Using regular bank account for Business

Whammy_Barre

Hello, I'm just out of university and I've been running my own business as a sole trader for the past few months. I've been using a regular current account for this. I assume I should have been using a business account. Does anyone have any recommendations for where to go for business accounts, and what are the implications of using a normal account for business use?

Thanks

molerat

Using a personal bank account for business use will be against the T&Cs. Read the T&Cs to see what actions they can take for breaking them, usually involves closing the account down along with all others you hold with them.

eskbanker

Whammy_Barre wrote: »

Does anyone have any recommendations for where to go for business accounts

To answer this part of your post:

https://smallbusinessprices.co.uk/business-bank-accounts/
https://www.money.co.uk/current-accounts/business-bank-accounts.htm
https://www.moneysupermarket.com/current-accounts/business-bank-accounts/

gabanker

Honestly mate I wouldn't do this as you could have your account closed down today and maybe you won't be able to have an account with that bank again because you are breaking the terms and conditions. As for account recommendations you could always use one of the new online banks they are great and some of them offer business accounts failing that I would recommend santander's new business account as my friend has one have heard nothing but good things about it.

justjohn

Against T&C . However have been there and done it myself. Think it depends how you are doing it and the amounts/transactions

jonesMUFCforever

OP what kind of business do you run?
What type and what is the turnover of the business?