Business Bank Account

[MrsI]

My husband and I are preparing to open our first business, as a partnership. We want to open a bank account which we can both access to deposit the takings (cash) and set up standing orders/direct debits to cover the outgoings. From what I've read I don't think we need a specific business account, just a basic bank account in joint names.

We both have personal Halifax accounts so I was considered opening a joint account with them. But when they ask the reason for this additional account do I say for business purposes? Will they then try to flog me some type of business account with a fee? Or should I be vague and not mention the business?

An added complication is my husband has only lived in the UK for a year so does not yet have a UK credit history. Although he was able to get a basic bank account with Halifax with a debit card, no overdraft facility etc when he first moved here.

Many thanks,
MrsI

 

[Scalloway]

If you open a personal bank account then start using it for business the bank may well insist you open a business account.

 

[faradaykeynes]

Speak to Metro bank, they should be able to help

 

[MrsI]

If you open a personal bank account then start using it for business the bank may well insist you open a business account.

Yes, I thought that may be the case. Any suggestions of alternative accounts which may be suitable for what we need?

 

[MrsI]

Speak to Metro bank, they should be able to help

Thanks but unfortunately we don't have a Metro bank in our area. Any other suggestions?

 

[faradaykeynes]

Barclays and Natwest offer FREE banking for some period on business accounts

 

[StevensOnln1]

Not sure if it's still available but Natwest used to do a foundation business account which didn't require any credit checks to open. Whichever bank you go to should offer you 12-18 months free banking period as a new business. It is against the terms of most banks to use a personal account for running a business.