Best Business account for Under 18?

[MESophie]

Hey

I am getting a new business idea under way, and I am wondering which is the best business banking option for me to take.

I have looked around on several websites which basically say you need to be 18 years old to start a business bank account (which is stupid because you can be a Sole Trader at 16).

What is my best option? Anyone on here got a business bank account at 16, if so...what bank?


Thanks,
Sophie

[MikePage]

I think there is a potential problem in English Contract Law regarding the ability of a minor to make an enforcable contract. This goes back to my study days - so I'm recalling study a long time back!

A quick Google gave me this link -

http://www.gillhams.com/dictionary/444.cfm

It may be worth asking the banks if this is where the problem lies

Kind Regards

Mike Page

[MyAccountantOnline]

I know that many of the high street banks will offer a basic bank account to you at 16 years old - but not sure about a business account.

[Burden]

Before i was 18 i had setup just a personal bank account separate from any savings to keep it all in the one account (at a different bank!).

I agree it is stupid that you can be a soletrader at 16 but not have a business account, what do they expect you to do? stuff it under the floorboards?

[yorkshirejames]

Hey

I am getting a new business idea under way, and I am wondering which is the best business banking option for me to take.

I have looked around on several websites which basically say you need to be 18 years old to start a business bank account (which is stupid because you can be a Sole Trader at 16).

What is my best option? Anyone on here got a business bank account at 16, if so...what bank?


Thanks,
Sophie

I wonder whether you might be better forming a limited company (new minimum age for directors is 16) and then letting the company contract with various parties?

[1christopher]

I am 17, and run my own fairly successful web design business part-time (sole trader).

A couple months ago, i decided i ought to get a business bank account to help me manage my finances better.

Being under 18 though has given me a few rejections, so i thought i'd post all the advice i recieved here.

NatWest: No
HSBC: No
Abbey: No
A&L: No
Co-Op: No, but a parent could open the account and i could be a signatory.
Barclays: Yes
Lloyds TSB: Yes

I opened an acc with Lloyds, mainly because they are my personal bank, and the woman at my local branch seemed particularly helpful.

Barclays weren't sure if they could give me a debit card, and my Lloyds Bank Manager said they couldnt because bizarrely debit cards enabled the overdraft, and that i should just use my personal acc for card transactions til November.

Hope that might have helped!

[MESophie]

I am 17, and run my own fairly successful web design business part-time (sole trader).

A couple months ago, i decided i ought to get a business bank account to help me manage my finances better.

Being under 18 though has given me a few rejections, so i thought i'd post all the advice i recieved here.

NatWest: No
HSBC: No
Abbey: No
A&L: No
Co-Op: No, but a parent could open the account and i could be a signatory.
Barclays: Yes
Lloyds TSB: Yes

I opened an acc with Lloyds, mainly because they are my personal bank, and the woman at my local branch seemed particularly helpful.

Barclays weren't sure if they could give me a debit card, and my Lloyds Bank Manager said they couldnt because bizarrely debit cards enabled the overdraft, and that i should just use my personal acc for card transactions til November.

Hope that might have helped!

Brilliant thanks, I'll check Lloyds and Barclays out.

[1christopher]

If you're anywhere near Peterborough, i can give you the details of the Account Opening woman at Lloyds, who was excellent. Everything sorted in an hour.

[MESophie]

If you're anywhere near Peterborough, i can give you the details of the Account Opening woman at Lloyds, who was excellent. Everything sorted in an hour.

I'm in Leicester, so Peterborough might be a bit of a detour, but thanks for the offer :)

[1christopher]

Good luck with your business, what is it you're going to be doing?

[MESophie]

Good luck with your business, what is it you're going to be doing?

A variety, a student based project, a web tv show and a few local projects, as soon as my GCSEs are over I'll be making a proper start on them.

[1christopher]

:D Have fun, i've found running a business great fun. if there be anything i can help with, let me know.

[iyereoboite]

Thinking about it i tried to start off a business and had no idea which bank would take me seriously and help me open a business account. I was 17 at the time. I guess you just have to go to every bank possible and find out for yourself. I didnt find much information online