Hi all !

I just discovered your site and have already found some very good information here.

I was just wondering about opening a business account.

Is it difficult to do for a sole trader (new startup)?

Are there high bank charges?

Are banks fussy about who they deal with.

How much different is it from a personal account?

answers will be much appreciated.

Thanks

Hi there

Glad you are finding the site of use

In answer to your question, it is very easy to open a business bank account. Most banks will be happy to open a sole trader account for you and it is normal for them to offer at least 12 months free banking to new businesses.

Most will ask that you make an appointment to open the account, but dont worry, this is just an opportunity for the bank to find out a bit more about what you intend doing (and to try to sell you insurance etc!)

As for how the business account works, it is basically exactly the same as a personal account.

Bear in mind that if you want to borrow money from the bank, either by way of overdraft or loan, then they will likely ask that you provide them with a business plan.

Hope that answers your questions.

Best regards

Richard
TheTrader