Do I really need a Business Account?

[Fluffycloudland77]

I'm a sole trader. I've been trading for 14 years.

I pay under 10 cheques a month in, sometimes only 4-5 and three businesses pay BACS or fpi.

If I just opened a normal current account would that amount of credits make the bank think I was a business?.

I pay more in account fees per year than car insurance and I want to get my costs down.

My accountant says to not bother with B.Ac. . They charge you for services you get free for having a personal account. There is no legal requirement and recommends I change banks if they start getting arsy.

Love my accountant!

Well that's all the encouragement I need!

Rbs does free business accounts. No costs for anything

Can you link to that account high? I didn't see one like that.

Sorry just saw you had replied. It's called business banking direct and you can see it on their website.

I'm with HSBC, I have one personal and 2 business accounts. You get 18 months free banking and then if you use their online banking tariff thereafter it's less than £10 a year with those sort of deposits.

I find it's helpful to be able to keep my accounting straight and transfers between personal and business are instant, so no waiting for funds to clear etc.

I never had a business account when I was a sole trader.