Personal Bank Accounts that are OK for business

graham0125et

Hi, I am looking for Banks that are OK with personal banks accounts being used for business, don't state in terms & conditions or don't seem to mind it.

I run a small tutoring business and deal in cash only, though expenses will be made through the bank. I want to keep my transactions separate, though they won't be too complicated.

A business account seems a bit too serious for this currently part time business, so I want to know where you can get away with a personal account

colsten

I am not aware of any personal account T&Cs that do not explicitly state that the account is limited to personal use.

People who have chosen to ignore this have often found themselves with their account closed rather suddenly.

InsideInsurance

Its more a case of finding one that will turn a blind eye to it. On the basis the accounts for SMEs are basically identical to personal lines ones other than they charge a fee then its a no brainer for the bank.

Presumably you will be operating as a sole trader?

Herbalus

To be honest, if you're dealing in cash only, I'd spend the cash that you get in, and not bother with banks at all.

I'd open a second current account with a provider (doesn't really matter which one) if you have to make expenses online or with a card, and then transfer money into that from your personal current account when needed. If the bank ever asks, which I doubt, just tell them it's a bills account.

Some people will say it isn't a good idea, but it's what I'd do.

Thrugelmir

Herbalus wrote: »

To be honest, if you're dealing in cash only, I'd spend the cash that you get in, and not bother with banks at all.

Then it can be hidden from you know who. :silenced:

mgdavid

why do you think a business account is 'too serious'? Santander offer a free business account, may be worth a look.

Herbalus

Thrugelmir wrote: »

Then it can be hidden from you know who. :silenced:

We'll, I wasn't going to say that....

But on a serious note, a small part time tutoring business is unlikely to warrant much of a tax liability. That's what I infer from the circumstances.

justjohn

mgdavid wrote: »

why do you think a business account is 'too serious'? Santander offer a free business account, may be worth a look.

and it suxz..... carp withdrawal limits and no support at branches

to the OP you will sometimes get away with a personnel depending on what you put through it.


we use a savings account to clear cheques, then sweep it across to a Santander account.(but we do not bank a lot of cheques)


we also used to use an RBS personal savings a/c. we only used it for paypal funds and clearing cheques.(used it for nearly 8 years). we never had any hassle from RBS