Separate bank accounts advice needed.

[Goldilocks]

Hi all,

So have sent all my forms and CRB off to Ofsted now and just got to wait for a letter confirming when they are coming to inspect. Just thinking about my accounts and wonderd if people find it easier to have a seperate buisness account or do you use your main bank account. I have a meeting with the bank on monday to look at buisness banking options.

Any advise would be great!

Thanks
Christina

[nipper]

Not sure who you bank with but Barclays charge to pay cheques into a business account, so I would advise against it. I did open one and am going to close it soon.
As somebody said on here once "You are the business" so you just keep all the money. Result!

[ChocolateChip]

Purely a personal choice I think, but I have a separate cm account just for my own preference. It's just a normal current a/c, not a special business one, I have a 'personal' account with the same bank aswell so it's easy to pop online and switch funds from one to the other if necessary.
I put all my pay (some transfers, some cheques and any excess cash I don't need to keep out for running costs in, and use that a/c to pay for everything to do with cm, plus a few family bits aswell, like shopping, school trips, clubs etc. I try to put away money each month into my other a/c to save up for any tax bills, mot, big things like that
Me and oh also have a joint a/c where his money goes in, I pay a bit in when I can and all our household bills go out of this, so in theory he pays for most of the bills, and I pay for day to day costs (with 3 of our own that's no mean feat, lol) but sometimes we have to juggle things around for big expenses or if I am a bit skint, as things can go up and down.

Everyone has different ways of working it hun, all I would suggest is if you can try and put some money away each month, you never know what's round the corner, and if you have a good year then it's a bonus

[Rick]

I just use my personal one. I keep good records of income and expenditure so I have no issue with using my personal bank account

[jane5]

I have 2 business accounts with Santander and they are both free as long as you don't pay in more than several thousands of pounds, I can't remember how much but much more than a cm working alone could ever earn.

One is a current account and one a savings linked to the current account to put some aside for tax ect...

All of the parents pay into this account but I do use it for shopping and personal things, not just business.

I don't really need it because all of the money is mine anyway and I would not have one that charged you for paying in cheques or a fee.

[sarah707]

I use my own personal account and keep separate written records for the business

[blue bear]

I have a separate building society account.

[Jenna]

I registered beginning of last year and opened a business account after 12 months they'll start charging me for using it so I'm planning in closing it and just using my personal account.

[SammySplodger]

I have two separate current accounts - would advise against business accounts as banks can move goalposts easier re: charges etc and unnecessary to have all the features.

[Goldilocks]

Thanks for all the advice! Gives me an idea now on what works etc. I think to start with I will use my normal bank account with HSBC and see how I get on then If it isn't working after a wile I can change. I just need to be organised on my accounts and expenditure and my tax etc and all should be fine

[bunyip]

I do pretty much everything through my personal account. In addition, I set up an online account which acts like a piggy bank to put money on one side. I've worked out how much to put into it each month to cover annual/occasional expenses like registration fees, NCMA membership, insurance, tax, NI, training renewals, etc. It spreads it over a year (or 3) and so I don't get a shock when several of these expenses come up at the same time.

[knittaroo]

My personal bank account is a joint one with hubby - our only one! Would those of you in the know suggest setting up one just in my name for childminding?

[annieR09]

Hi I have just started to ask about becoming an accredited childminder but have been told i have to have a business bank account for education funding have any of you been told this in your region. any advice please