Switching from joint to single account

users404

Hi all,

I recently set up a business as a sole trader, it's going well and would like to set up a separate account for my earnings. I believe as a sole trader this can be a current account, it doesn't have to be a business account. Is this right?

Also, I'm looking at taking advantage of some of the switching offers available, I have my phone and broadband direct debits that I use for my work that I can switch over to a new account however, I still want to keep my joint account and the other household direct debits that I have in there.

Can you help with regards to the best partial switch services? I really don't want to lose any of my existing bank account details which is what happened when I switched before. Eek!

Help?

eskbanker

users404 wrote: »

I recently set up a business as a sole trader, it's going well and would like to set up a separate account for my earnings. I believe as a sole trader this can be a current account, it doesn't have to be a business account. Is this right?

It all depends on the Ts & Cs of each account, but many will have a clause insisting on personal non-business use only, so opening a business account is a safer bet, see http://www.moneysavingexpert.com/banking/small-business#acc for some best-buy info.

If you're only looking to shift a couple of DDs then it should be straightforward enough to do so via the suppliers rather than expecting a couple of banks to manage it....

users404

Ah but I was hoping to take advantage of some of the switching scheme's cash on offer - but thanks I'll take a look at the thread

eskbanker

To the best of my knowledge all the switching incentives require you to use the full Current Account Switching Service to qualify, which would entail closing the account being switched, which you didn't want to do.

You can't switch a joint to a single account anyway but you could open a sole account with your existing bank, specifically for the purpose of switching it, but you'd still need to be sure that the new (post-switch) account is OK for business use....

teddysmum

eskbanker wrote: »

To the best of my knowledge all the switching incentives require you to use the full Current Account Switching Service to qualify, which would entail closing the account being switched, which you didn't want to do.

You can't switch a joint to a single account anyway but you could open a sole account with your existing bank, specifically for the purpose of switching it, but you'd still need to be sure that the new (post-switch) account is OK for business use....

I thought you had to switch by closing an account, otherwise it wouldn't be an actual switch.