Banking - What do you need for a LTD company?

[JoyDivision]

Does it need to be a business current account or would any account do? I am concerned about the prices they charge for a business current account.

I dont' need anything fancy I just want a simple no frills account I can use for my business. A cheque book would be nice but its not somthing I would use much. The goes for the debit card, it would be nice but its not essential.

[stagetec]

I think if it is a ltd company it will have to be a business account, but most banks offer a year or more free banking.

Alternatively if all you want is standard banking services you could go for the Abbey Business account, which is free for ever and also offers interest.

Andy

[Ozzy]

Hi Joy,
A bank will not open a personal bank account in your companies name, and you will need to have the account in your businesses name otherwise no-one will be able to pay you cheques!

As Andy mentions, Abbey and many other banks such as A&L, BoS, etc offer free business banking deals. If you are happy to move around changing banks each year guarantees free banking ;-)

There is a thread about business banking at the top of this forum (or the Finance forum actually).

[ink4-u]

the reason they say you need a business account is because of the amount of mony that will pass through the account. on a normal account they would get reports of money laundering, and they you run the risk of being investigated. whereas if you had a business account them risks are eliminated. and the bank maked a small but tidy sum out of that!

[Ozzy]

There is that too :)