Business bank account

[Petshrinklj]

Who do you bank with. I've been browsing banks sites for info on who I should bank with when start my business. Most are free for first 18moths then I have to pay for things like chqs. Doesn't anywhere offer free banking? Or can anyone recommend any good deals they know of.

[Bumble Beez]

I signed up with LLoyds TSB, got 18 months free banking and some other perks...after 17 months I changed to HSBC who were offering a similar deal and I've got 6 months left on that to run...so on the hunt again unless LLoyds come up with a good deal to get my custom back lol.
Haven't had any trouble with either bank however HSBC do business banking in branch where Lloyds you have to phone to speak to the business team.

Sarah x

[EmmaReed84]

I don't have a business account!

I have a basic card account with Barclays where all my Childminding payments go in to and are left there. I then pay myself a set wage from that and leave the rest in the account for resources, memberships, tax, NI etc.

I then have my main accounts which I use as normal. (I still buy things from my "wages" but by leaving some behind each month it builds up nicely so if you are ever paid less due to sickness it wont affect you wages... if that makes sense?

[Bumble Beez]

I then have my main accounts which I use as normal. (I still buy things from my "wages" but by leaving some behind each month it builds up nicely so if you are ever paid less due to sickness it wont affect you wages... if that makes sense?

I do this too...holidays and the covered with no worry :)

Sarah x

[EmmaReed84]

I do this too...holidays and the covered with no worry :)

Sarah x

Great minds eh?

The thought of having a holiday then coming back to NO MONEY... NO WAY! Also I am about to lose over £500 a month due to a leaver (going to BIG school) but I can still get away with paying myself the normal amount for the next few months until I can find some more clients to build it back up again. I would be totally screwed though if I don't find anyone by Xmas!

[Bumble Beez]

Great minds eh?

The thought of having a holiday then coming back to NO MONEY... NO WAY! Also I am about to lose over £500 a month due to a leaver (going to BIG school) but I can still get away with paying myself the normal amount for the next few months until I can find some more clients to build it back up again. I would be totally screwed though if I don't find anyone by Xmas!

Absolutely lol!! Yeah I've got 2 leaving for big school and I would be dreading it if I hadn't got a buffer in my account...been there, done that and learned my lesson very quickly!

Sarah x

[CLL]

I am with natwest both for personal and business. To be honest I gave yet to use my business account and do not see the benefit of it. I will probably close it after the free period.

[Petshrinklj]

Thank you all for your advice. So am I understanding you right that as long as I have a separate account for my business from my normal account it doesn't have to be a business account.
Thanks

[EmmaReed84]

Thank you all for your advice. So am I understanding you right that as long as I have a separate account for my business from my normal account it doesn't have to be a business account.
Thanks

You don't really need to have a separate account at all. You just need to make sure you track all of you business income and outgoings. Having a separate account just makes it a whole lot easier.

[Chatterbox Childcare]

I have two accounts with Lloyds - no bank charges - all my invoices are paid into one and I have my dd to come out of the other. You can have one account if you want but I find this easier to manage and track

[starschildmind]

Hi.

Im the same as some of the others. All my fees get paid into my personal account then i transfer it into my joint account when i need it.

Im not paying bank charges lol!!! I work to hard to be paying a bank to handle my money!!! X