Limited Company & Business Bank Accounts

18cc

exactly - you couldnt! not unless the account was in the name of the company

MysticGotenks

jonesMUFCforever wrote: »

Say you received a cheque in the name of the limited company how would you bank it?

As others have said - it would be against the banks terms to have any other account than a business account for a limited company.

But could one get a current account over a business account for their company?

Still not connected in any way to the directors personal account, but just the type being a 'current' account, over a business one?

MysticGotenks

Thanks everyone for your replies - insightful!

It's clear that a limited company does in fact need a business account - the account needs to be under the business name - and most current accounts don't have the option to include your business name as the account holder.

I'll shop around and I'll let you guys know the best deals there are.

Thanks again!

eskbanker

MysticGotenks wrote: »

As others have said - it would be against the banks terms to have any other account than a business account for a limited company.

But could one get a current account over a business account for their company?

Still not connected in any way to the directors personal account, but just the type being a 'current' account, over a business one?

Probably best to be more precise with terminology here - in this context, a business account is a current account, i.e. a business current account as opposed to a personal current account (or a business savings account). I'm still not quite sure what you're getting at though - as recognised in other posts, a personal current account will be in the name of the verified individual, not the name of a business.

MysticGotenks wrote: »

I'll shop around and I'll let you guys know the best deals there are.

It might be worth searching for the previous threads on the subject, where https://www.starlingbank.com/business-account/ is usually mentioned on here as a free option for small one-person businesses, and links included to comparison sites such as:

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/

jonesMUFCforever

MysticGotenks wrote: »

As others have said - it would be against the banks terms to have any other account than a business account for a limited company.

But could one get a current account over a business account for their company?

Still not connected in any way to the directors personal account, but just the type being a 'current' account, over a business one?

No No No you cannot under any circumstance open a personal account in the name of a limited company.

penners324

Worth noting that Starling bank now offer their business account for multiple directors and multiple owners.
This was announced yesterday.
And unlike Monzo there's no monthly fee.

FireWyrm

jonesMUFCforever wrote: »

No No No you cannot under any circumstance open a personal account in the name of a limited company.

Further to that, if you are caught doing so, the bank views it under the anti-money laundering rules and the likely outcome is going to be unpleasant. Not only do they close the 'business account', often with no warning, they also close any associated account. Worse yet I have heard of them slapping the individual with warning markers that make it practically impossible to open a any kind of account with any other bank in the country. Individuals who are even suspected of using a personal account for business purposes often find themselves in far more trouble than they bargained for since the inability to open a legitimate business account now effectively permanently prevents them from doing business. See where I am going with this? Do not., under any circumstances, use a personal account for business. There are plenty of banks that offer legitimate business accounts.