Business bank accounts for under 18's.

SamWernick

Hello all,
I was wondering if anyone has any advice on a bank account I (a 15-year-old) can use for a new e-commerce business I'm starting.
All help will be appreciated!

Keep_pedalling

SamWernick said:

Hello all,
I was wondering if anyone has any advice on a bank account I (a 15-year-old) can use for a new e-commerce business I'm starting.
All help will be appreciated!

Minors cannot open a business account. Don’t you mean an e-commerce your son/ daughter is starting?

SamWernick

Keep_pedalling said:

SamWernick said:

Hello all,
I was wondering if anyone has any advice on a bank account I (a 15-year-old) can use for a new e-commerce business I'm starting.
All help will be appreciated!

Minors cannot open a business account. Don’t you mean an e-commerce your son/ daughter is starting?

Thanks for the clarification. Can my mum open one for me or can I open a personal current account for the business?

colsten

Nobody will give you a business account at age 15. You might get lucky with Starling once you turn 16. Have a chat with them on their website if you want to take that further

Don't under any circumstance, use a personal account for business. It's against the T&Cs, and breaching them could land you with a closed account and a very long ban from your bank.  

bonkersbanker

This isn't possible at 15 so i would recommend having a word with parents or a relative to see if they would be able to have the account open on your behalf, other than this option, i don't think any bank would that irresponsible. 

Neil_Jones

Have a look at this:

https://www.workspace.co.uk/community/homework/entrepreneurs/starting-up-a-company-when-you-re-under-18

jonesMUFCforever

A minor cannot enter into any kind of contract other than a ''necessary contract''.
Opening a bank account for this purpose does not fit that criteria.

The only way forward is for mum or dad or both open the account and sign all contracts etc until the child is 18 when they could transfer the business to the child.

[Deleted User]

Just open a basic type current account with any bank and use that until you are old enough to open a business account.

People like Alan Sugar and Richard Branson didn't get rich by obeying every tiny T&C when they were starting out young.

jonesMUFCforever

Deleted_User said:

Just open a basic type current account with any bank and use that until you are old enough to open a business account.

People like Alan Sugar and Richard Branson didn't get rich by obeying every tiny T&C when they were starting out young.

A minor cannot open a basic bank account until they are 18 years old - they can open youth accounts. 

[Deleted User]

jonesMUFCforever said:

Deleted_User said:

Just open a basic type current account with any bank and use that until you are old enough to open a business account.

People like Alan Sugar and Richard Branson didn't get rich by obeying every tiny T&C when they were starting out young.

A minor cannot open a basic bank account until they are 18 years old - they can open youth accounts. 

Whatever you want to call it. I had a bank account with a cash card with TSB (pre-Lloyds) which I had full control over at the age of 13.

colsten

Deleted_User said:

jonesMUFCforever said:

Deleted_User said:

Just open a basic type current account with any bank and use that until you are old enough to open a business account.

People like Alan Sugar and Richard Branson didn't get rich by obeying every tiny T&C when they were starting out young.

A minor cannot open a basic bank account until they are 18 years old - they can open youth accounts. 

Whatever you want to call it. I had a bank account with a cash card with TSB (pre-Lloyds) which I had full control over at the age of 13.

will you guarantee that banks will allow such accounts to be used for business transactions? If so, how will you guarantee this?