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Dave Beans

Bank accounts - becoming a sole trader

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I'm thinking about becoming self employed on a part time basis...I'm deciding whether to have a business account, or have a separate personal account...although most banks will say you breach their T & Cs if you use a personal account for business...This wont be high level stuff, with a mass amount of cash or cheques, and through a business account, the fees can soon rapidly ramp up... What's the best course of action?

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I used to have a sole trader account which back in the day had charges. The reason supposedly for charges was that transactions cost the bank money.

My personal bank statements now are pages long due to contactless which I use on the tube, pub, Greggs etc etc

Just set up a personal account , don't see how they can monitor anything unless you are paying in or issueing loads of cheques . Ive not had my sole trader account for years.

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I have had a business account with Santander for about 6 years. It is a free account, and I think that is still the case for new customers. I have read online that some people have had problems with Santander, but which bank hasn't caused the occasional ****-up for some customers? Personally, I have never had a problem.

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12 hours ago, chronyx said:

Two personal accounts/sole trader here. 

I spose that if cheques are put into your name (and not a trading name), and don't take the pi55 by putting loads of coins through the account, will they ever know?

 

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On 10/08/2017 at 8:21 AM, onlooker said:

I have had a business account with Santander for about 6 years. It is a free account, and I think that is still the case for new customers. I have read online that some people have had problems with Santander, but which bank hasn't caused the occasional ****-up for some customers? Personally, I have never had a problem.

It's not available to new customers. I have one of those as well, and got it about 15 years ago when they were known as Abbey National.

The only free business account now is from the Co-op, but that is only available to members of the Federation of Small Businesses, and the subscription fees for that are higher than bank charges elsewhere.

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Partnership who used to have a business account at Nat West.

Nat West got greedy so closed the account and opened a joint personal account (with the partner) across the road at the Halifax. Nil cost for banking where it was upwards of £360 year and I keep the account in a healthy credit.

We mostly take card payments or cash which are paid in direct we don't bank many cheques, none this year I think nor do we issue any, I pay by bacs transfer usually. Halifax in 8 Months have never queried anything, indeed they pay me £3 a Month for paying in £1000 per calendar Month.

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