No linked personal current account

alexwillchris

Hi new poster - I hope that someone can help.
I am a small business man and now need a savings account but I don't want it to be linked to my personal current account (as monies will be going to and from my business account).
Any suggestions for the best account?

Marishka

Hi there, sorry you haven't had a reply yet but I thought I'd bump this up in the hope someone can help.
All I can say is that ICICI don't accept business account cheques to open HiSave accounts as I fell foul of this. I only have my business account so I'm a bit stuck. After asking around I'm coming to the opinion that I need a personal current account as well so perhaps you need to open a second one just for this purpose?
I'm sure there's someone more experienced than me to guide you though - hey guys, where are you?!

martinman3

See http://forums.moneysavingexpert.com/showthread.html?t=730755
not sure if they need a current account to be opened too though.

My own suggestion is Abbey Business Reserve http://www.anbusiness.com/business_account/deposit_account_business_reserve.shtml
you can get a cheque book with it and first five cheques a month are free.

All these accounts will tend to have lower interest rates than personal accounts and as you know companies cannot open share accounts with building societies but only deposit accounts.

CannyJock

alexwillchris wrote: »

Hi new poster - I hope that someone can help.
I am a small business man and now need a savings account but I don't want it to be linked to my personal current account (as monies will be going to and from my business account).
Any suggestions for the best account?

I use the Lloyds TSB business account (have a Ltd company) at the online tariff to keep costs down. You can open up a business savings account and transfer funds between them online - not instant, there's a 1 day delay in the transfers. The savings account pays gross interest around 3.30% - not great, but it is a business account for a Ltd company.

If you're a sole trader then you can open a personal savings account and still link it to the account you use for your business. Any money you transfer out to your savings account would just be treated as drawings. Much easier to do these things as a sole trader for sure.