Business Ac needed or Not?

Mark7799

Kilty wrote:

I've had to return a couple of cheques since they were made out to my trading name and not myself. I don't have a choice though, can't get a business account because of my age. If I could, I probably would though, with Abbey since it's free, just to save any hassle.

Why is your age an issue?

regularsaver1

I see posts from Kilty a lot saying she is 17

raf300

Hey Guys

Thanks for the advice. I will do some internet searching on Banks and see what they offer.
.....I have just come across an HSBC Business Direct which looks like an Internet only thing.

windswept

I can recommend abbey, no charges whatsoever, there is a monthly limit on paying in cheques though. one thing to bear in mind, most suppliers will only deal with you if you have a business bank account, that includes makro, jtf, costco etc. as well as the more specialised suppliers.

blindman

raf300

You have a PM

raf300

Hey Windswept

Glad to hear your experience with Abbey is good. Other people on the boards have said the same thing.
At first, I was thinking I only need the account for really accept payments, as I am looking at selling records via itunes and other online stores, with only a few expenses to pay at the start. (eg website costs, domains hosting)
However as you have pointed out if I need to go to macro or any other specialist they will only deal with business account holders.

I will go to my local abbey later on today and talk to them.

BTW Are they open all day Saturday? I remember seeing an advert a long time ago about it or was that another bank?

martindow

The downside to Abbey (although I don't think it's a huge one) is that you have to do paying in and everything else via their machines or by post - they won't let you pay in over the counter. This does mean you can pay in cheques out of hours so perhaps it's an advantage. You do need to check how close your local branches are as it could be inconvenient. I've always been a bit dubious about posting cheques in case they disappear on the way. I've been very happy with them after moving in about 1998 to escape Barclay's charges.

richt71

raf300 wrote:

Thanks pagan705.

So many things to learn and consider about starting a business, it is kinda of exciting and daunting at the same time.

PS I can see why Business Acs and Personal are different. As you said, with a business you need to have the cheques made out to the business.
Mark, I suppose Banks would take a different view as they charge for Business Bank ACs

You can normally get a 'normal' current account with most banks with your name trdaing as ABC SUPPLIES or whatever. That means you can accept cheques payable either to you or your business name. If you accept a lot of cheques and payments then it might be worth transfering to a business account. Bare in mind most banks give you 18 months free business banking so you can see how it works first if you want.

devmcc

Hi there
I second windswept - I have had a personal account with Abbey forever! and set up a small business last year - they are great! I used to work in banking - for my sins and have worked for all the major players - In my experience Abbey far outweigh them all.
No charges for life! As far as having to use the cash machine to pay in cheques instead of the cashier - it is a bonus as their is little or no queing!!
My branch is open all day Saturday...
GOOD LUCK with the business....