Newbie needs a business account

Agentdavid

Hi all

I need to open a business account and have no idea where to start. It'll be a small business with a turnover of around £20,000pa. I wont need an overdraft or any credit cards or credit of any kind. I'm not interested in anything complicated at first, just a basic account perhaps with a cheque book. My credit history isn't great, i have a decree for an existing debt.

Where would be best to consider?

Thanks in advance.

paddyrg

Your own bank - tell them you're not looking for credit but a basic business banking account - they already know how you manage your money and so are the best bet.

Agentdavid

paddyrg wrote: »

Your own bank - tell them you're not looking for credit but a basic business banking account - they already know how you manage your money and so are the best bet.

I currently bank with the Co-operative, not sure if that's good or bad.

Cheers for the response

System

could you not use your current account

Savvy_Sue

Nothing to stop you asking other banks what they would offer, but do stress you don't want credit or an overdraft. I always say you should work out what you need the account to do: if you need to pay in or withdraw cash then you need a convenient branch. If not, then location is less important and you need to find out what charges there would be (if any) for the services you need - some charge for the cheques you write, or for over the counter payments in, but not for BACS. And so on ...

Wywth

Have you read the sticky thread above?
https://forums.moneysavingexpert.com/discussion/2103019

pinkypoopydoo

I applied to RBS,as they offered me 2 years free banking, and the promise that, if for any reason they couldn't offer me a full bank account, then they would be able to open a foundation business account for me (no overdraft etc).

As it was, I got the account I applied for, but it was comforting to know that if my credit history counted against me, I would still have an account at the end of the process.

ELMATHUD

you can use your own put it makes things more complicated

All you need is a seperate bank account if your business does well and your bank give you hassle just change to a business account

I was told this on a business course

poggles

ELMATHUD wrote: »

you can use your own put it makes things more complicated

All you need is a seperate bank account if your business does well and your bank give you hassle just change to a business account

I was told this on a business course

Then I suggest you request a refund as you were told wrong
(Makes one wonder what else they mis-informed you)

Every personal bank account's terms & conditions I have seen specifically exclude their use for business purposes; that's why banks offer business accounts.