Business banking

[sammi_xxx]

I currently have a Santander personal bank account but I'm just wondering who are you guys with regarding to a business bank account?

 

[BellaBoutique]

HSBC their pretty good too 18 months free banking xx

 

[sophiegees]

I am sure I read somewhere on here that you legally do not need a business bank account if you are a sole trader. Sure would cut the bank charges out (says she who has four of them....)

xx

 

[Redduck]

I use the santander free business bank account. I know some people have had issues with them but I've never had a problem. You don't get face to face contact at a branch but send cheques via the post or pay them in at a santander cash point. You can only pay in a certain number of cheques a month so it's more suitable for a small business - I think the number is 50.

 

[RachelLynch]

I use barclays, there brill and very helpful, my account was set up within a few days and received all my things the following week x

 

[sammi_xxx]

I use the santander free business bank account. I know some people have had issues with them but I've never had a problem. You don't get face to face contact at a branch but send cheques via the post or pay them in at a santander cash point. You can only pay in a certain number of cheques a month so it's more suitable for a small business - I think the number is 50.

I've had alot of problems with them, so wouldn't be sure if they would be reliable

 

[sammi_xxx]

I am sure I read somewhere on here that you legally do not need a business bank account if you are a sole trader. Sure would cut the bank charges out (says she who has four of them....)

xx

Oh right.. But for me, I would rather have one as it is easier to keep your business finances separate from personal

 

[ClaireJones]

I'm lloyds tsb, I get 18 months free too. They are quite good, but haven't been with anyone else. X

 

[demsseb]

I have a separate personal account for my business, as I'm a sole trader & work alone, I don't make enough to warrant the god awful bank charges. I'm also using a card machine into this account with no problems. I used to have a business account & after the free banking ran out, I found the charges were crippling me. I'm using First Direct & am really pleased I can do this. If you can avoid the charges- do! Banks make enough money 
Good luck

 

[Pinkbunny28]

I just use my personal account. Most of my profits go on presents for me anyway so I'm definitely paying my wages

One thing I will say is I print all my bank statements anyway and am just going through highlighting all those that are business related so when it comes down to tax return I can just shove those bits of paper with all my receipts and make sure I have everything. Hth x

 

[sammi_xxx]

Ahhhh! By the sounds of it, having a separate personal account is a better option, thanks guys!

 

[bloomingnails]

I have a separate personal account for my business, as I'm a sole trader & work alone, I don't make enough to warrant the god awful bank charges. I'm also using a card machine into this account with no problems. I used to have a business account & after the free banking ran out, I found the charges were crippling me. I'm using First Direct & am really pleased I can do this. If you can avoid the charges- do! Banks make enough money 
Good luck

Interesting, I thought to use a card machine you had to have a business account. I guess if their are not a lot of transactions going through then it will fly under the radar? Do first direct know your using the account for business? Who supplies your card machine?

Thanks Lilian

Sent from my HTC Sensation Z710e using SalonGeek

 

[Bluerinse]

I business bank with natwest and it's free for two years and all my personal banking too makes it easier x

 

[MrsHBeauty]

I thought you had to have you card transactins aid into a business bank account aswell.

I have a HSBC business bank account and its fee free for 18 months BUT I have just check my last quarter of statements and notcied charges! I bank with them personall and Im getting a bit fed up with them. The branch staff are lovely and so helpful but somethings not right. Althougth im sure this the same with mosts banks they are all so big and dont care about people individually.

I only accept cash at the minute and when my free banking runs out they will charge me 75p per credit in and then 2% off the cash value! then the wages payments, direct debits, any cheques i right - adds up to alot of charges.

Can I swap to barclays etc and use their free banking once my HSBC free period runs out?

I am looking into card machines aswell to keep cash % down.

 

[Zooks]

I have a separate personal account for my business, as I'm a sole trader & work alone, I don't make enough to warrant the god awful bank charges. I'm also using a card machine into this account with no problems. I used to have a business account & after the free banking ran out, I found the charges were crippling me. I'm using First Direct & am really pleased I can do this. If you can avoid the charges- do! Banks make enough money 
Good luck

I find this really interesting, wasn't even aware that this was an option. I will be renting a room from Feb in a new salon and have been looking in to how I will sort my finances as self employment is all very new to me. Do you find this works for you? I would obviously like to avoid the bank charges for as long as possible whilst setting up so a personal account may well be the way forward....Id be grateful for anyone who uses this method.

Sorry to gatecrash this thread ....

 

[topcuts]

Co-Op through FSB so free banking for life. I used Lloyds previously.

 

[2h2h]

Hi, I also use a seperate personal account for my income and expenditure and as a home salon I haven't had any issues in not having a credit card machine. In the past year only one client has paid by cheque.

 

[Zooks]

ah so you have to have a business account to enable card payments?

 

[Belle Beauty]

Interesting, I thought to use a card machine you had to have a business account. I guess if their are not a lot of transactions going through then it will fly under the radar? Do first direct know your using the account for business? Who supplies your card machine?

Thanks Lilian

Sent from my HTC Sensation Z710e using SalonGeek

I had a brief chat with a gent at Chip & Pin Solutions (recommended by the Beauty Guild) and he did say it may be possible to have a card machine with a personal bank account. They would need to have proof you are running a business, but it's not impossible. I didn't look in to it in depth, so I don't know the full in's and out's, but it would appear to be a definite possibility. HTH

 

[Zooks]

Ahh thats really interesting. Any chance oyu could fling those details my way so I could give this guy a call?

Thankyou