Can a Ltd company open Two Bank Accounts?

Discussion in 'Accounts & Finance' started by tire1, Feb 7, 2016.

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  1. tire1

    tire1 UKBF Contributor Free Member

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    Hello,
    Can a limited company open two bank accounts in separate banks?
    Is it perfectly legal?
    Best regards
     
    Posted: Feb 7, 2016 By: tire1 Member since: Apr 21, 2012
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  2. john1989

    john1989 Guest

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    Yes.
     
    Posted: Feb 7, 2016 By: john1989 Member since: Jan 1, 1970
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  3. tire1

    tire1 UKBF Contributor Free Member

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    I mean two bank accounts in two different banks?
     
    Posted: Feb 7, 2016 By: tire1 Member since: Apr 21, 2012
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  4. john1989

    john1989 Guest

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    Yes.
     
    Posted: Feb 7, 2016 By: john1989 Member since: Jan 1, 1970
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  5. Bob

    Bob UKBF Big Shot Free Member

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    I totally agree with @john1989's detailed answer :)
     
    Posted: Feb 7, 2016 By: Bob Member since: Jul 24, 2009
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  6. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

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    It's quite legal to open bank accounts with different banks but in practice the second bank that you approach may well refuse to open one for you if they know that you also have an account elsewhere
     
    Posted: Feb 7, 2016 By: Ian J Member since: Nov 6, 2004
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  7. tire1

    tire1 UKBF Contributor Free Member

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    I already have an account with Lloyds (and also have over draft facilities). But they have increased their account fees recently and again going to put it up in April 2016. Hence, I am thinking to open another account with HSBC and do all online transactions with them.

    I should not inform the HSBC about my Lloyds account?
     
    Posted: Feb 7, 2016 By: tire1 Member since: Apr 21, 2012
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  8. john1989

    john1989 Guest

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    If they specifically ask if you have an account elsewhere, I would be honest with them.
     
    Posted: Feb 7, 2016 By: john1989 Member since: Jan 1, 1970
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  9. andygambles

    andygambles UKBF Ace Full Member - Verified Business

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    You can have multiple accounts with multiple banks. Sometimes this is advantageous as it means you are building a relationship with all of them.

    Sometimes it can go against you as the bank might not lend you money if it sees you have facilities elsewhere.
     
    Posted: Feb 7, 2016 By: andygambles Member since: Jun 17, 2009
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  10. Karimbo

    Karimbo UKBF Ace Free Member

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    i would imagine it would be very very easy fr them to check. Given how detailed credit checks for individuals are, I woiuld imagine business credit checks would be pretty transparent
     
    Posted: Feb 8, 2016 By: Karimbo Member since: Nov 5, 2011
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  11. tire1

    tire1 UKBF Contributor Free Member

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    Thanks. On a separate note, If one opens a Euro or US Dollar (business) Account in UK, Can he withdraw Euro/Dollars from that account. I know, one can have personal Euro account, but cannot withdraw Euro currency from that account. It only allows to bank transfer only. You do not even get a Debit Card.
     
    Posted: Feb 8, 2016 By: tire1 Member since: Apr 21, 2012
    #11
  12. andygambles

    andygambles UKBF Ace Full Member - Verified Business

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    Depends on the bank.
     
    Posted: Feb 8, 2016 By: andygambles Member since: Jun 17, 2009
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