Business bank accounts

[Andamento]

Hi there,
I'm just about to make my crafting an official business and have just started looking at business bank accounts.
I'll be set up as a sole trader and do not expect to be making much money(!). My outlets will be craft fairs & local shops (cheques & cash) & on-line (pay pal & cheques).
My criteria so far are a bank that's fairly local, and one that won't charge me. I've just done a quick initial comparison using moneysupermarket.com and most banks seem to offer a free introductory period before they start charging? What accounts do other crafters use? What else should I look out for in a business account?
Thanks!
Anne.

[Seahorse]

Sorry I cant help but Id be interested in what people have to say as well.
Is a bank acount/card needed for paypal?I have no idea how it works.

[0103media]

As a sole trader you can just us a personal a/c..

You can go to any bank and just set up a new one..

However if you wish to name the a/c as in "great cards uk" so people would pay "great cards uk" you'd need a business a/c..

Its looks more pro than just your name but this all depends on your clients..

[handmadeheaven.biz]

when i was looking into this the alliance and leicester looked pretty good

[euston-74]

Barclays do a one year free banking period which sadly for me is about to expire!
The charges are quite hefty after that though, e.g. paying to pay cheques in!
But, it does look more professional and you'll get offered other services - business advice and the like.
Mel

[Seahorse]

So if you wanted to avoid all these extra charges (after a year)would it be better to use a seperate personal account rather than a business on?

[nattynetty]

I've got my business account with Barclays too, but had 18mths free cos I already had my personal account with them. Think their charges are pretty similar to most high street banks...Mel I save up my cheques and pay a bunch in together cos it makes it cheaper (27p per cheque plus 75p per paying-in slip ouch!). Was hit a bit when I first changed over from the free period cos i hadn't figued these things out properly but now my charges average around £10 a month.

Haven't heard such great things about A&L but maybe someone here has their account and will correct me.

My advice is to shop around and ask what benefits and charges they have before deciding :)

Forgot to add, the fact Barclays has a branch in the next village to me so no need to drive into town was also a very big factor in my decision

[0103media]

A trick to save money ( I hope this get me some REP!!) lol

I have 1 business a/c purely for the name 0103media for my clients.. When I build sites or seo etc.. then people payinto that a/c..

But the only thing to come out of the a/c in my salary..

I buy stuff on CC or personal a/c as these still have to be accounted for your tax...

This saves me £100's a month.. My business a/c cost me about £4-£6 a month dependant on US$ stuff etc...

Hope that helps..

[Seahorse]

Natty, if you save up the cheques to pay in in one go, arnt you worried about cheques not bouncing especially if youve sent the order out?

[Andamento]

I hadn't realised you could just use a personal account as a sole trader...but now I think about it, being able to use the business name on cheques does seem much more professional but is it worth the charges! Hmmm, I've been looking a little more and Abbey are coming out top - "free banking forever within specified transaction limits", the "transaction limits" don't look too restrictive either (eg 1st 100 cheques per month are free!).
Slightly off-topic - if selling via websites do people wait for cheques to clear before shipping or do they trust the customer. I guess at a craft fair you've no choice. Am I just being a bit ebayish about the on line selling! My website's almost ready to go so will be finding all that out soon I hope (although maybe nobody will buy anything I'll have that to worry about that instead!)

[nattynetty]

Natty, if you save up the cheques to pay in in one go, arnt you worried about cheques not bouncing especially if youve sent the order out?

Hmmmm yep tis a judgement call, if the order is for a relatively small amount or a repeat customer then I'll chance it, if it's a big order I'll usually pay that cheque in straight away - never had one bounce yet (touch wood)

[0103media]

Small cliams court if its does..

It just one of those things..

[Seahorse]

I have a post office just over the road,Ive been thinking about using it for an account(if they do such a thing)but 1-theres no guarantee I can get there on a daily basis(if I get that lucky)as I can sometimes get to work and no one can cover me all day.2-there is talk of shutting a load of PO's down, itl be just my luck itl be one of the ones to close.

[swirlyarts]

We were with HSBC who offer free banking for a year and they were very good but after a year they start charging and it's quite expensive. We are now with Abbey and they are free (up to a point) but it has been a bit of a nightmare setting up the account although it seems to be sorted now.

[kipper workshops]

Not got any really exciting advice here except that A&L is really easy to set up.

It was recommended to me and really was sooo easy. Download the application form off thier website, print off the form, fill it in, take the form and your id etc.. (it tells you what to take) to a local branch, they stamp and send the forms off.

A week or so later you get your business account. Brilliant. It asks for predicted turnover on the application form, just take the amount off your business plan (if you have one) or make an educated guess.

If you don't pay in £1000 a month, you get charged £5.00 but for me that's cheap business banking.

I live in the hills and the bonus is that you can pay in at your post office so when I go to post packages from my online sales I pay in cheques too.

So far, I can't recommend it highly enough.

You can use a private account, but for me, it's much more professional having it all in your sole trader company name and also it makes life so much easier to manage your accounts. You go online check your details and you can see what your business has in it's coffers!

Er...hope that ramble makes sense, and helps!!

Steve

[Seahorse]

Recently The Abbey business account has been recomended to me.They dont charge at all as long as you stay within certain boundaries, eg not paying in more than 100 cheques a month.
I have a form to fill in.

[CleoCrafts]

hi there,

we use an abbey business account - its free and you get an online account so you can login and check your balance - you can't actually go into any of their branches to deposit cheques, but they provide you with free envelopes to post cheques in...

When someone sends me a cheque as payment, i prefer to wait till the cheque clears before posting off the goods - people who want to use cheques understand that this means there is a slight delay in getting their stuff out to them.

good luck!

louise x

[icecreamgirl]

My husband has been self employed for 13 years (carpenter) and when starting up he did it all proper - business account and all that - but a couple of years ago he got so fed up with being totally ripped off by the bank that he now just uses a personal account.
As long as your accounts are done properly at the end of the tax year that's all that really matters.
As for me - i'd hide it in my knicker drawer if i had any!! (money that is!!)

[urban objects]

I use the Bank of Scotland as my business bank. I know who my bank manager is as we had a meeting before setting up the account so it isn't faceless banking. The good thing for me about having a business account is that it came with a business visa card. This makes it v easy for me to buy my stock online and not have to use my own personal visa for this.

Also, if you have a business account you can normally get served quicker if it is busy as the business account desk is always less busy than the personal account one!

Lor xx

[higgledy-piggledy]

Hi I just joined the forum today and I can't pull myself away. No tea for anyone tonight. I've just gone self employed and will be a sole trader. All this banking talk has been useful I want to use my business name so I guess I'll have to open up a bussiness account.:confused:

[Seahorse]

Hi I just joined the forum today and I can't pull myself away. No tea for anyone tonight. I've just gone self employed and will be a sole trader. All this banking talk has been useful I want to use my business name so I guess I'll have to open up a bussiness account.:confused:

Im just as confused as you are but some things just gotta be done.
Never know, this self employment thing could be the best thing we'll ever do!

[Emma Farnworth]

I'm with abbey and its been great for me. I dont mind having to use the atm's instead of the counter, it means not standing in a queue! But I suppose it depends on how close you are to a branch and the size of your business.....

[swirlyarts]

We are with Abbey too and we have had nothing but problems with them. We were told when we opened the account that it was no problem to pay in cash - I explained that I would be doing craft fairs and was told this wouldn't be a problem. We weren't told however that the business accounts don't have counter service - so how am I meant to pay in the coins I will be getting from craft fairs - arrrgggghhhh!! I know that some atm's accept coins but the ones in our branch don't. We are still exchanging letters with them at the moment but they do offer free business banking so we will probably be sticking with them unless they mess up even more.

[Apple Tree Crafts]

My sister has been trying to open a seperate bank account for her glass painting business. With no success.

She works full time, but doesn't earn very much. However, she doesn't want her salary paid into her other account. All she wants is a simple account, with a cheque book. No overdrafts, no fancy cards.

Her glass painting doesn't make much yet, but she wants to keep this in a seperate account so that she knows where she stands, with selling items and buying glass & paints.

The biggest problem is her credit history. It's crap, through no fault of her own. Messy divorce, maintenance not turning up causing other payments to be missed etc etc.

Anyone know where she can get an account?

Jules

[0103media]

Credit history last 3yrs.. um.. Each time u try to open a account and get turned down it puts another red mark on your credit score..

Might be worth waiting..

[Emma Farnworth]

We are with Abbey too and we have had nothing but problems with them. We were told when we opened the account that it was no problem to pay in cash - I explained that I would be doing craft fairs and was told this wouldn't be a problem. We weren't told however that the business accounts don't have counter service - so how am I meant to pay in the coins I will be getting from craft fairs - arrrgggghhhh!! I know that some atm's accept coins but the ones in our branch don't. We are still exchanging letters with them at the moment but they do offer free business banking so we will probably be sticking with them unless they mess up even more.

It was made clear to me about the no counter service, but the women in the branch i sorted it out at was super super helpful. I just keep the coins as petty cash and float, and I still always seem to have to buy extra cups of tea to get change when i do fairs!

[swirlyarts]

Yeah it seems that it was the woman in the branch who was mainly at fault although we had to wait ages for our business cards (therefore we couldn't pay anything in) an then we were told that no cards had been ordered because we had declined them. There is no space on the application form to decline cards!! Anyway waiting for Matt to get back so that he can sort out the next round of letters to them - he is very good at it!!

[Seahorse]

Im finding it increasingly odd that for something like a business acount the bank feels theres no need to have actual people dealing with it.
When you think about the amount of money that could pass through I would have thought they would want somebody 'real' to be hands on.

Then again maybe it is really simple.

[Seahorse]

Im trying to sort out my Abbey business account.
The site is asking to fill in the form, ok, accompany it with the opening money(cheque),ok, and some original form of ID, then post it all.
Then on the ID info print off I just did it says it wants ID in its original form and the best way to do this is in person at a branch of Abbey!!

Im so confuzzed.

Any idea what im meant to do?

[candles by lisa]

There is a thread somewhere about the FSB. The are doing free banking with the Co-op.
http://www.craftsforum.co.uk/showthread.php?t=3605

Here it is. Might be of interest. My husband used to bank with the Clydesdale bank however he has just switched to the Co-op through the FSB.

All the best.

Lisa

[Mary]

I have just signed up with FSB too, after reading a post from someone here (sorry, but can't remember who it was or what thread), and not only do you get fee-free banking, you also get preferential rates off mobile chip and pin terminals, plus a whole heap of other stuff like legal advice, or help if the taxman cometh. If you don't have anyone work for you, it costs £100 per year, plus I think £30 registration fee the first year. Well worth looking in to ;)

[ccjewellery]

hi
i know this quite an old thread but just thought i'd add my bit after reading. I work for a bank & just wanted to say that you could 'get away' with running a small business through a personal account for a short period of time, but it can be thought as tax dodging & you could run a risk of being reported. I know it sounds a bit extreem but i personally know of one person at our branch who this did happen to.
Bank staff are obliged to report ANY suspicions.
For someone who is just starting up it's probably fine but if you start getting regular funds/larger amounts through you do really need a business account. Most banks will have start up deals offering around 18mths free banking. Look around & ask what they can offer you. After all they will want your business to come to them.

[0103media]

hi
i know this quite an old thread but just thought i'd add my bit after reading. I work for a bank & just wanted to say that you could 'get away' with running a small business through a personal account for a short period of time, but it can be thought as tax dodging & you could run a risk of being reported. I know it sounds a bit extreem but i personally know of one person at our branch who this did happen to.


One thing to clear up with this is the fact that there is no problem having money go into your personal account as long as you declare that fact..

So the above sounded to me like you must have a bussiness account which is not true..

If you make say £500 a month from selling your craft then you must decalre that in your tax returns.. simple as that..

I am reffering to being self employed and not a LTD ..

[icecreamgirl]

Hubbie has been self employed for 15 years and hasn't used a business account for about 6 of those after getting fed up with the charges.
As long as you are declaring all the money as business to the nice tax man and get all your accounts sorted each year it's fine.
Business accounts are just banks making more money as usual....

[ccjewellery]

it is true that you can 'get away' with running your business through a personal account if you have irregular or small amounts but the banks don't like. It may well be because banks love the charges business banking brings....! (boo)
But the fact is in the terms & conditions on most personal accounts it states you cannot run a business through one. how that can be monitered is a good onre though & unless a cashier spots it it is unlikely you'll be noticed in truth.

I do work for a bank, but i agree the points raised, particularly with regards to charges. It's hard enough making money with out all the additional 'unexpected' costs with banking.

[0103media]

But the fact is in the terms & conditions on most personal accounts it states you cannot run a business through one.

Business vs being self employed.. Its a big difference.. imho..

[Buttonberry]

I've got my business account with Barclays too, but had 18mths free cos I already had my personal account with them. Think their charges are pretty similar to most high street banks...Mel I save up my cheques and pay a bunch in together cos it makes it cheaper (27p per cheque plus 75p per paying-in slip ouch!). Was hit a bit when I first changed over from the free period cos i hadn't figued these things out properly but now my charges average around £10 a month.

Haven't heard such great things about A&L but maybe someone here has their account and will correct me.

My advice is to shop around and ask what benefits and charges they have before deciding :)

Forgot to add, the fact Barclays has a branch in the next village to me so no need to drive into town was also a very big factor in my decision

Yeah pretty simialr for us we got a nice long introductory period with Lloyds which is great but it does seem that after that most charge quite a bit for cheques, so we went the Paypal route and only deal in cheques at shows.....

[purplerhian]

Abbey do offer permanent free banking as do the Co-Op I think, and you can bank with them through any post office, so lots of local branches hopefully!

[icecreamgirl]

Of course the banks are keen to find those using personal accounts when they are self employed, think of the profit they are losing!!
What i'm trying to get accross thet if you are self employed and not making a million as i'm sure that most crafters arent (yet) you shouldn't get scared by the banks with references like 'tax doging' into using a business account.
As i've said before as long as you are declaring it all at the end of the tax year you don't have anything to worry about.
Of course the bank is whithin their right to get funny with you about it but then i would say.... find another one....:D
Of course if you are lucky enough to be paying in a shed load of cheques a week then you would probably be better off with a business account anyway....

[mjbelkin]

Okay, I thought I'd give my two pence on this particular subject.

I'm an accountant, and get to see a lot of customers' bank accounts, the charges they suffer, and hear exactly what they think of that bank's 'performance'. As a general rule, aside from the sometimes tricky opening of the account, the Abbey business account gets the most favourable comments, and its one I'd recommend to anyone.

There are no minimum balance requirements, and the monthly transaction limits are emminently reasonable for the free service. I've paid in cheques for as little as £1.59 with no problems. You get a bundle of freepost envelopes to pay cheques in, and another bundle of envelopes to use to pay in using the atm machine in branch.

The downsides? No counter service - well my local branch is awkward to get to, so no problem for me; you can't pay in coins, only notes. Um, those are the only ones I can think of. Sometimes the telephone customer service can be a bit abrupt, but you can also pay to get that at some of the 'High Street' banks ;)

The upsides? They have guaranteed free banking on their business accounts so long as you stay within the transaction limits; you can pay in cheques easily by post at no extra cost; no extra charges for internet banking (unlike Barclays).

From a purely accounts point of view, it is a whole lot easier if you have a completely separate bank account for your business side. So that's just my opinion, for what its worth.

[Annette]

I have made an appointment with Barclays on Monday to open a business account as am running from a studio now, need to keep it all seperate. I didn't know that they charge for internet access!!:o

Melanie - I live out in the sticks and there is no Abbey near me, how do I open an account, I suppose I'd have to make a trip in the first instance (she says ansewering her own question!!!).

Thanks for the info.

[Seahorse]

Melanie - I live out in the sticks and there is no Abbey near me, how do I open an account, I suppose I'd have to make a trip in the first instance (she says ansewering her own question!!!).

Thanks for the info.

Sorry to jump in there Mel,but...as Im about to do the same thing I just thought Id let you know what Ive done.
Printed the sole trader form off their site and filled it in.
Youl need some forms of original ID and photocopied ID.
£50 minimum opening fee...erm and I think thats it, then hand it in at the branch.

[mjbelkin]

Sorry to jump in there Melanie,but...as Im about to do the same thing I just thought Id let you know what Ive done.
Printed the sole trader form off their site and filled it in.
Youl need some forms of original ID and photocopied ID.
£50 minimum opening fee...erm and I think thats it, then hand it in at the branch.

Exactly right, just go to their website - http://www.anbusiness.com/ - and download the form.

When I opened mine (in the dark ages), you had to send some id stuff off, but I don't think it included passports or driving licence. I think it was things like utilities bills, etc, but I really don't remember - its the changes in money laundering legislation that requires them to ask for all this id. You do get them back.

The £50 isn't really a fee as such, its just a way of making sure there is money in the account when its opened.

Hope this helps :D

[Seahorse]

Sorry, yep, I meant the £50 is money that will go into the account.

I should have left all the explaining to MJ.

There are 2 lists of ID you need to send with about 20 on each to choose from.
First list is of 2 originals, 2nd of photocopies.
Im not keen on sending original passport or driving licence which is a choice, so luckily there are others to choose form.
But my passoprt and driving licence are what Ive photocopied.

[swirlyarts]

When we opened our Abbey account in November we went into the bank to do it and we took our ID in with us and they just photocopied it all there - didn't send any actual ID off to them - the branch just sent the photo copies.

[Seahorse]

When we opened our Abbey account in November we went into the bank to do it and we took our ID in with us and they just photocopied it all there - didn't send any actual ID off to them - the branch just sent the photo copies.

Thats good to know.

[mjbelkin]

Right, we've been talking about business banks in the office today - I do ocassionally do some work when I'm there ;) .

My boss is very anti calling 0870 phone numbers, and uses this site (http://saynoto0870.com/) to avoid them whenever possible, and get the actual geographical number.

He also talks a lot on the cix conference, and when Alliance and Leicester was mentioned, it seems they don't have anything good to say about them. Apparently, if you call their geographical number, you get told in no uncertain terms that you'll not be dealt with until you call back on the premium rate number. Not what I'd call good customer service :mad:

[Seahorse]

Right, an update for ya.
I handed in my Abbey sole trader business account form on saturday.
I went in with my form, the cheque, 2 forms of original ID and 2 forms of photocopied ID.
Got to the counter and the lady was very nice, she had to check through it(she said she was just being nosey)looking at the minimum monthly amount going through the account (I only put £40 as I dont know if people will buy my stuff)she said £40...so ....the ...minimum amount' I embarrasedly said 'errm, yeah'.
She giggled at my company name!!I am now paranoid about it!!.

The annoying thing is I was meant to have brought in the originals of the ID that Id photocopied(I didint know this), so I had to rush my morning, and go all the way back home, try and find the originals of my driving licence and passport then get back into town for 12.30!!Managed to get there...so just a warning you need to take the originals as they have to say that they have seen them.
They photocopy the other originals and you get them back.
Then she said you get goodies through the post in 7-10 days.
I got given a folder which didnt really say anything that hadnt already been read before but it was handy as it had contact numbers on it.

So, theres my trip to the Abbey.

[swirlyarts]

Sounds like a productive morning!! So, don't keep us in the dark - whats your company name???

[Seahorse]

Poisoned Apple Jewellery.
And that was decided on after a number of other naff ideas and even rejecting it itself for a long time.
I just got annoyed with not being able to come up with something clever, and I quite liked it.
Fairytaley with a hint or the macabre.

Whadyathink?

[swirlyarts]

I like it - it really suits those charm bracelets you made. You would do well on Etsy - anything that is more unusually named seems to go down well.
I'm imagining you looking like Snow White now - dramatic black hair and red lips!

[Seahorse]

I'm imagining you looking like Snow White now - dramatic black hair and red lips!

Hehe, I like to think of myself as more of the nasty, bitter and twisted Queen.

[mjbelkin]

I like it :D

[candles by lisa]

Very good name - not too snow whitey!!! I like the darker side of fairytales after all the Brothers Grim didn't have very many happy endings did they!!

Cheers.

Lisa

:behindsofa:

[Seahorse]

Very good name - not too snow whitey!!! I like the darker side of fairytales after all the Brothers Grim didn't have very many happy endings did they!!

Cheers.

Lisa

:behindsofa:


I had a look at some of the original stories a few months back.Their stories are sick!!!But quite cool at the same time. ie one nasty character was forced to wear boiling hot metal shoes and danced in them until she died.

[candles by lisa]

I know, those brothers were pretty twisted - but I love them - none of your Disney nonsense for me.

hehe.

Lisa

:mummy:

[euston-74]

I like the name too Seahorse, I get fed up with people with no respect for imagination!
I think I read a Grimm story once about someone having to chop their feet off in order to stop dancing! Nice!
Mel

[Seahorse]

Thanks for liking the name guys.My paranoia has decreased.

I was thinking of taglines-eg Nothing Grimm here.
But the best I can do is 'Glamorous to the core'.

[icecreamgirl]

Like it!!
Different, with a bit of an edge, good for you!!:)

[mjbelkin]

Thanks for liking the name guys.My paranoia has decreased.

I was thinking of taglines-eg Nothing Grimm here.
But the best I can do is 'Glamorous to the core'.

I like Glamourous to the Core :D

[Seahorse]

I got some of my bank account stuff at the weekend.
2 lots of the same thing, tho I got envelopes to post but not to feed into the hole in the wall.
Need to wait for paying in book and card still.

[deezkatz]

Hello
I've just opened an Alliance & Leicester business current account.
Its free banking for the first two years and then after that the charges are minimal.
There is no set limit to add each month and you dont need a minimum amount to be in there.
You get a debit card, cheque book and a savings account too.
Works for me as I have no idea how the business will go.
Hope that helps too

[mjbelkin]

Hello
I've just opened an Alliance & Leicester business current account.
Its free banking for the first two years and then after that the charges are minimal.
There is no set limit to add each month and you dont need a minimum amount to be in there.
You get a debit card, cheque book and a savings account too.
Works for me as I have no idea how the business will go.
Hope that helps too

Just out of curiousity, why would you choose a bank account that will charge you if you're successful (ie still running a business after 2 years), when Abbey guarantees free banking forever on their business account?

[deezkatz]

Just out of curiousity, why would you choose a bank account that will charge you if you're successful (ie still running a business after 2 years), when Abbey guarantees free banking forever on their business account?


lol - i think it must be my hormones!!! post natal ones that is - lol
to be honest its just one that i read up on and i have the majority of my other accounts with them too!
i didnt read all the comments on this thread, should have really - although i suppose i can still look at another one before i use this one!
thanks melanie, sorry the baby is only four months - thats my excuse and sticking to it - lol

[mjbelkin]

lol - i think it must be my hormones!!! post natal ones that is - lol
to be honest its just one that i read up on and i have the majority of my other accounts with them too!
i didnt read all the comments on this thread, should have really - although i suppose i can still look at another one before i use this one!
thanks melanie, sorry the baby is only four months - thats my excuse and sticking to it - lol

Just trying to help people keep unnecessary costs down :D

[Seahorse]

I was so excited to get my cheque book yesterday, only to realise I dont want to use the account to pay out for things...money is going in...IN ONLY!!!

[Seahorse]

Ive made 2p on my business account!!!
Do I declare that to the IR?

[0103media]

yep..
lol..

Not each day btw or month lol.. at the end of the year ;)

[Seahorse]

Cool.
Im sure I could work this one out by looking at the site in more detail(im too lazy to log in again) but will the account say 2p interest, £10.00 item sold etc, ie will it be itemised?

[mjbelkin]

Ive made 2p on my business account!!!
Do I declare that to the IR?

Nope - you declare your earnings rounded up to the nearest £, unless you're making millions, in which case it'll be rounded up to the nearest £1,000 or even £1million.

You will still remember us then :sm:

[mjbelkin]

Cool.
Im sure I could work this one out by looking at the site in more detail(im too lazy to log in again) but will the account say 2p interest, £10.00 item sold etc, ie will it be itemised?

Yes, each individual transaction will be shown, just like on a bank statement.

Now don't go mad with your 2p

[Seahorse]

Hehehehe, that 2p is my pride and joy, maybe il draw it out and place it in a frame and hang it on the wall.

[Linpring]

I have just changed from the Abbey to the Co op. I wasnt happy with the Abbey as for business banking you can only use the cash machine for deposits which is a real pain. I joined the FSB and they arranged for a Co-Op account, it does not matter if there no Co op nearby as you can use the Post Office and they give £25 per year for staying with them too!

[Seahorse]

I just rememeberd I ordered some cheque postal envelopes form Abbey about a month ago and they still havnt turned up so I just ordered some more....I have also just remembered that I should have ordered the cash paying in envelopes NOT the postal envelopes....if i had a brain Id be dangerous!

[Woodsprite]

[quote=0103media;16888]As a sole trader you can just us a personal a/c.. quote]

You need to be a little bit careful with this - Whilst the Inland Revenue say that you don't need a seperate business bank account (you just need from your records to be able to prove what's business and what's personal) the small print of most personal current bak accounts states categorically that they are personal accounts and must not be used for business use - so be careful as the banks won't take kindly to you if they find out ('cause they're losing money from not charging you for business use!).

Personally I use HSBC - mainly because they offered 18 months free bankink but also because I needed an Internet Merchants Account for my online shop, for which HSBC offered the best rates and to get the HSBC Internet Merchants Account I needed to have either a reference from an existing business bank account (which obviously I didn't have as I was just starting up) or an HSBC business account

[Seahorse]

I have an Abbey business account, Ive wanted to take any money made and put it into my ISA as it would earn me more money.
Do I have to leave it in my business account?I also leave money made that has been paid into my paypal account.Is that ok?

[MrSwirl]

I have an Abbey business account, Ive wanted to take any money made and put it into my ISA as it would earn me more money.
Do I have to leave it in my business account?I also leave money made that has been paid into my paypal account.Is that ok?


If you are self employed, then it's your money and you should be able to put it where you want (I think).

If it's a business, though, then you can't since ISA is for individuals only.

Personally, I wouldn't, as it's important to differentiate between what belongs to you and what belongs to your business. I don't really understand how the accounts work for a self-employed sole-trader though.

Paypal money is fine to leave where it is, as long as you account for it. It's essentially an online petty cash drawer - as long as you know what's yours and what isn't, it's fine.

[Seahorse]

Coolio, I only use Paypal for business and business account for business so I shall leave it where it is.Just annoying as the extra pennies could be earning me interest.

[Seahorse]

I finally got a handful of deposit envelopes form Abbey, only took 2 months!!

[caketopper]

I also leave money made that has been paid into my paypal account.Is that ok?

I leave my money in my paypal account too as I dont have a business account, I dont need one right now as I dont get that much business yet so would be a waste of money for me.