Business Bank Account

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hammyali
hammyali Posts: 24 Forumite
in Budgeting & bank accounts
Dear All,

I have just started a small asbestos consultancy in Norfolk, and by what people are telling me I will have to open a business bank account. I believe (if I have been told correctly) that it is not a legal obligation to have one, but banks pressurise you into doing so as I would guess it makes them money.

Can anyone give me some advice on who to do with? I would rather support a local bank as opposed to a national one, as (perhaps naively) i think they may be more honest.

Any advice would be hugely useful.

Thanks
Hamish

Comments

  • Malory
    Malory Posts: 176 Forumite
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    My husband has a business bank account with HSBC and is satisfied with it.
  • Fiddlestick
    Fiddlestick Posts: 2,339 Forumite
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    Malory wrote: »
    My husband has a business bank account with HSBC and is satisfied with it.

    I have one with them too and I'm happy with them so far.
  • Quenastoise
    Quenastoise Posts: 341 Forumite
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    It would be easier for your accountants to have all your income and expenditure showing in a separate bank account - you may even wish to have a second one to put money aside for future tax payments
    Keep calm and carry on
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    OP where is your personal account? Are you happy with them? If so why not open a business account with them?
  • missile
    missile Posts: 11,691 Forumite
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    If you are a sole trader you do not need a business account or an accountant. However it is easy to do and many banks offer free service for twelve months and some for eighteen.

    I use RBS, did it all on line and by post saved me time and money not going into a branch to have a sales pitch for !!!!!! I did not need.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • olly300
    olly300 Posts: 14,736 Forumite
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    missile wrote: »
    If you are a sole trader you do not need a business account or an accountant. However it is easy to do and many banks offer free service for twelve months and some for eighteen.
    Or if you spend and receive most of your payments by online methods you can have a free bank account completely - HSBC offer one.

    However be warned with business bank accounts some of the transactions you get free with personal accounts aren't free regardless of the bank you hold the account with.

    The best section to post in is the small business and charity forum.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
  • spenderdave
    spenderdave Posts: 676 Forumite
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    I would second HSBC. Free if you do everything online (difficult for many small businesses who need to pay cheques/cash in), and the charges on their normal account are quite reasonable.

    You do not need an accountant, very easy to do all this yourself.
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