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  • FIRST POST
    • Whammy_Barre
    • By Whammy_Barre 3rd Apr 19, 2:07 PM
    • 2Posts
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    Whammy_Barre
    Using regular bank account for Business
    • #1
    • 3rd Apr 19, 2:07 PM
    Using regular bank account for Business 3rd Apr 19 at 2:07 PM
    Hello, I'm just out of university and I've been running my own business as a sole trader for the past few months. I've been using a regular current account for this. I assume I should have been using a business account. Does anyone have any recommendations for where to go for business accounts, and what are the implications of using a normal account for business use?

    Thanks
Page 1
    • molerat
    • By molerat 3rd Apr 19, 2:31 PM
    • 20,539 Posts
    • 14,815 Thanks
    molerat
    • #2
    • 3rd Apr 19, 2:31 PM
    • #2
    • 3rd Apr 19, 2:31 PM
    Using a personal bank account for business use will be against the T&Cs. Read the T&Cs to see what actions they can take for breaking them, usually involves closing the account down along with all others you hold with them.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • eskbanker
    • By eskbanker 3rd Apr 19, 3:37 PM
    • 10,106 Posts
    • 12,175 Thanks
    eskbanker
    • #3
    • 3rd Apr 19, 3:37 PM
    • #3
    • 3rd Apr 19, 3:37 PM
    Does anyone have any recommendations for where to go for business accounts
    Originally posted by Whammy_Barre
    To answer this part of your post:

    https://smallbusinessprices.co.uk/business-bank-accounts/
    https://www.money.co.uk/current-accounts/business-bank-accounts.htm
    https://www.moneysupermarket.com/current-accounts/business-bank-accounts/
    • gabanker
    • By gabanker 7th Apr 19, 9:35 PM
    • 21 Posts
    • 5 Thanks
    gabanker
    • #4
    • 7th Apr 19, 9:35 PM
    • #4
    • 7th Apr 19, 9:35 PM
    Honestly mate I wouldn't do this as you could have your account closed down today and maybe you won't be able to have an account with that bank again because you are breaking the terms and conditions. As for account recommendations you could always use one of the new online banks they are great and some of them offer business accounts failing that I would recommend santander's new business account as my friend has one have heard nothing but good things about it.
    • justjohn
    • By justjohn 16th Apr 19, 8:12 PM
    • 2,069 Posts
    • 1,555 Thanks
    justjohn
    • #5
    • 16th Apr 19, 8:12 PM
    • #5
    • 16th Apr 19, 8:12 PM
    Against T&C . However have been there and done it myself. Think it depends how you are doing it and the amounts/transactions
    • jonesMUFCforever
    • By jonesMUFCforever 17th Apr 19, 9:23 PM
    • 25,736 Posts
    • 12,962 Thanks
    jonesMUFCforever
    • #6
    • 17th Apr 19, 9:23 PM
    • #6
    • 17th Apr 19, 9:23 PM
    OP what kind of business do you run?
    What type and what is the turnover of the business?
    What goes around - comes around
    give lots and you will always receive lots
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