SB: Business Bank Accounts

stressed_mummy · 12 October 2009 at 1:03PM

Any ideas on a business account where your credit rating isn't good. Member of FSB !!

stressed_mummy · 29 October 2009 at 1:29AM

well it happened coop turned down our application for a business account even though we are members of FSB and have a basic account with them
any ideas for a bank account for our ltd company which was set up before we had money troubles

cue · 29 October 2009 at 9:33AM

the only other ones i'd recommend trying are abbey or alliance & leicester, good luck with it.

Katie-Kat-Kins · 9 November 2009 at 5:02PM

Hi!

I'm helping my husband with his small self employed business. He has a business account with Lloyds TSB, and the free period has expired. It is now costing him a fortune in charges that he doesn't really understand.

It seems to me that the best solution is to move to a new free account. Any reccommendations.

His turn over is fairly low and VERY variable so he can't meet any minimum balance or minimum monthly deposits.

He needs to be able to pay in cheques, and have a debit card. He would like to get a credit/debit card machine in the new year.

Any recommendations for a good free account with suitable services?

We have branches of HSBC, Lloyds, Nat West, and The Derbyshire nearby as well as a local post office so an account with one of these would be preferable but would consider another if the deal was better. He would like to be able to manage online, BACS transfers would be useful for convenience but not crucial to the business.

Thanks

ThisWayUp · 9 November 2009 at 11:15PM

Hi,

I've recently began doing some pharmacist locuming (sole trader) on my days off being employed at at a hospital.

I already have a bank account that I hardly use - it is a personal current account. Can I use this for my business? Or do I need a specialised business account? I am most likely going to use my name as the business name.

Also, do I need to use a separate credit card? As long as I have my invoices, can I keep using my personal credit cards?

Thanks for your time.

Catzpaws · 12 November 2009 at 8:34PM

I'm setting up a business as a limited company next year (online retailer) and wondered whether I need to set up a business account straight away or if I can use a personal account?

I will be using Worldpay which is a combined merchant account and payment gateway, so not bothered about internet merchant account facilities.

Any advice would be much appreciated.

Thanks

koru · 13 November 2009 at 6:11PM

You need a business account if (a) you need any specialist business facilities or (b) your business is a company. Otherwise, you can use a personal account, though a separate account would help with accounting and tax, by keeping a clear distinction between your business and your personal finances.

Savvy_Sue · 2 December 2009 at 12:44AM

Since we have a more recent discussion based on an article here, I'm going to lock this thread.

SB: Business Bank Accounts

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