bank account for business

[MongoBongo]

I am 18 and will be starting trading in late July, however can I use my personal bank account for my business?

As I have a Natwest bank account and can change the name on the account easily online.

Or is it vital to have a business bank account?

 

[vvaannmmaann]

Probably best to keep the two things separate.
Look on the High Street,some of the banks are offering free banking for new businesses.

 

[MongoBongo]

thing is, I hardly use the current Natwest account so thought I could make it useful by using it for my business

 

[TheMD]

Usually there are fees which apply to business banking transactions i.e. depositing cheques, making payments etc. If your bank suspects that you are using a personal account for this clearly they will be missing out on revenue and will likely ask you to cease.

therefore you should get a business account opened, particularly if you are a limited company rather than a sole trader.

Many banks offer free banking for 1 or 2 years which means you won't be liable for charges during this period.