Opening a business account (small business, just for self publishing)..

[eurovision 10]

... if I have a bad credit rating myself. Is it possible?

[Jeffrey Shaw 90]

... if I have a bad credit rating myself. Is it possible?

Yes. Several Banks offer 'basic' accounts (no overdrafts, no add-ons).

I'd recommend HSBC.

[Karis 11]

A quick question: why do you want a business account?

[Chez2 10]

My Santander business account is free, no charges at all. I opened it February 2009.

[Karis 11]

I've got a Santander account, I'm just wondering why you want a business account as you can function really quite well without ever needing one!

 

Just trying to save you the hassle

[leelister6 10]

Been self employed for years and had a business account with natwest (Free for first 18 months cos I'm a customer). When work dropped off I was still paying £35 a month for the privelige. Not worth it unless you've got a good turnover

[Chez2 10]

I've got a Santander account, I'm just wondering why you want a business account as you can function really quite well without ever needing one!

 

Just trying to save you the hassle

 

I couldn't run my business without a business account. I would never keep track and I would hate to have to refer to the accounting software all the time. Its bad enough checking through the statements daily to see what transactions have been done in the last 24 hours.

 

Why make it difficult when my business account is free?

[ChrisTodd 10]

Where possible it is advisable to have a separate business bank account. It keeps everything tidy and makes it easier (and cheaper) for your accountant if he doesn have to wade through loads of private transactions.

[Karis 11]

Where possible it is advisable to have a separate business bank account. It keeps everything tidy and makes it easier (and cheaper) for your accountant if he doesn have to wade through loads of private transactions.

 

Just to remind everyone that this 'business' is very small press publishing. Turnover will certainly be very low and it really won't be much of a business in terms of, well, anything, really.

 

I'd always advise people in this kind of situation to keep things as simple as possible. You can always build on any success you have later.

 

I simply can't see any merit in a business account in the early days; no one will see any difference and any printers you use won't mind how you pay for your product.

[steveroberts 10]

I'd always advise people in this kind of situation to keep things as simple as possible...

 

I simply can't see any merit in a business account in the early days; no one will see any difference and any printers you use won't mind how you pay for your product.

 

This is the point of a business bank account for the reasons Chris states earlier; it makes it simple from a book keeping perspective; as you say, keeping things simple.

[smithy266 21]

I would probably go for an account with the Cooperative

[Ian Thompson 10]

Another couple of benefits of using a business account:

- It is likely to improve the credit rating of the business improve over time if the account is well managed.

- I suspect that if you looked at any bank's terms and conditions (I know that nobody reads them!) you are not allowed to use your personal account for business purposes and my guess is that in there the bank could impose penalties if they noticed it.