Banking service which allows you to have one overall bank account and multiple sub accounts?

[MYT9000]

I was wondering if anyone can tell me if there is an international banking service which allows you to have one overall business bank account and then multiple sub business bank accounts. For example, I have a company but I have multiple brands. I would like a sub account for each brand but all the money eventually ends up in the overall business bank account. I would also prefer it if I could be paid via direct deposit rather than by cheque. If you know anything please don't hesitate to reply.

 

[FirstClassVirtualOffice]

With Nat West you can have a current account and then multiple savings accounts, each with own account number, and balances show separate and you can transfer money between them instantly. Might be a way around things.

 

[Chris34]

I've been thinking of just the same thing within the last year but haven't got around to looking into it. If it's not possible to do this in this modern day and age without having to open multiple bank accounts then it's ridiculous.

Obviously you can go off your own figures and work it all out but it would be so easy for an account holder if they were able to split one bank account into several sections so they can see everything in a more clear recognizable format for their own benefit.

Put it this way, imagine if Ebay had no catergories, imagine how complex and time consuming it would be to filter everything out to see what you want.


Chris.

 

[MYT9000]

With Nat West you can have a current account and then multiple savings accounts, each with own account number, and balances show separate and you can transfer money between them instantly. Might be a way around things.

So, if I am understanding you right when receiving a payment I can give the sort code and account number of the savings account and receive the money? Also, for the savings accounts can I use a different account holder name or do I have to use the same account holder name as the current account?

 

[FirstClassVirtualOffice]

It's the same account holder name, as these are savings accounts associated to the main current account. But yes you can have people pay into the account number supplied for the savings account.

If you want an account in a different company name then of course you have to open a new account in that company name.It is a legal entity don't forget, so the bank won't have 2 or more limited companies names sharing one main current account.

 

[MYT9000]

But what if the account holder name is the name of one of the brands owned by my company?

 

[ThePublisher]

My account is in the name of 'My Company Ltd t/a A Brand and B Brand' and the bank accepts cheques made payable to any of My Company Ltd or the A Brand name or the B Brand name.

 

[MYT9000]

My account is in the name of 'My Company Ltd t/a A Brand and B Brand' and the bank accepts cheques made payable to any of My Company Ltd or the A Brand name or the B Brand name.

And what bank are you with if you don't mind me asking?

 

[ThePublisher]

RBS so I'd imagine it's not a problem with NatWest either

 

[MYT9000]

Sorry to bother you again but can you tell me the name of this service or give me a link to where I can find this?

 

[MYT9000]

RBS so I'd imagine it's not a problem with NatWest either

Sorry to bother you again but can you tell me the name of this service or give me a link to where I can find this?

 

[ThePublisher]

http://www.business.rbs.co.uk/afb/p...U-GBpdnsH6AyvDI!/dl3/d3/L2dBISEvZ0FBIS9nQSEh/

 

[FirstClassVirtualOffice]

Nat West allow you to add one additional name to the account. So you then get a cheque book and paying in book and can receive and send payments on the name of the limited company (main name on account) and the additional name.

 

[andygambles]

Bank with Lloyds and have multiple business accounts managed through a single online banking no problem. Just ask them.

 

[MYT9000]

Nat West allow you to add one additional name to the account. So you then get a cheque book and paying in book and can receive and send payments on the name of the limited company (main name on account) and the additional name.

Does NatWest allow this for international banking because I need to receive payments from the US and what is the maximum number of 'sub' accounts I can open? Last two questions I promise lol

 

[MYT9000]

Bank with Lloyds and have multiple business accounts managed through a single online banking no problem. Just ask them.

Does Lloyd's allow this for international banking because I need to receive payments from the US and what is the maximum number of 'sub' accounts I can open?

 

[FirstClassVirtualOffice]

Yes, we have international clients who pay us via our Nat West account.

PS you can manage several accounts from one login at Nat West, but you can't have multiple companies managed from within one bank account.

 

[MYT9000]

Just going back to what you said before about being allowed to add one additional name to the main account is it not possible to add or request more accounts or is one the limit?
And I know I have already asked this but I just want to clarify when receiving payments I can only give the name of the man account and not the additional name?
Do you know the name of this service or have a link?

 

[MYT9000]

Sorry, I meant is it possible to add or request more than one name not account?

 

[FirstClassVirtualOffice]

Maximum 2 names with a Nat West Business account. Queried that only a few months ago.

You can of course, have multiple but separate business accounts e.g. one for each limited company, which you can then add a trading name as the second name.

You can only give out one bank account number and sort code, but its irrelevant which of the 2 names you supply (to the payee).

 

[andygambles]

Does Lloyd's allow this for international banking because I need to receive payments from the US and what is the maximum number of 'sub' accounts I can open?

Sorry missed your question. Lloyds International Banking is a PITA as it is telephone banking only at the moment. Also you get UK sort codes and account numbers so the charges can be high for receiving payments from abroad.