BUSINESS BANK ACCOUNT
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  1. #1
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    Default BUSINESS BANK ACCOUNT

    Do you have one?

    I've banked with Nationwide for YEARS and YEARS, and they didn't mind 'sole traders' 'self employed' people using their personal current account for work payments etc.

    TODAY, I get an email saying 'it looks like you are using your account for business purposes' and basically, stop or we'll close your account. ... I've been using it for childminding for 18 years !!! ( and actually, banked with them for over 30 yrs! )

    So ... I have a look ... Nationwide don't even HAVE a business account

    after doing a bit of research, I quite like the look of Starling Bank - no fees ever ( UNLESS you pay money in or take money out using the post office for a Business account ) BUT, you do need to have a current account with them first. It says that if you set up an account with them, they will transfer everything etc, BUT I presume that I will need to contact 'tax free childcare' etc, to get those details changed to a new account.

    any thoughts/advice/suggestions?

    I'm really busy at the moment with stuff going on, and could be doing without this! DH said to go and talk to our local nationwide branch, which, whilst the ladies there are lovely, will tell me i have to see an account manager and I know from experience with DS, is only available on random days for random hours in random weeks! I might try and pop in if only to moan ( nicely! ) at them!

  2. #2
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    No, I've always just used our joint account - a regular current account with Barclays. How frustrating for you, I hope you are able to sort it out. Hopefully if you can discuss it with them they'll see that your business usage is probably so small it is not a concern.

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  4. #3
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    I have a business account as I had to have one because of some grant money I was receiving a few years back and it had to go into a business account not personal, when I opened it was free but now I pay a few so have been looking at changing it as I don't actually need it any more. I do like having a separate account though as I find it easier to keep track of work related income/spending.
    Pixie Dust

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  6. #4
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    I've spoken to Starling. You don't need a personal account to have a business account, but you do get charged to pay cash into or take it out at a post office.

    No charges for ATM use.

    Account is free.

    I might try and pop in to nationwide at the weekend, but I am thinking I'll just get one anyway!

  7. #5
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    I'd always used my personal account, but when we first went into lockdown and there was talk of grants, I opened a business bank account in case one would be needed.

    I'd only had the business account open a few weeks when they contacted me about switching it to a different bank. Apparently it was a scheme with RBS whereby they encouraged their business account holders to shop round and look for a better deal, including a switch bonus. It sounded really bizarre, but was genuine. Within a few months of opening the account with my bank, I'd switched it to a different bank and earned a £1250 switching bonus!

    Apart from opening the accounts and leaving a small balance in there, I've never actually used either business account and everything still goes through my personal account. I've got 18 months free banking on the new business account, so when that's due to end, I'll switch to another bank. I like the comfort of having a business account as I have heard of banks stopping people using their personal accounts when it's clear there are business transactions going through it.

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