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Business banking

You're normally good to start with a personal account. You can get 12-18 months free with a business account. it seems more professional being able to accept cheques in the business name etc but other than that the only benefit is your window cleaning money is kept separate.

 
I set up a personal and a business when I got my life together at the ripe old age of 22 [emoji23]... I got rid of the business account for another personal after the 2 year free banking ended and I’ve survived


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I set up a personal and a business when I got my life together at the ripe old age of 22
emoji23.png
... I got rid of the business account for another personal after the 2 year free banking ended and I’ve survived
 
I started the other way round. I was only prompted to open a business account when a customer questioned why I couldn't cash a cheque in the business name, asked if I was a tax dodger. Problem is after the free period they charge £1.50 to cash a cheque anyway. I know you shouldn't, and i'm not saying I do this but.... If someone wants to pay you in a cheque they can just put it in your personal name and then cash it in your personal account even if you have a business one. This of course wouldn't solve my issue of not being able to cash a cheque in the business name.

 
Yeah I found the same issues mate. I just stopped accepting cheques


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I started the other way round. I was only prompted to open a business account when a customer questioned why I couldn't cash a cheque in the business name, asked if I was a tax dodger. Problem is after the free period they charge £1.50 to cash a cheque anyway. I know you shouldn't, and i'm not saying I do this but.... If someone wants to pay you in a cheque they can just put it in your personal name and then cash it in your personal account even if you have a business one. This of course wouldn't solve my issue of not being able to cash a cheque in the business name.


I think I will put everything through my personal account and then transfer money into my business account if it doesn't cost me anything. Bacs is still free I believe but for how long?

 
I don’t begrudge paying anything, just prefer to pay as little as possible and for the few cheques I was getting and the hassle of getting into town to cash them and then be charged for that service it was hardly worth it. I mean I’d literally maybe get £40 in cheques a month and they were maybe every other week so it was just easier to push for BACS and later GC


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I don’t begrudge paying anything, just prefer to pay as little as possible and for the few cheques I was getting and the hassle of getting into town to cash them and then be charged for that service it was hardly worth it. I mean I’d literally maybe get £40 in cheques a month and they were maybe every other week so it was just easier to push for BACS and later GC


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I was talking to the bank teller and she said cheques are slowly getting phased out. It took half an hour processing my cheque because they were trialing a new system that clears in a day but half an hour to process. :1f602:

 
Aye, Everyone I know that's with the BOS don't seem to have any bother with them. They are closing my local BOS so we have to go into the centre of town but it is next to my Nationwide bank. I might change to them when my business banking comes up for renewal in May.

 
I pay my cheques in at the Post Office at the end of each month. Takes, seconds - assuming there's not a queue.

 
I pay my cheques in at the Post Office at the end of each month. Takes, seconds - assuming there's not a queue.
My wife runs an eBay business so she's in the post office every day. Problem is they lost a cheque. It was only £12 but still. Check the receipt they give you and it only confirms you paid in a cheque, doesn't confirm an amount or any details. If a cheque goes missing you're in the awkward position of asking the customer for a replacement. Now they've closed the local branch of my bank I won't be taking cheques either.

 
I use Starling. You have to set up a personal account. But then you can create a business account after. You can pay in cash at the post office, but best of all everything is in real time. A customer pays you? Pings up on your phone. You make a payment? Pings up straight away on your phone.
The big banks are lagging behind for instant banking... you can use Direct Debits etc too just like an account that actually has branches, it is a bank itself. All fee free apart from Cash deposits which are £3 flat rate.


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Look, im starting up a non profit bank, just send all your money/cheques etc to me, it will be sound honest.  :1f911:

right, im off now, catcha all laters.

 

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