Can i open a starter business account or not?

DanRichards

My landscaping business started approx 8 years ago, and ive been paying everything into my current account with no problems.

I have recently decided to open a business account, but i wonder whether i quailfy for a starter account with free banking as its my first business account, or do i go straight for the normal business account as my business is 8 years old already?

Ill obviously be asking in the local branches, but thought id ask here to whilst browsing!

Thanks everyone,

Brassedoff

The premis of free banking is not for new businesses, rather new businesses to the particular bank. So, yes, go ahead. Avoid HSBC, But the others are OK.

IF you want to be guaranteed (99%) of an account, Nat West have one with online banking, cheque book and NFC Visa Debit card. All free for 18 months.

Good luck.

w211

DanRichards wrote: »

My landscaping business started approx 8 years ago, and ive been paying everything into my current account with no problems.

Just wondering if you had no problems using your current account, why bother opening a business account?

After the initial free trial period is up, you'll start paying for it.

Brassedoff

w211 wrote: »

Just wondering if you had no problems using your current account, why bother opening a business account?

After the initial free trial period is up, you'll start paying for it.

Why do people on here persist with trying to advise others to run their business in totally the wrong way? A business account will cost a small business around £25-30 a year to run. But, it provides a real safety net against HMRC investigations, confusion on spending profits thet have been generated by the business but have not had tax/VAT or other costs set aside.

Just wondering. It goes against all the fundermentals of running a company both well and in the interests of its creditors and shareholders.if the £30 odd is so important, switch at the end of the free banking period. All business managers have a monthly target to do this over their new business targets.

Wywth

DanRichards wrote: »

My landscaping business started approx 8 years ago, and ive been paying everything into my current account with no problems.

I have recently decided to open a business account, but i wonder whether i quailfy for a starter account with free banking as its my first business account, or do i go straight for the normal business account as my business is 8 years old already?

Ill obviously be asking in the local branches, but thought id ask here to whilst browsing!

Thanks everyone,

It will depend on the specific terms of the bank, but a starter business is usually just that, not one that has been trading for 8 years

However, if you don't qualify as a starter business, you will probably qualify under their switching offer

DanRichards

Thanks everyone.

Im choosing a business account so that i can simply keep my personal banking and business banking seperate.

Ill have a wander round the high street banks and see what i can find.

Thanks again

earthstorm

w211 wrote: »

Just wondering if you had no problems using your current account, why bother opening a business account?

because if a bank find you using a personal account for a business then they can close the account. Yes Natwest offer the best deal at the moment. I have been a Business customer of NW for many years and have had no issues

Brassedoff

DanRichards wrote: »

Thanks everyone.

Im choosing a business account so that i can simply keep my personal banking and business banking seperate.

Ill have a wander round the high street banks and see what i can find.

Thanks again

Keep away from HSBC as they have knocked free banking on the head. Any of the Lloyds group is going to be difficult until they have split Lloyd's from TSB (in a few weeks time over one weekend). TSB will not be running business accounts as far as I have been told. So you may find you set up in your local Lloyd's TSB only for it to change and the branch you need to use is miles away.

Any of the RBS group (RBS, NatWest) are really chasing accounts

However, if you are not going to breach 100 cheques etc but use most on line look at Santander. They are offering free for life subject to you not breaching certain volumes of transactions.

Ilona

I had a business account with Santander. Cost me nothing. Worth looking at.
Ilona