Business banking

[Ange1Dust29]

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

I use Co-op bank too. Never had any probs. Definitely recommend to have a look at. I have streamline deposit my card transactions into it.

 

[Donzz73]

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

I think these are my choice before all the rest, and i will keep business and personal banking apart also.

This is my next job to do.

 

[Tomme]

Has anyone tried the fixed chip n pin at home and taken the card swper thing? The one where u put them on a plate, roll a block over the card and hand write the rest then put it through when u get home? X

 

[Zooks]

Hey Guys

Since reading this I have looked into it and although I have someone who would hook a card machine up to my lloyds current account BUT after organising and appointment to create a second personal/current account they have told me that I am not allowed to use a presonal account for my business dealings due to money laundering etc?!

Can any of you geeks shed any light on this, is there a legal way around it?

I wanted to avoid business banking at least whilst im just starting out even if you can get 18 months free the charges are still there at the end!

Thanks

 

[Zooks]

Some one? Anyone?

 

[vix1102]

Hey Guys

Since reading this I have looked into it and although I have someone who would hook a card machine up to my lloyds current account BUT after organising and appointment to create a second personal/current account they have told me that I am not allowed to use a presonal account for my business dealings due to money laundering etc?!

Can any of you geeks shed any light on this, is there a legal way around it?

I wanted to avoid business banking at least whilst im just starting out even if you can get 18 months free the charges are still there at the end!

Thanks

I too was told by Lloyds that I needed a business bank account ( have my personal one there) so I went back to my accountant & asked as its my 1st year do I defo need a business bank account & I was told asking as I had a separate account to put my money in then it's fine, I also has a friend who is self employed& she uses her personal bank account & she's been self employed for 5 years!! Think it's different if u have a salon or are a limited company. Hth xVx

 

[vix1102]

I too was told by Lloyds that I needed a business bank account ( have my personal one there) so I went back to my accountant & asked as its my 1st year do I defo need a business bank account & I was told asking as I had a separate account to put my money in then it's fine, I also has a friend who is self employed& she uses her personal bank account & she's been self employed for 5 years!! Think it's different if u have a salon or are a limited company. Hth xVx

As long not asking!!! 😊

 

[Lolla]

I am not allowed to use a presonal account for my business dealings due to money laundering etc?!

Can any of you geeks shed any light on this, is there a legal way around it?

It is not a legal requirement to have a separate bank account for your business - however, under each bank's Terms and Conditions they may decline you for a personal one if you are using it for business. Not saying all will do, it's at their discretion.

 

[Pinkprincess73]

It is not a legal requirement to have a separate bank account for your business - however, under each bank's Terms and Conditions they may decline you for a personal one if you are using it for business. Not saying all will do, it's at their discretion.

This is correct, my accountant told me you can keep your money in an old tin box if you want as long as you keep meticulous records, it's your money, also not everyone can get a bank account much less a business account, my brother-in-law is an ex-bankrupt from years ago, he's not a criminal, but in banking terms he's a leper.

He has used a tsb basic bank account for his business for the past 10 years, it's not ideal but it's not illegal hth xx

 

[Zooks]

I too was told by Lloyds that I needed a business bank account ( have my personal one there) so I went back to my accountant & asked as its my 1st year do I defo need a business bank account & I was told asking as I had a separate account to put my money in then it's fine, I also has a friend who is self employed& she uses her personal bank account & she's been self employed for 5 years!! Think it's different if u have a salon or are a limited company. Hth xVx

Simplify this for me. So I can go to Lloyds, I take it I just dont tell them its for this purpose? Dont want to be doing anything under hand! Argh, why do they make it so damn hard!! I already have two personal accounts and an ISA with them so I know they will ask questions...

Thanks for your reply

 

[Pinkbunny28]

Tell them you're saving for something different and want to keep it all separate. Then what can they say? x

 

[staceymackey]

Having worked in banking (australia) I can tell you, good staff are trained to do a thorough interview and needs analysis before account opening. We get people trying to run business through personal accounts all the time and know the signs. I just open extra accounts online to avoid the 20 questions.

 

[staceymackey]

Just realized I should also say, once you are serious about your business you should definitely set everything up correctly and go in and have a chat to your bank as the staff are genuinely there to help you.

I'm a big believer in starting as you intend to continue. Most big banks have fantastic support systems for their business clients. For example mine has a 24 hour business banking line, 7 days. They will assist with any business query, even those with nought to do with banking. They get super busy at tax time! For me the small monthly fee of a business account is worth it.

 

[Zooks]

Tell them you're saving for something different and want to keep it all separate. Then what can they say? x

I would have it linked up to a card terminal so not really an option.......

Thanks Stacey, confirming what i already though to be honest!

 

[Becky_simon]

Just wanted to add to this thread really.

I have a business account which expires on free business banking in May 2013.

Im with Lloyds and I have just opened a new account (Classic), I did have to say what is was going to be used for and I said it was for business use but as I am a small business the charges I would be getting in my buisiness account would be too much. They were completely fine with this and understood.

I will soon be closing my business account and just keeping my personal classic account.

Everyones a winner

 

[Nat-Nat]

I have my personal bank account with Barclays always banked with them but I didnt want my business money going into there as I wanted to differentiate between the two so I opened a Lloyds current account and have been using that since, purely because it was the only bank in town! I dont deposit enough yet to warrant business banking but if I did then I would certainly think about it. Being mobile I dont use a card machine so that doesnt bother me.

 

[souz]

natwest- 2 years free banking and staff are very helpful!

 

[Tranqbeauty]

I have to say natwest are brilliant, free banking for 2yrs and business debit card so you don't have to use your check book.
I like the business account because I have worked hard to get where I am and I like to keep everything in order, and I have just got my new card machine ready for my Christmas sales and it will automatically go into my business account. Job done x

 

[umvemve]

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

I was advised by my accountant that as a sole trader I could just use a separate personal bank account so that is what I have.

 

[Laurachicgeek]

Just a quick question do you get 2 years free banking with Barclays?