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  • Abbey Business Account?

    Hi!
    I've read the previous couple of posts on business accounts and it seems most people have a separate personal account rather than a business account because of the high fees of the business account.

    What exactly are the benefits of a business account that warrant the fees?
    Are the fees actually high, because I've looked at the Abbey business acount, and there don't seem to be any fees as long as you don't make over 100 withdrawals or pay over 100 cheques in a month? Am I right?
    So is it free? If so, surely everyone should have one?

    http://www.abbey.com/csgs/Satellite?...COM_TemplateA1

    So confused!!!

    Find what you want to do and then do it with all your heart.



  • #2
    Several of the banks offer free for an interim period, must admit I have looked at the Abbey one and as you said seems to be free. I opened mine with Lloyds, simply because we have our other accounts with them, free for the first year then a gradually increase but I approached them and now get it free.

    Having a separate account is a good idea as it simplifies your accounting, it does not however have to be a business account, that is for you to decide, you could always start off with an ordinary account and change if you needed later.

    If the tax office did an audit of your accounts they would ask to see your bank statements, these do not have to be business but if you mix both accounts you would have to clarify all transactions, so if you had a cheque as a gift you would need to keep a record of this, hence why a separate account is easier.

    I have several trade accounts where I have had to supply a copy of the headed statement showing a business account holder or showing my business debit card when purchasing. I know others on the forum have not had to supply this info, it just depends on the suppliers etc.

    Hope this helps and has not confused you.

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    • #3
      Im with the Abbey.I cant recall the name of the account type but i have no real contact with the bank(if that makes sense)I do everything via an ATM, post, I dont actually go into the Abbey building.Its worked for me so far, i have a direct debit acount card, a cheque book, they give envelopes to post cheques if you cant get to an atm, and envelopes for atm machines.No fees for me as far as I know.
      Il try to find out what its called.
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      • #4
        I've had an Abbey business account for years now, and yes, it's free so long as you don't exceed the limits you mentioned. The limits are quite generous for a small business.

        The only thing I've ever paid for is an annual fee for an overdraft facility. Everything's done by post or phone, and for me it's run smoothly most of the time.
        Celia
        I can't be creative and tidy too
        www.jencel.co.uk for beads, findings and threads
        The Occasional Sheffield Bead Shop
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        • #5
          As mentioned it really helps with your tax to separate biz and non biz..

          Fees go against tax as well.. All depends on what sort of turnover you are looking at and payment methods.. Say all your payments in and out are on paypal then you could just use that..

          Hope that helps a little.
          .


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          • #6
            Unless you need an overdraft or special requirements, then a new personal bank account is fine to use for your business. I use my Halifax account as my Business account!

            I was going to get a business account but when I reaslised they wanted fees for things I was uunlikely to need or use, I decided to just have a normal account!
            Rach

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            • #7
              I managed very well with a separate personal account for years - until I decided I wanted to take credit cards. Then 'they' insisted I have a buisiness account. It's costing me a fortune but my customers are delighted.

              BUT read the small print

              My business account charges if I deposit cash but not cheques and my first account is free for cash and charges for cheques. So guess where I deposit what....then I move the money around electronically. At least that's free with both accounts.

              AnnieAnna

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              • #8
                My business account is with the Alliance and Leicester which is also free under certain limits - would be delighted if i went over the limit and had to pay lol
                Chris xx
                My Website
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                • #9
                  Im with abbey and it seems as long as u dont need to talk to any one face to face or get change from the actual bank itself then its fine, the people working in my abbey branch are nasty the few times I have been in to try and get change or similar, in the end I walked into HSBC - who I dont have an account with at all and they gave me the change I wanted!

                  going to write to abbey, but on the whole its been ok!

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