Business bank account

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John.56

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Post by John.56 » Sun Oct 12, 2014 1:22 am
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Hi,
I have been in an IVA for 2 years now and have set up a private limited company but don't have a business account.
Can I set up a basic bank account or do I need a business bank account.If the latter which are the best banks to approach and if they refuse what then??
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Michael Peoples

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Post by Michael Peoples » Sun Oct 12, 2014 2:24 am
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You cannot run a limited company through your personal bank account. There are paid for accounts available but try a High Street bank such as Barclays or Santander first. Provided the company needs no facilities there may be no need to run a credit search against the director.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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UpToMyNeckInIt

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Post by UpToMyNeckInIt » Mon Oct 13, 2014 3:02 pm
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To follow on from the above advice. Of you have no luck on the high street, there are 2 card based business accounts that I am aware of, who will accept iva customers: 'Cash Plus' & 'Card One Banking'. Fees on both look OK, but with cash plus you will not be able to process cheque transactions.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
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