Best bank account for new business?

Soldato
Joined
3 Jul 2005
Posts
3,027
Ok, im going to be starting up a window cleaning business and I need to set up a bank account. I dont think I need a business bank account but there is so many to choose from. I will also be cashing in a lot of cheques. Any advice please?
 
Barclays Business - excellent personal manager service, free software package and free for the first year (£16.50 for 3 months thereafter)

Edit: Scratch that, Barclays can be expensive for non-automated transactions
 
Have a look at all the high street banks - they'll offer free banking for x period if you're a new startup. Pick the package/bank that suits you best.
 
at the start i will be a sole trader

Then I think you can use your own account, or another current account, however you are best off talking to your bank.

As far as I can can find all you are legally required to do as a sole trader is declare yourself self employed.
 
Shop around, find whichever one will give you the longest free banking. Ideally a different bank to your personal bank.
 
As far as I can can find all you are legally required to do as a sole trader is declare yourself self employed.

That would be because as a sole trader there is no differentiation between the business assets and your own. If it were a ltd company then a seperate bank account would be needed as the assets of the company are distinct from the assets of the owner(s).
 
I went with HSBC. Free banking basically for what I need. Some good info out there on the web for more detailed research. Mainly depends on the transaction type you are going to be doing.
 
I have a business account with HSBC as well and they are excellent. Previously used BOS and Abbey the latter of which was particularly poor.

I recommend HSBC.
 
Shop around, find whichever one will give you the longest free banking. Ideally a different bank to your personal bank.

This, basically.

You need to work out how often and by what means you are going to receive and pay out funds. Do it all electronically if possible as it will save loads.

Cheques = bad.

Shop around for the cheapest deal. If you are keeping your business small to start and do not think you need a business bank manager, don't get an account with one.

And certainly do not go to the same bank as your personal account. Too much visibility for the bank.

*edit*

Look at Co-op. Good rep, totally free for 18 months. :)

http://www.co-operativebank.co.uk/s...web/Page/Business-CurrentAccounts?WT.svl=copy
 
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How about santander?

And why are cheques bad? Do you get charged for cashing them in?

Yes you do, generally banks charge you for everything but anything that means your in the branch needing assistance from staff i.e. paying in cash and cheques will incur higher charges than online banking (which may be free for some accounts).
 
we opened with Natwest. In truth I really wish we hadnt as they have been utterly dire since day one. They were meant to open a savings account that sat alongside the business account which we opened in December and failed to do so. Things happen I appreciate so I called CS and they said they would send the forms out, these failed to arrive so I called them again and they resent them. Again these failed to arrive so I called them again and was told they did'nt need to sent forms they could be done over the phone so I said "fine do it". Five days later some forms arrive which stated I had to sign them and take some ID into a branch so that they could open it. So off I went to our home branch only to be told that the forms were for personal savings account and not business ones and thus would create tax problems for us. Unfortunately the chap told us this ten went on to say that he couldn't open a savings account for us because he wasn't in the business department. At this point I told them to close all my accounts unless they could resolve it by close of play. Later that day my business manager decided she should call me (you can never get hold of them) and she promised me she would send the forms out, yep the failed to arrive.

Its now nearly April and they still haven't managed to open a savings account for us, you would think we were asking for the moon on a stick. Total idiots, avoid.
 
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