Current Accounts for Newly Self-Employed

dinosaur66

i have been self employed for decades as a sole trader

just use 2 nationwide current accounts if you want to seperate business from private / loads of branches / and all over the uk and they do not care if your a sole trader and use there current account

noitsnotme

https://forums.moneysavingexpert.com/discussion/comment/81920901#Comment_81920901

Nationwide explicitly state their personal accounts cannot be used for business purposes. Page 4 here -

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/current-accounts/resources/p4410-current-accounts.pdf?rev=23da2ed756744de5849f6d1706d50006&hash=E8F13194BBAFAE73363409EF3147749D

dinosaur66

nationwide explicitly do not care about your quoting there terms and conditions and do not care about small time sole traders using there current accounts

how do i know this

when you apply for nationwide current account you have to put your occupation in my case that would have been

street market trader/ property landlord/ ebay and discogs business seller / investor

when you apply for a nationwide mortgage and are self employed you have to show 2 years of your hmrc self employed returns to the nationwide showing how much you earn and how you got the money for the deposit under money laundering rules .

my hmrc account is linked to my nationwide current account

nationwide like all banks regulary vets there customers and know who are self employed sole traders .

noitsnotme

I’ve presented the facts, you’ve given some anecdotal evidence with a dataset of one. People can now make an informed choice.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81920901#Comment_81920901

As above, it's unwise to assume that Nationwide won't enforce their Ts & Cs in future just because they haven't yet!

At the very least, if you're going to recommend using two personal current accounts, one for business and one genuinely personal, then make sure that they're with different banks to contain the fallout if/when it goes pear-shaped…

fulhamnonny

Thanks for the replies..

Just to be clear, this is not me using business accounts as personal or visa versa. I have a personal current account in which when I was employed money etc went into.

I want to switch from personal account to personal account in which as someone who’s left one sector and moved into another where I’m now self employed (and no longer employed), I’m wondering if there’s a personal account suited to newly self employed people or self employed in general.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82061518#Comment_82061518

It seems to me that the answers originally given four months ago still apply, i.e. if you're looking for a personal account (separate from your business one) then your self-employed status is effectively irrelevant and you can choose from the whole market, depending on what your preferences are (e.g. switching incentives, cashback, interest, branches, customer service quality, etc).

Actually, maybe not quite the whole market, in that there are a few premium accounts where payslip evidence of consistent high earnings may be required when applying, but the vast majority will be open to you…