If you decide to set up your own limited company then you’ll need a business bank account to separate your personal and business finances . It may sound like a lot of hassle but our quick guide shows you what you need to do.
Opening a Limited Company bank account is easy:
Shop around for your bank account – don’t just take the convenient route and go with the your current bank as this may not be the best deal.
Look for banks with a strong reputation to ensure that your money is safe.
Pay attention to account interest rates as these can hugely vary.
Go for a bank that has a specialised small business unit. The set up process is likely to be simpler and more informative.
Check to see if your bank has online banking and if it’s easy to use.
Set up a business account.
You will need:
Your Certificate of Incorporation with limited company name and number.
Your passport and/or driving license to prove your identity
It's simple, call a Bank's appointment setting line and they will book you in to see a Business Manager at your local branch.
I can't recommend any one particular Bank however as an example Lloyds TSB have a free phone number: 0800-022 4389 and I understand they are very quick and efficient!
Neil Benson Jan 29, 2010 at 3:10 pm
I have had business bank accounts with Abbey (now Santander) for years. They offer a very good, completely free service. They provided debit cards for directors, good online banking system, reasonable overdraft. But there's no relationship manager, no branch-based service — that's why it's free and has decent interest rates.
Recently opened an account with HSBC for a new business. Switched to HSBC because they integrate with Xero, whereas Santander didn't. Service is OK so far, but battling to get a debit card.
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Dec 16, 2009
at 12:11 pm
It's simple, call a Bank's appointment setting line and they will book you in to see a Business Manager at your local branch.
I can't recommend any one particular Bank however as an example Lloyds TSB have a free phone number: 0800-022 4389 and I understand they are very quick and efficient!
Jan 29, 2010
at 3:10 pm
I have had business bank accounts with Abbey (now Santander) for years. They offer a very good, completely free service. They provided debit cards for directors, good online banking system, reasonable overdraft. But there's no relationship manager, no branch-based service — that's why it's free and has decent interest rates.
Recently opened an account with HSBC for a new business. Switched to HSBC because they integrate with Xero, whereas Santander didn't. Service is OK so far, but battling to get a debit card.