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Hi there everyone. I'm planning to start up a business, with minimal funds so no need to borrow and I won't need a credit facility, but just wanted to know if anyone has come across any problems in opening a business bank account? Any banks worth using? I just want a basic account to receive funds and make payments from...nothing special. Thanks

Hi Aaron,

I have just recently opened a Royal bank of scotland business account without any problems and that was for a new ltd company.
I also opened a HSBC business account which only took around 1/2 hour.
I also didnt want credit facilities but both accounts offer credit cards instead of debit cards, I'm not sure why because all I wanted was a debit card for petrol and train fares etc.
Hsbc said that the balance has to be cleared each month, but when the card arrived in the post it was basically a credit card with option tp pay in full or min of 3% of balance.

I am going to keep both accounts running for a while until I am sure that they wont be closed when my iva starts.

I have also heard that Barclays do a basic account.

Thanks Simon, I will try those two and Barclays, but I am already in an IVA so I'm thinking there might be a problem. Thanks for the info though, it is useful. Good luck with your IVA. I think onces your IVA starts you will not be allowed credit, not even if it's for the business, but you might want to check this out!? If you can re-post once you know...it's all useful. Cheers.

My wife is also a director so if I get any problems from the bank I can resign as a director.
Just liquidated my previous business in the last week so who knows , I'm not sure if banks do regular credit checks. especially if i'm not asking for credit. Will let you know .

Why don't you ask the bank where you have your personal current account to open you a second account you could use for the business?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk