Opening a business account

[850Rick]

Hi i was wondering how do i go about about opening a bank account for sticking money in from the business?I will be working for my self and i dont need any credit from the bank or anything.What stuff do i need to take to the bank,im new to all this as you can tell.

 

[jtsplumbing]

Just go into bank and tell them you want a Business account but ask about charges! some can be quite high,

 

[SimonG]

Shop about you should get some free banking initially.

From memory I had to take in passport, a couple of utility bills (gas electric council tax) and a company letter head.

 

[850Rick]

Shop about you should get some free banking initially.

From memory I had to take in passport, a couple of utility bills (gas electric council tax) and a company letter head.

Thanks Simon thats very help full of you much apprieciated

 

[Koogatubac]

I know a far! Better answer when its just yourself... Why do you need a BUSINESS account? Just open a flexi or something... Doesnt cost you anything to pay in pay out etc

 

[jtsplumbing]

Thats OK as long as you are working useing your own name and not a Co name.

 

[850Rick]

Whats a flexi account ive never heard of one lol

 

[850Rick]

And how much am i allowed to earn before the tax man wants his piece

 

[dontknowitall]

Supply:

Passport
Driving licence
Utility bill
Status
Date of birth
Mother's maiden name (if known)
Father's name (if you know who the father was)
Name, address, email, telephone number, sort code, account name and account number of existing bank details
Van registration, V5, MoT certificate, insurance
PL details
Number of children bred
Number of children for whom you're responsible
Number of dependents
Date you took your GCSE maths exam
Best present you had for your 5th birthday
Number of hairs on your chest
Which ball hangs lower

The list is endless ...

 

[850Rick]

That bad aye lol.I will be the proprieter.I want to do this right first time round

 

[Phil]

If possible don't give them you're name or address or they (any bank) will send you untold junk mail every day, its totally relentless. :32:

 

[850Rick]

In many years to come i want to move to another country,and if the emirgration people want proof that im earning and proof of what ever i would like it right first time round instead of guessing.

 

[Guest123]

The easiest way is to apply online. If approved they'll contact you and tell you what to do next.

I like Lloyds TSB and you get free banking for a year, which most of the other major High Street Banks do as well.

One thing to remember is to go with a bank that has the most branches near you and offers online banking for out of hours use.

 

[Phil]

Flexi account lol.

 

[850Rick]

I never knew you could get charged for having a business account,this is certainly an eye opener.Do you pay it each year and does the cost vary from bank to bank?

 

[850Rick]

The easiest way is to apply online. If approved they'll contact you and tell you what to do next.

I like Lloyds TSB and you get free banking for a year, which most of the other major High Street Banks do as well.

One thing to remember is to go with a bank that has the most branches near you and offers online banking for out of hours use.

Thanks mate for your advice.My missus seems to think that Lloyds and royal bank of scotland are the only english banks left lol and all the other banks have there customer services over seas .

 

[jtsplumbing]

I use Nat West, very good call center's in UK, was with Barclays for years glad I got rid of them, bank charges high every quarter, charge for putting in & takeing out number of Cqs used anthing they could think of.

 

[Plumbus]

If you use the same bank as where you have your personal bank account (if they offer business accounts) you may not need ID as they will know you from records. The advantage of having both accounts at the same bank is ease of transaction - you can pay in, transfer funds etc in one visit/online. Years ago having accounts at different banks helped with cash flow but that's a different story!!

What you will need in all cases is a business card and/or letter headed paper and depending on the banker maybe even a business plan however simple. most offer foc banking for 12 to 18 months so long as you don't use an overdraft or go overdrawn and at the end the period you will pay for paying in, cash withdrawals, statements, transfers, bank appointments with you Manager if needed etc.
if you are trading in your own name only then you may get away with using a dedicated personal account.

Hope that helps...I worked for a bank many moons ago when the bonuses were worth getting out of bed for!!!

 

[Phil]

I have a Santander internet account that enables me to access balance, transfer money online etc.

Only trouble is the password system, you more or less have to crack the Enigma code each time you visit just to see your accounts. Pfft.

 

[stevetheplumber]

if your paying in more than a thousand a month santander is free and 5 pounds a month if your under ive never been charged for any transactions