Business bank accounts for under 18's.

blakemansarah

you will be fine with a normal account

[Deleted User]

colsten said:

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?

We are talking about a 15 year old starting a business. Unless he is going to be pushing £1000s through it in a short time I doubt the bank will notice anything. Also I never said I guarantee it. Why does everyone need to get so technical over every tiny detail. End of the matter.

jonesMUFCforever

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.

I don't disagree with you - the grandkids have Lloyds U19 accounts and they have debit cards. That is not my argument - and that is a minor cannot open a business account or enter into any contracts to do with the business until they are 18.

latinaid

This is a couple of years old - https://moneysavinganswers.com/business/using-personal-bank-account-for-business/

J_B

colsten said:

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.  

May I suggest that there are plenty of businesses that use a 'personal' bank account for business use!

As detailed below

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.

blakemansarah said:

you will be fine with a normal account

I think I just learned how to multi-quote!

colsten

J_B said:

colsten said:

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.  

May I suggest that there are plenty of businesses that use a 'personal' bank account for business use!

You may suggest that. You may also want to refer to the T&Cs of personal bank accounts. And you may refer to the countless "XYZ bank has closed my account" posts here on MSE. Invariably the reason for closures is a breach of the T&Cs.

colsten

LeeUK said
We are talking about a 15 year old starting a business. Unless he is going to be pushing £1000s through it in a short time I doubt the bank will notice anything. Also I never said I guarantee it. Why does everyone need to get so technical over every tiny detail. End of the matter.

None of us know anything about the business of the young person. All we know is they are 15. To advise a minor that it's ok to breach the T&Cs of a bank account isn't getting "so technical over every tiny detail". It is grossly irresponsible.