Are there any FREE business accounts?

Aubrey_Thicket

Hi all

Me & my 2 colleagues bought out a business last year. The business is going very well but because we’re always busy generating sales etc we often forget about PAYE & VAT payments until the time it comes round. The money is there and there are no problems paying HMRC but for the benefit of us all we want to budget better and hive off a set amount weekly (say every Monday) into a separate account that would just be a holder for HMRC payments. Then, when the relevant HMRC payment (either VAT, or PAYE) is due we would either pay it directly from this separate account or transfer it back to our main account and pay it from there. I seem to remember the previous owner did this some years ago by transferring a set weekly amount into a high interest Building Society account and then paying HMRC when due. We would like to do this but I’m sure our present bankers RBS would want to charge us a facility fee for a new account as I guess other banks would too. So my question is... Is there a FREE BUSINESS bank account we can get for the sole purpose of using it as a piggy bank for monthly PAYE payments and quarterly VAT payments?

Thanks all.

litepay

https://www.moneysavingexpert.com/banking/small-business/

armistice

Starling do a great free business account.

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

eskbanker

armistice wrote: »

Starling do a great free business account.

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

Unlikely to fit OP's multi-owner business though....

Who’s it for?

Our business account could be right for you if you’re…

The owner of a limited company – and you’re the only person with significant control over it.

Self-employed. At the moment, our sole trader account is available exclusively to anyone who has a Starling personal account.

Not you? Hold tight – we’ll be opening the account up to companies with more than one person of significant control soon, as well as sole traders who don’t have a Starling personal account.