Business Bank Accounts

LISAWELCH

I wonder if anyone can help/advise?

Is is a requirement that you are to have more than one business account at the point you reach a level of funds? I have heard that it is advisable NOT to keep all funds in one business account, and that you should have more than one business account with different banks to distribute your funds to limit loss should a bank cease trading? Is this correct? Some banks will not allow you to have more than one business account with them and its a pain having to go to another.

If this is the case, can anyone recommend the best banks which will allow more than one business account to be opened? They all seem to charge, but not offer much of a service.

Thanks in advance for your help.

eskbanker

LISAWELCH wrote: »

Some banks will not allow you to have more than one business account with them and its a pain having to go to another.

If this is the case, can anyone recommend the best banks which will allow more than one business account to be opened?

Surely if you're looking to distribute funds to limit loss should a bank cease trading, then opening multiple accounts with the same bank won't help achieve this?

Spreading funds across multiple banks is often advisable for consumers but it's easier to justify when this doesn't cost anything - I'm not aware of any actual requirement for businesses to do so but if you're anything like the size where this may become an issue then you'll presumably have access to accountancy services who should be able to advise?