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Self employed, bounce back loans and business bank accounts.
JATP
Posts: 7 Forumite
Can someone explain why the banks are insisting on business accounts being held to apply for governments bounce back loan? When it is not a legal requirement for self employed sole trader to actually have a business account.
Seems like another way for banks to rip us off.
Ta
Seems like another way for banks to rip us off.
Ta
0
Comments
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No rip off. As is far too often the case people don't read the small print when they open accounts. This has been the case for as many years as I can remember. Advisable not to muddle personal and business monetary affairs either.0
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Do any personal accounts allow for business use in the terms and conditions?
As far as I know sole traders should have a business account due to this, I already had a business account and the loan was easy to sort (filled online form in and got the money the day after).
Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120
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