Chase Bank Self Employed soletrader ?

homi

Would it be possible to use the Chase account to run my self employed sole trader business from - I was hoping to benefit from both the interest and cash back on purchases .

I do online sales mostly on ebay . 

I spoke to my accountant who said that legally I do not really need to have a business account and am getting fedup with Natwest paying no interest and charging me 35p per transactions plus even more when I try to take / deposit cash . 

I currently have a Chase account which is holding my savings at 1.5% . 



 

MDMD

The terms are fairly clear that you cannot.

https://www.chase.co.uk/gb/en/legal/general-terms-and-conditions/

homi

MDMD said:

The terms are fairly clear that you cannot.

https://www.chase.co.uk/gb/en/legal/general-terms-and-conditions/

thanks will try and find a non charging bank account 

Adyinvestment

As a sole trader there is nothing stopping you taking spare money out of your NatWest account to earn interest elsewhere and then transferring back when needed (assuming it is an easy access account)

janusdesign

homi said:

MDMD said:

The terms are fairly clear that you cannot.

https://www.chase.co.uk/gb/en/legal/general-terms-and-conditions/

thanks will try and find a non charging bank account 

Starling might be an option for a free business account - their personal current account is fine on the app, and assume their Business will be similar... looks like depositing cash at the Post Office though is £3 min fee though, but many option things should be free.

I suppose Mettle might be another option (run by NatWest), but never used them.

Moneyfacts Business Current accounts can be found here.

I will add that i've paid a handful of business expenses via my Chase Current account to get the 1% cashback - no issues so far, but i'm not running it as a business account though.

homi

janusdesign said:

homi said:

MDMD said:

The terms are fairly clear that you cannot.

https://www.chase.co.uk/gb/en/legal/general-terms-and-conditions/

thanks will try and find a non charging bank account 

Starling might be an option for a free business account - their personal current account is fine on the app, and assume their Business will be similar... looks like depositing cash at the Post Office though is £3 min fee though, but many option things should be free.

I suppose Mettle might be another option (run by NatWest), but never used them.

Moneyfacts Business Current accounts can be found here.

I will add that i've paid a handful of business expenses via my Chase Current account to get the 1% cashback - no issues so far, but i'm not running it as a business account though.

thanks , will look into starling but it is the credit check which is a worry as I am looking to get a mortgage hopefully this year . 

Will just use the Chase account to pay for my fuel and shopping

. Was going to deposit a lump sump and pay off my tax bill , car tax , insurance  and get the 1%  , would this be allowed ? 

refluxer

homi said:

Will just use the Chase account to pay for my fuel and shopping

. Was going to deposit a lump sump and pay off my tax bill , car tax , insurance  and get the 1%  , would this be allowed ? 

I don't think you'll get cashback for any of those. Tax repayments and insurance sales/premiums are excluded.

https://www.chase.co.uk/gb/en/legal/Cashback-Exclusions/ 

Bigwheels1111

First Direct would be a good choice.
Open a main account and the a secondary account.
I have one account form my banking and a second for rental monies.
They have never questioned the payments, even though they are marked as rent.

Daliah

Bigwheels1111 said:

First Direct would be a good choice.
Open a main account and the a secondary account.
I have one account form my banking and a second for rental monies.
They have never questioned the payments, even though they are marked as rent.

First Direct don't do a business account, and their personal current account is, like personal accounts with other banks, not for business use.

Bigwheels1111

Daliah said:

Bigwheels1111 said:

First Direct would be a good choice.
Open a main account and the a secondary account.
I have one account form my banking and a second for rental monies.
They have never questioned the payments, even though they are marked as rent.

First Direct don't do a business account, and their personal current account is, like personal accounts with other banks, not for business use.

I know, but used my account for business for over 11 years.
Payments we’re marked as rent, or deposits etc.
They never questioned it.

Daliah

Bigwheels1111 said:

Daliah said:

Bigwheels1111 said:

First Direct would be a good choice.
Open a main account and the a secondary account.
I have one account form my banking and a second for rental monies.
They have never questioned the payments, even though they are marked as rent.

First Direct don't do a business account, and their personal current account is, like personal accounts with other banks, not for business use.

I know, but used my account for business for over 11 years.
Payments we’re marked as rent, or deposits etc.
They never questioned it.

Will you therefore guarantee that the OP will not get their account closed for breaching the T&Cs?