Business banking

frenchplonka

Hey guys so I have recently launched my own range of men's grooming products anyway I'm currently using my personal current account for payments which isn't ideal for loads of reasons.


My bank is upgrading there IT systems and isn't taking new customers because of this reason, Also I have a bad credit file so I'm guessing that's gunna go against me.


Any suggestions for business accounts or ones for people with very poor credit reports

J_B

Why bother.
Business accounts may be free for the first X years but our Nat West one is now 35p per transaction

Zanderman

Try Starling

https://www.starlingbank.com/business-account/

I think you need a personal account with them first but that's quick to set up.

frenchplonka

J_B wrote: »

Why bother.
Business accounts may be free for the first X years but our Nat West one is now 35p per transaction

Its more the headache of going though statements and highlighting business transaction vs personal ones i just need a ideal situation plus i think its against most banks T&C to run a business through a personal account

Zanderman

frenchplonka wrote: »

Its more the headache of going though statements and highlighting business transaction vs personal ones i just need a ideal situation plus i think its against most banks T&C to run a business through a personal account

Not just most banks. I'm not sure any bank's t&c allow personal accounts to be used for business.

So a business account is essential if you are to avoid the (very real) risk of a bank closing your personal account because you used it for business.

I'm not sure why J B says 'why bother' in their post. Their argument seems to be only that business accounts usually cost money to run.

Which is true, but isn't what you were asking and isn't an argument for not having one.

And there are low cost options, even free ones (e.g. starling, as I suggested above).

frenchplonka

Zanderman wrote: »

Not just most banks. I'm not sure any bank's t&c allow personal accounts to be used for business.

So a business account is essential if you are to avoid the (very real) risk of a bank closing your personal account because you used it for business.

I'm not sure why J B says 'why bother' in their post. Their argument seems to be only that business accounts usually cost money to run.

Which is true, but isn't what you were asking and isn't an argument for not having one.

And there are low cost options, even free ones (e.g. starling, as I suggested above).

I will def look into Starling my main issue is my poor credit history stops me getting current accounts so im assuming a business account would be the same I maybe wrong

J_B

Zanderman wrote: »

Not just most banks. I'm not sure any bank's t&c allow personal accounts to be used for business.

Indeed the T&C's do, but it doesn't stop plenty of folks doing it!

Zanderman wrote: »

So a business account is essential if you are to avoid the (very real) risk of a bank closing your personal account because you used it for business.

I've never heard of anyone having their account closed for this - have you?

Zanderman wrote: »

I'm not sure why J B says 'why bother' in their post. Their argument seems to be only that business accounts usually cost money to run.

Yup, that's it.


Maybe the OP could open another 'private' account to use for business transactions.

Zanderman

J_B wrote: »

I've never heard of anyone having their account closed for this - have you?

Yes.

And I've been trying to answer the OP's question. Have you?

DCFC79

frenchplonka wrote: »

I will def look into Starling my main issue is my poor credit history stops me getting current accounts so im assuming a business account would be the same I maybe wrong

Well apply, you wont know if you dont try.

frenchplonka

DCFC79 wrote: »

Well apply, you wont know if you dont try.

Hey guys so I applied for the sterling account and got it passed so thats all good I have read there T&C and charges and seems a decent deal to me

Westie983

J_B wrote: »

I've never heard of anyone having their account closed for this - have you?

Yes all of the time for breach of T&C's.

I understand people do do it but they do run the risk of their account being closed down and they then face the risk of finding it difficult to open any accounts due to the breach.

Please don't suggest someone do this just because you don't think they can be traced.

Westie983