Bank Bribe Switches for Self Employed

Zanderman

Nasqueron said:

eskbanker said:

Puffling75 said:

Section62 said:

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Are you having business payments going into your personal account, or do you have a business account?

My personal 

In which case you'll probably expect what's coming next....

Using a personal account for business purposes will be against its Ts & Cs - you may have got away with it up to now but there's no guarantee that a new bank will be so forgiving, so you'd be better opening a business account for your business.

Depends on the type of business and bank policy. They will ban LLP and limited companies from using them as they're mandated to have business accounts but sole traders are not required to have one, albeit of course the bank policies may say otherwise!

Sole traders don't require a business account legally but the issue being raised isn't about legalities. The issue is, as you acknowledge, bank policies, which will say business use is against T&C for a personal account. It merely depends on how fussy the bank is as to whether that business use is tolerated..

The OPs existing bank seems to have been unfussy (to date) but switching to another bank might make this business use a problem, so raising the issue now, as the OP is specifically asking about issues relating to switching an account used for business is timely.