Best bank acc for a small business
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For what it's worth nearly all the banks charge for a 'business account', I had a Nationwide account open that had no activity for like 3 years (I had to open a Current Account to open an ISA with them ages ago) so i just use that. It's free and I get 5% interest up to £2.5k providing I pay in £1k a month.
I'm constantly paying in cash and cheques and then withdrawing large sums to my normal CA as 'pay' - they've never been bothered that I'm clearly running a business through it.
I'm constantly paying in cash and cheques and then withdrawing large sums to my normal CA as 'pay' - they've never been bothered that I'm clearly running a business through it.
Soldato
- Joined
- 10 Sep 2008
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- 11,973
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- Bangor, Northern Ireland
You dont need a specific "business" account so to speak, a seperate personal account in the company name would suffice for a sole trader. No point in paying for a business account if you are not going to use any of the features.
Soldato
- Joined
- 23 Dec 2009
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- 18,267
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- RG8 9
As above, just open another personal account.
Why was I not aware of this?!
EDIT:: Actually, I'm probably vain enough to pay to have my company name on my debit card and accept cheques to the company name!
Associate
- Joined
- 5 Jun 2004
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- 1,341
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- Hythe, Hants
Got 18 months free banking with Lloyds TSB.
As others have said, you're unlikely to need a business account. So instead look at the other things the account must give you. In this case, you need to pay in cash, so you're going to need a bank that has a branch / branches near to where you want to deposit, and one that will accept cash regularly in the form you're going to take it. If that's just notes then it will probably be ok. But if you come in every day at 4.45 pm with a mix of notes and unbagged coins, you'll get 'sold' a business account fairly swiftly!
My business account is with HSBC and its completely free but I only do online transactions and below a certain amount of transactions per month, I think the limit is 25 transactions or so else they start charging you. Oh and I dont have any bank cards with the account.