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  • FIRST POST
    • frenchplonka
    • By frenchplonka 5th Jul 18, 9:36 PM
    • 275Posts
    • 64Thanks
    frenchplonka
    Business banking
    • #1
    • 5th Jul 18, 9:36 PM
    Business banking 5th Jul 18 at 9:36 PM
    Hey guys so I have recently launched my own range of men's grooming products anyway I'm currently using my personal current account for payments which isn't ideal for loads of reasons.


    My bank is upgrading there IT systems and isn't taking new customers because of this reason, Also I have a bad credit file so I'm guessing that's gunna go against me.


    Any suggestions for business accounts or ones for people with very poor credit reports
    Sealed Pot Challenge 10 - #571
Page 1
    • J B
    • By J B 5th Jul 18, 10:26 PM
    • 2,917 Posts
    • 1,052 Thanks
    J B
    • #2
    • 5th Jul 18, 10:26 PM
    • #2
    • 5th Jul 18, 10:26 PM
    Why bother.
    Business accounts may be free for the first X years but our Nat West one is now 35p per transaction


    • Zanderman
    • By Zanderman 5th Jul 18, 10:46 PM
    • 1,802 Posts
    • 4,452 Thanks
    Zanderman
    • #3
    • 5th Jul 18, 10:46 PM
    • #3
    • 5th Jul 18, 10:46 PM
    Try Starling

    https://www.starlingbank.com/business-account/

    I think you need a personal account with them first but that's quick to set up.
    • frenchplonka
    • By frenchplonka 5th Jul 18, 11:22 PM
    • 275 Posts
    • 64 Thanks
    frenchplonka
    • #4
    • 5th Jul 18, 11:22 PM
    • #4
    • 5th Jul 18, 11:22 PM
    Why bother.
    Business accounts may be free for the first X years but our Nat West one is now 35p per transaction


    Originally posted by J B

    Its more the headache of going though statements and highlighting business transaction vs personal ones i just need a ideal situation plus i think its against most banks T&C to run a business through a personal account
    Sealed Pot Challenge 10 - #571
    • Zanderman
    • By Zanderman 6th Jul 18, 7:49 AM
    • 1,802 Posts
    • 4,452 Thanks
    Zanderman
    • #5
    • 6th Jul 18, 7:49 AM
    • #5
    • 6th Jul 18, 7:49 AM
    Its more the headache of going though statements and highlighting business transaction vs personal ones i just need a ideal situation plus i think its against most banks T&C to run a business through a personal account
    Originally posted by frenchplonka
    Not just most banks. I'm not sure any bank's t&c allow personal accounts to be used for business.

    So a business account is essential if you are to avoid the (very real) risk of a bank closing your personal account because you used it for business.

    I'm not sure why J B says 'why bother' in their post. Their argument seems to be only that business accounts usually cost money to run.

    Which is true, but isn't what you were asking and isn't an argument for not having one.

    And there are low cost options, even free ones (e.g. starling, as I suggested above).
    • frenchplonka
    • By frenchplonka 6th Jul 18, 10:04 AM
    • 275 Posts
    • 64 Thanks
    frenchplonka
    • #6
    • 6th Jul 18, 10:04 AM
    • #6
    • 6th Jul 18, 10:04 AM
    Not just most banks. I'm not sure any bank's t&c allow personal accounts to be used for business.

    So a business account is essential if you are to avoid the (very real) risk of a bank closing your personal account because you used it for business.

    I'm not sure why J B says 'why bother' in their post. Their argument seems to be only that business accounts usually cost money to run.

    Which is true, but isn't what you were asking and isn't an argument for not having one.

    And there are low cost options, even free ones (e.g. starling, as I suggested above).
    Originally posted by Zanderman

    I will def look into Starling my main issue is my poor credit history stops me getting current accounts so im assuming a business account would be the same I maybe wrong
    Sealed Pot Challenge 10 - #571
    • J B
    • By J B 6th Jul 18, 10:32 PM
    • 2,917 Posts
    • 1,052 Thanks
    J B
    • #7
    • 6th Jul 18, 10:32 PM
    • #7
    • 6th Jul 18, 10:32 PM
    Not just most banks. I'm not sure any bank's t&c allow personal accounts to be used for business.
    Originally posted by Zanderman
    Indeed the T&C's do, but it doesn't stop plenty of folks doing it!





    So a business account is essential if you are to avoid the (very real) risk of a bank closing your personal account because you used it for business.
    Originally posted by Zanderman
    I've never heard of anyone having their account closed for this - have you?


    I'm not sure why J B says 'why bother' in their post. Their argument seems to be only that business accounts usually cost money to run.
    Originally posted by Zanderman
    Yup, that's it.


    Maybe the OP could open another 'private' account to use for business transactions.


    • Zanderman
    • By Zanderman 6th Jul 18, 11:15 PM
    • 1,802 Posts
    • 4,452 Thanks
    Zanderman
    • #8
    • 6th Jul 18, 11:15 PM
    • #8
    • 6th Jul 18, 11:15 PM
    I've never heard of anyone having their account closed for this - have you?
    Originally posted by J B
    Yes.

    And I've been trying to answer the OP's question. Have you?
    • DCFC79
    • By DCFC79 6th Jul 18, 11:43 PM
    • 32,541 Posts
    • 20,475 Thanks
    DCFC79
    • #9
    • 6th Jul 18, 11:43 PM
    • #9
    • 6th Jul 18, 11:43 PM
    I will def look into Starling my main issue is my poor credit history stops me getting current accounts so im assuming a business account would be the same I maybe wrong
    Originally posted by frenchplonka
    Well apply, you wont know if you dont try.
    • frenchplonka
    • By frenchplonka 7th Jul 18, 10:04 AM
    • 275 Posts
    • 64 Thanks
    frenchplonka
    Well apply, you wont know if you dont try.
    Originally posted by DCFC79

    Hey guys so I applied for the sterling account and got it passed so thats all good I have read there T&C and charges and seems a decent deal to me
    Sealed Pot Challenge 10 - #571
    • Westie983
    • By Westie983 7th Jul 18, 7:29 PM
    • 4,551 Posts
    • 15,077 Thanks
    Westie983
    I've never heard of anyone having their account closed for this - have you?
    Originally posted by J B
    Yes all of the time for breach of T&C's.

    I understand people do do it but they do run the risk of their account being closed down and they then face the risk of finding it difficult to open any accounts due to the breach.

    Please don't suggest someone do this just because you don't think they can be traced.

    Westie983
    Save 12k in 2018 #10 Total (25000)+14800/12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 1200/1000 = 120.00%
    2 Savers Club 2018 #16 Total (1500)+-470/2000 = 51.50%

    Total 18132.59/15865 = 114.29%

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