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Basic Bank Account
Rainingagain
Posts: 4 Newbie
I've been told that Natwest do a Foundation account for new businesses and for people who have a poor credit report. I'm hoping to start a new organisation with funding from the lottery. If I'm lucky to get funding will it effect my personal account with Natwest? The account will have a business name but I will have to open it. I'm in debt with credit cards so would any of them be able to tap into my business account? It's a not for profit organisation. I might be being paranoid but want to cover myself.
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Rainingagain wrote: »I've been told that Natwest do a Foundation account for new businesses and for people who have a poor credit report. I'm hoping to start a new organisation with funding from the lottery. If I'm lucky to get funding will it effect my personal account with Natwest? The account will have a business name but I will have to open it. I'm in debt with credit cards so would any of them be able to tap into my business account? It's a not for profit organisation. I might be being paranoid but want to cover myself.
If the business is a sole trader, the accounts will be in your name and they will be able to use right of set off. If it is a limited company, the money will belong to the limited company not you and, theoretically, they will not be able to set off against it.
The best people to ask about this are NatWest.urs sinserly,
~~joosy jeezus~~0 -
Thank you for this - much appreciated.0
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Other companies won't be able to access your new business account unless you give them the details.I work for Natwest.0
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