak to at anytime after opening you account.

PS. I do not work for Barclays. Hahahahaha. I am just a really happy Customer