business bank account?

Question

I am starting a small business online and will need to open a new bank account, does anyone have any ideas which is the best uk bank to go with ?
What is the difference between business and personal with regards to bank charges etc?
Could I open a personal account rather than business?
I am really confused and would welcome any information.
Thanks

Answer 1

I did that a couple of of years ago.
Lloyds TSB offered lots of advice and the account had no fees for the first year. I don't know what the other banks will offer.
Good luck with the new venture

Answer 2

The only way to find out is to go and speak to them as they all change their service offerings to capture new customers and beat the competition regularly.

Some building Societies do not allow business banking.

Charges are usually higher for business accounts so if your looking at a small business remaining small stick to personal banking. Your Bank will soon tell you if yo are doing too much for a personal account and ask you to change it. The other thing is if you are mixing personal transactions with business it can be messy from an accounting point of view and beg questions from the inland revenue so if necessary have two accounts.

If you are looking to run a substantial business and attract other people into it or sell it on you will need a proper business account with a proper business accounting method - best to speak to an accountant.

Answer 3

I would avoid any of the big banks as they focus too much on providing good service to large corporate customers. Small businesses are used and abused.

The only difference between a personal and a business account is that a business account does not have your name on it. You are just a signatory, even if you are the only signatory.

Check out which banks your family and friends use, and try not to use any of them. Also do not have a personal account with the same bank that you have a business account. In addition do not have any credit cards, or any links whatsoever with the bank that you have a business account with.

The suggested banks/demutualised building societies above sound good provided they do not conflict with your personal banking.

Answer 4

I have a free "small business account" with Abbey. They restrict you on the number of transactions you can make per month, and you can only use the ATM (not counter) or you will be charged. If you go overdrawn their charges are higher than some other banks that you pay to have a business account with. They are a little slow on crediting cheques to an account, but pay out really fast so watch your cash flow.

Answer 5

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Answer 6

Alliance & Leicester offer free business banking for life, although it's a postal service. I'm with Barclays, and they're very good. You cannot use a personal account for business use, you'll get in trouble with the bank if you're found out!

Answer 7

I would highly recommend trying HSBC's first direct (FD) since you're doing an online business which coincidentally is first direct's forte field. Normal banking procedure are absolutely free-of-charge and the good guys at FD even helps to transfer your wage, standing orders and direct debits. FD are after all UK's best online bank and most recommended bank. Do check it out.

Answer 8

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Answer 9

check out Abbey's business account,some banks charge for withdrawing ,writing cheques,and even depositing look for ones with the least or none abbey is a ggod one to check then compare a few.

Answer 10

personally i'd reccomend the halifax , they don't charge 4opening or closing direct debits also u can get £100 overdraft .