best bank account for a band?

chillwalk

Hi Guys,

I need to set up a bank account for my band, so we can sell CDs/Tshirts etc online using paypal, and so promoters etc have a way to pay us other than by cash or into my personal account.

Does anybody have any advice, specific or general, about this? We don't need anything fancy - literally just an account with online banking and a debit card, no overdraft, no extra benefits, and we definintly don't want to pay a monthly fee I considered a "basic" bank account eg CoOp Cashminder but it expressly forbids use by any club, society, business etc in the Ts&Cs.

any help much appreciated! Many thanks in advance!

Archi_Bald

You'll find that all personal bank account will not permit use for anything but personal matters. You'll need a business account. I thought the Coop does a free business account for certain people?

Anthorn

Based on the information in the OP your main means of collecting payments is Paypal and you will be using a bank account simply for collecting funds from Paypal. Whether that constitutes using a bank account for business purposes is debatable.

Personally I would write to The Co-operative Bank, explain the circumstances and see what they offer if anything. The Co-operative Bank offers a range of accounts for businesses, charities, clubs and societies and that's most likely the best place.
http://www.co-operativebank.co.uk/business/currentaccounts

eskbanker

chillwalk wrote: »

best bank account for a band?

Lloyds Club Tropicana?
Santander 5-4-3-2-1?

*gets coat*

chillwalk

Thanks everyone. I'm going to ask what CoOp can offer cos I have my personal current account with them anyway.

Thanks again

[Deleted User]

Just a (very important) point that the OP may not have thought of... What is the LEGAL financial status of the "band"?

Has a limited company been formed?

If not, are you forming as a partnership entity?

If not that, are you presuming to trade as a sole trader? And if so, have you designated which one of you that is that will carry the tax liability, and ultimately bear the burden of losses (and rights to profits)?

If you're wanting to take card payments for merchandise and so on, have a look at iZettle. It might be what you want.