Business Current Account

toby1_2

shr wrote:

Hi I'm just about to set up as a sole trader, and have been looking into bank accounts. I'd like to set up a 2nd current account rather than a business account, but the terms & conditions on normal current accounts stipulate that they must not be used for business purposes... I am not entirely clear whether operating as a sole trader would count as this (basically to pay in cheques from contracts, and use to pay expenses). Is anyone aware of any accounts where there would be no such problem ?

HI I AM A SOLE TRADER AND HAVE JUST SIGNED UP WITH FSB FEDERATION OF SMALL BUSINESSESS YOU PAY A FEE EVERY YEAR BUT YOU GRT FREE HELP AND GET FREE BANKING AND LOTS MORE HOPE THIS IS SOME HELP.

davidl_2

Hi everyone. I am with Barclays who like will all thier accounts are "ok" for day to day banking, but nothing special, and no benefits. However, I must have reached the end of my free banking period as they have started to charge me a monthly fee without a letter or warning to advise me of this even though I am currently not trading.

I use my account to work as a limited company, so therefore when not working, you are still charged.

So I have been looking to transfer my Barclays Business Bank, and close all my other barclays accounts. I came across this HSBC account:


http://www.hsbc.co.uk/1/2/businessdirect

Business Direct – our business bank account for online and telephone bankingBusiness Direct is the right business bank account for you:
if you want a business bank account but prefer online banking via the internet or telephone banking
if you do not use cash and receive few cheques, and want quarterly statements
if your annual turnover is below £500,000.
Next steps...
Apply online
Starting up? Call 0800 731 8904

Moving to us? Call 0800 032 1770

Request a call back
Textphone 1800 108457 125 563

Business Direct key features and benefits
Free business banking – within transaction limits (see tariff below).
All your business banking online via the internet and at the telephone.
Access to our business banking specialists from 8am to 10pm.
Interest paid on credit balances.
Quarterly Statements


Tariff for Business Direct bank account
Service Description Price
Account Maintenance Fee Monthly charge Free
Automated Credits An electronic credit paid into your business bank account Free
Bill Payment A payment which is debited to your business bank account via telephone banking and credited to a beneficiary Free
Cash Machine Withdrawal** Cash withdrawn from cash machine Upto £1,000 free per month, then 2% of value withdrawn
Cheques Paid Cheques written 10 free per month, then £1 per cheque
Direct Debit Paid / Unpaid Direct Debits paid from or returned to your business bank account Free
Internet Bill Payment A bill paid through Business Internet Banking Free
Standing Order Standing order paid from your business bank account Free
Maestro Debit Debit to your business bank account following a Maestro (card) transaction Free
Other Debits Debit applied to your business bank account Free
Branch Cheques Collected Cheques paid in at branch 10 free per month, then 75p per cheque
Branch Cash in* Cash paid in over branch counter, via paying-in machine or via deposit machine 2% of value deposited
Branch Cash out* Cash withdrawn over branch counter 2% of value withdrawn

* As paying in and withdrawing cash at branches is not within the scope of this service, such transactions will be charged at 2%.

** This is for UK transactions only and some ATM operators may levy a charge.



It seems ideal. does anybody else use it? I thought also that those of you looking to start up an account for the first time may be interested?