Partnership Bank Account

[dizzierhys]

Hi There,

I and my partner are wanting to create a bank account for our partnership which is selling digital products online. I've been looking around and it seems most banks require you to be a limited company or sole trader to set up a business bank account? Is there not a solution for a partnership, if so any advice on which to use?

Many Thanks

 

[StevensOnln1]

Any bank should be able to open an account for a partnership, have you tried going through the sole trader application to see if there is an option for a partnership?

 

[dizzierhys]

Can you open a normal joint account with the partner or does it have to be a business account for general partnership?

 

[StevensOnln1]

Most banks will insist that you open a business account if you are trading and may close a personal account if they discover that it is being used to run a business. Which bank are you applying to? I've just checked several and all state that they will open a business account for a partnership.

 

[dizzierhys]

Is that for a general partnership though? I first had a look at the online banks such as starling, holvi, monzo which don't seem to do it for general partnerships. The high street banks I looked at HSBC but as I have a current account with them, it says we cannot do that. Which did you find? Natwest seems to only offer business accounts to limited companies

 

[Mr D]

Is that for a general partnership though? I first had a look at the online banks such as starling, holvi, monzo which don't seem to do it for general partnerships. The high street banks I looked at HSBC but as I have a current account with them, it says we cannot do that. Which did you find? Natwest seems to only offer business accounts to limited companies

Natwest.
https://www.business.natwest.com/bu...bank-accounts.html?intcam=HP-B-TB-DEF-Default

 

[ecommerce84]

Our partnership account is with Lloyd’s, it was very easy to set up and free for 18 months.

I rate their online aspects highly - the website and app are both very good.