I need to set up a new account for my mobile business so that I can keep everything seperate from my own personal banking. I just don't know whether to have another personal account or go for a proper business account. And if I choose the latter, which is the best bank to go with? I won't need a bank loan of any kind and can open the account with an in credit balance. Won't want an overdraft either. Don't really want to have to provide a business plan because I have no idea how to write one!!
Business banking
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naturalnails
Legend
I have never bothered with a business account - I cannot see the benefit to one unless you are needing loans and huge overdrafts - all I can see are the negatives, in terms of inflated charges.
I have a separate account and a separate credit card for my business dealings.
I bank with Smile on the internet and touch wood I have never had any problems with them.
I have a separate account and a separate credit card for my business dealings.
I bank with Smile on the internet and touch wood I have never had any problems with them.
bombini
Well-Known Member
I am with Abbey business banking and its totally free but it took them about a month to open it.:irked:
I wasn't asked for a business plan but I would reccommend doing one anyway as its not just for banks its for your own personal use to. I use mine to set myself targets (althoug thats gone out the window this month!)
I wasn't asked for a business plan but I would reccommend doing one anyway as its not just for banks its for your own personal use to. I use mine to set myself targets (althoug thats gone out the window this month!)
Yes Abbey for me too
Abbey for me too, been with them for 3 years, no charges, no hassle. Got a good deal with my card machine as I bank with Abbey, worth keeping in mind for later if you want to consider using a card machine.
No business plan needed unless you are planning to borrow money which you're not so no hassle there either
No business plan needed unless you are planning to borrow money which you're not so no hassle there either
becki x
Well-Known Member
That's very interesting to know about Abbey,thanks geeks .
Yes you get a debit card but you have to ask for it and met the criteria. I think it's just a credit check. As I didn't want an overdraft or loan I had no problems getting one. You automatically get a cheque book.
One thing to remember is that you can't use the tellers to bank your takings, you have to use the cash point machine but they send you the envelopes so you can do it all ready before you get to the machine.
They also send you prepaid envelopes so you can bank cheques.
Obviously using the machines you can't bank coinage, only notes.
You can apply on line too so it's really easy
naturalnails
Legend
Jayne,
if a DBA is a card machine, then no you cannot but I do believe you can get machines separately to your bank account, from elsewhere.
if a DBA is a card machine, then no you cannot but I do believe you can get machines separately to your bank account, from elsewhere.
Hey Fiona..
DBA..Doing Business AS or AT.
It is a type of bank account over here that allows you to keep with a personal acct but shows that it is for a business.
It would state your full name on the first line, then DBA under it with your business name then the address
Example:
John L Smith
DBA Nail Management INC
147 Hosmer Rd.
somewhere, USA
555.122.1212
DBA..Doing Business AS or AT.
It is a type of bank account over here that allows you to keep with a personal acct but shows that it is for a business.
It would state your full name on the first line, then DBA under it with your business name then the address
Example:
John L Smith
DBA Nail Management INC
147 Hosmer Rd.
somewhere, USA
555.122.1212
hi there,
i set up a business account with LLoyds, with no overdraft etc just like you, ive had free banking for 18 months and this comes to an end in july, they want to charge me after that so im going to move to a normal account as i think it will be cheaper to do. Just to let you know they want to charge me 60p for each cheque i write, 15p for each cheque that i put in to account and charge me for direct debits for national insurance and charge me money every time i use the card on the account, i know that it sounds like its only small amounts of money, but ive worked out that it will cost me on average £25.00 ish month just for them to look after my money. so im going to open a normal current account to do my banking frrom now on. hope that helps.
i set up a business account with LLoyds, with no overdraft etc just like you, ive had free banking for 18 months and this comes to an end in july, they want to charge me after that so im going to move to a normal account as i think it will be cheaper to do. Just to let you know they want to charge me 60p for each cheque i write, 15p for each cheque that i put in to account and charge me for direct debits for national insurance and charge me money every time i use the card on the account, i know that it sounds like its only small amounts of money, but ive worked out that it will cost me on average £25.00 ish month just for them to look after my money. so im going to open a normal current account to do my banking frrom now on. hope that helps.
