Personal Account for business help

stephaniebuddie

I'm a small business (currently business banking with Llyods) and I am being stung when I pay any cash or cheques into my account.

I understand that because I am a sole trader I can use a separate personal account if you can find a bank which would allow you to do this. I have searched terms and conditions on all the personal bank accounts I can think of and all them say you cant use them for business.

Has anyone managed to find a bank which would allow this?

jonesMUFCforever

If a bank ANY bank offers personal accounts and Business accounts why would they allow you to run a business through a personal account?

Kim_13

Had a quick look on a comparison site and Clydesdale, Yorkshire Bank and HSBC appear to offer a free banking period for switchers. Use one and when they start charging, switch again.

Zanderman

stephaniebuddie wrote: »

I understand that because I am a sole trader I can use a separate personal account if you can find a bank which would allow you to do this

Do you have a firm reason for that understanding? My understanding is the opposite, and mine seems to be borne out by your research. Though I would be happy to be wrong (as I also pay charges for every transaction on business accounts).

The official advice on MSE's own site suggests a personal account might be used (https://www.moneysavingexpert.com/banking/small-business) but I have always regarded that as flawed advice - unless MSE can actually name a bank that allows this. If they can't the advice should be altered.