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New small business start up bank account
Wendylu77
Posts: 1 Newbie
Hi, I’ve just launched my first small business, dog walking! I want to have a separate bank account for my business income but don’t expect the turnover to be substantial so not sure what is the best account to open. This is an additional income stream to our families main income therefore it will mainly accrue until Christmas and holiday expenses come around. I don’t think I need to pay an expensive business account rates but I’m not sure?
Most new account openings seem to require a switch to gain any benefit, is there any out there that simply reward new business? Help! TIA
Most new account openings seem to require a switch to gain any benefit, is there any out there that simply reward new business? Help! TIA
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Comments
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I'm not aware of any business accounts that offer rewards, even for switching, but Starling's one doesn't charge, which is the next best thing in the context of the usual costs for such accounts.
Some will probably post that they've used a personal account rather than a business one and got away with it, but the Ts & Cs of every personal account I've seen expressly prohibit use for business purposes, so why take the risk?0 -
I don!!!8217;t think I need to pay an expensive business account rates but I!!!8217;m not sure?
If it's a business you need a business account.
Personal accounts prohibit business use - but as eskbanker says above, some reckon they get away with it. But it does carry a risk of having the account closed, suddenly. .
Starling have, I think, the only business account that carries no charges. Other banks offer start-up periods with no charge but charge after a year or so. Starling are app only and don't, I think, have a cheque or cash pay-in system (yet).Most new account openings seem to require a switch to gain any benefit, is there any out there that simply reward new business?
The accounts that offer incentives are personal accounts - and as you say are mainly for switchers. I'm not aware of any perks for opening a new business account0 -
+1 for Starling's business account.0
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