You have to pay for the convenience ... I can thoroughly recommend Secretariat, they are very efficient. You could probably claim at least some of the opening fees back as a business expense.
Does your husband actually need a business account as such, or could you get by with a normal current account?
Ive been told that if your trading for example as 'Mr Joe bloggs' and your normal current account is named as 'Mr Joe Bloggs' then you are able to use this as your business account. [as long as it is only used for this purpose]I know of 3 people who do this and as it is a normal current account you dont have all the charges that using a business account bring.
I dont know if this is legal or not so someone please correct me if you shouldnt be doing this.
Hi there, I work as a business acount manager for a high street Bank. I would be happy to open an account for your husband as long as he didn't need to borrow money and ran the account well. I would have thought that most Banks would be happy to do this. By the way we don't charge to open accounts and my advise would be don't go with a Bank does charge to open the account. Transaction charges are normal after a period of free banking. Also, I would recommend that you use a business account, as the relationship you build up with your business manager is crutial to your business and it also makes tax returns and financial accounts easier to manage, and therefore accountants fees are lower. Good luck
Hi Beth
Thaks for posting
In all my time on the forum I have never come across anyone who,once in an IVA,has been able to open a High St business bank account.
Please let the forum know the bank that you work for
Regards
Hi Andy, It would be down to the Business manager's discretion when opening an account for anyone. All new account holders are credit scored and we can override decisions if we are happy to support someone. Hope this helps
That's great posting from Beth - who came to the forum for advice for her partner, and has ended up sharing some important information which we will all be able to use. Well done Beth!
Many thanks for all your postings. I have been offline for a while and have only just checked the replies.
My husband has tried Lloyds and they turned him down flat. Also most of the other high street banks don't want to know. He doesn't want to borrow any money and doesn't want an overdraft. He has or is in the process of quoting for £41,000 of business!! I was under the impression that you were not allowed to use a personal account for business transactions!
I have just found a company called lessthanperfect.co.uk who offer business accounts for £89 and I think this is the route that he will take.
