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Use of personal bank account as a sole trader

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  • Anthorn
    Anthorn Posts: 4,362 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Most people will consider most things if the reward is likely to be big enough and banks are no exception. So have a word with your bank and tell them your predicament and see what they offer.

    Probably your biggest problem in using a personal bank account for business purposes is flagging of possible fraud and/or money laundering: Say for example you operate a cash business and credit the account with relatively large amounts of cash regularly. In that case the account is likely to be locked and you probed because credits to bank accounts must originate from recognised sources.
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