Help for self employed that has used current account for years thinks may need a business account

marmitewasere

dinosaur66 said:

copy and paste t & c from nationwide

Here are some terms and conditions for opening a Nationwide current account:

• Eligibility: You must be at least 18 years old, a UK resident, and not have more than four existing Nationwide current accounts. 

Purpose: The account must be for personal use only. 

Interest: You may not receive interest on the money in your account. 

Charges: You can find details of charges in the Current Account Interest Rates and Charges leaflet, on the Nationwide website, or at any Nationwide branch. 

Statements: You can receive monthly statements or request statements on demand. You can also request mini statements from any Nationwide cash machine in the UK. 

Communications: You can choose to receive communications electronically or by post. 

Taxes and costs: You may need to pay other taxes or costs that are not charged by Nationwide. 

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Sole traders are not legally required to have a separate business account and can usually use their personal bank account for both business and non-business finances

from nationwide

Do you have a link for this as I'd like to bookmark it

eskbanker

dinosaur66 said:

copy and paste t & c from nationwide

Here are some terms and conditions for opening a Nationwide current account:

• Eligibility: You must be at least 18 years old, a UK resident, and not have more than four existing Nationwide current accounts. 

Purpose: The account must be for personal use only. 

Don't know exactly where you sourced that from, but the actual Ts & Cs are clearer about what they mean by the above reference to "The account must be for personal use only", in clause 14 of the general current account terms document:

Business Use

14. The account is for personal use and it cannot be used for business purposes.

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/current-accounts/resources/p4055-current-account-important-information.pdf

dinosaur66 said:

Sole traders are not legally required to have a separate business account and can usually use their personal bank account for both business and non-business finances

from nationwide

It's nothing to do with what is or isn't required by legislation, it's up to individual banks (and building societies) what their account terms are, and the above document confirms that Nationwide's actual account Ts & Cs expressly prohibit use of a personal current account for business purposes, like all the others.

Of course, this doesn't mean that people don't use personal current accounts for business purposes, but it simply highlights that doing so is in breach of the account terms, and so they wouldn't have a leg to stand on if the institution chooses to take action as a result of that, as many do, hence the numerous threads on the subject....