Business account advice

seabirch

Hi

I am really hoping someone can help me. I was made bankrupt in 2012 and discharged in 2012 with no repayment required due to being unemployed for a significant time. I retrained as a graphic designer and now work freelance with a number of clients. I am registered with HMRC and now need a business account to put the money in and pay myself out of. i have been turned down by all the major high street banks on the basis of no attempt being made to repay the money I went bankrupt with even though it was written off.

Anyone know who may accept me for a business account or whether I can operate from a separate personal account and get away with it.

Jon

keyaziz

If you are a sole trader you don't have to have a business account. I used to use one until I found this out and now have a separate personal account for my income, to avoid the stupid fees from having a business account. (Although it maybe in the terms and conditions of the bank that you can't do this).

lilybankrupt

I don't know whether NatWest still do their 'basic business bank account' (Foundation)? If not, or they decline you, as a last resort you could try CashPlus or CardOne. They are pre-paid card accounts with some current account facilities eg direct debits. Neither gives you a cheque book and you can't pay in cheques to CashPlus. But the account is in your business name.

tigerfeet2006

Also try Barclays. Make an appointment to see some one and do it f2f.

Otherwise as Lily suggests go for a CashPlus Gold account.

http://www.mycashplus.co.uk/business/default.aspx

c-m

This comes up a lot.

Of the high-street banks Barclays seem very good to deal with if you've a previous history with them., but before you apply make sure that you've given yourself the best chance. e.g. are on the electoral roll, checked your credit report for any inaccuracies, produced something of a business plan etc..

Another alternative is the Cashplus account, which recently signed a deal with the post office to offer branch services, but it's annual fee has gone up from £49 to £69.

But

As a sole trader there is no need for a separate business account. However it's nice to easily be able to separate business relate transactions. You could use a 'basic' personal account, but most will tell you it's a against the banks terms and conditions. However Nationwide seem very lenient on this, and you don't need a credit check for their Cashcard account.

http://moneysavinganswers.com/business/using-personal-bank-account-for-business/