Santander: Start-up Business Current A/C

richard_3095

Does anyone know if there is a minimum initial deposit with this account? Thanks.

I'm wanting to register with Companies House with shares of £10.

Nothing seen in the FAQ etc.

Last time I registered with CH, I registered with £10, but there was a minimum of a £50 deposit on a business account. That discrepancy caused problems.

phill99

So ring them tomorrow and find out.

londonTiger

doesnt mention anything on the ad, so unlikely to. Usually minimum balances are ususally stipulated quite clearly on the ads (in the case of balance based savings interest etc)

londonTiger

btw there isn't anything special about this account, my barclays business account is almost identical.

richard_3095

I phoned up and there is no minimum initial deposit figure.

The reason I wanted to know is that a while back I registered a business with £10 equity. But had to put in £50 minimum deposit in the bank. A point came (because company had not started trading or dealing with anyone) when I wanted to simply have the company declared dormant. This means you don't have to supply accounts.But, the organisation could not be put in the dormant catagory. Because of the discrepancy between the £10 stated as equity and the £50 put into the account.

Well, this time I do hope to actually trade. :-) But, the experience has left me seeking to ensure that I can state to Companies House that I'm putting in £10 equity and this time actually be able to put that amount into the bank representing that amount of equity. There was a mismatch when I started up a firm first time.

Santander told me that in some way a £50 limit does sort of apply even to this account. Possibly not considered active until the balance is £50. I think that is what the guy might have said.

If so, perhaps I would need to ensure there is some activity (not necessarily trading activity) before say 6 months. That activity would have to be funds into the business, probably more equity funds (or a loan) to bring up the balance to £50 or over.

(Really - at this moment £50 is a lot to me).

richard_3095

Anyway, I'm now going to register a business with Companies House and set equity at £10, ten ordinary shares of £1 each. Then in three days time open a business account with £10, representing that equity.

londonTiger

can you have a business with a directors loan balance? If the minimum required is £50 then you can post £10 as equity and £40 as directors loan account.

I suspect you will need to have balance because a business current account ususally has monthly fees so you will need to pay the bank every month.

If you intend to keep the business dormant - no reason why you can't keep this as a cash only business and not use a bank account at all.