Company Bank Account for IT Contractor...

redape99

Can any IT contractors recommend a bank with a suitable company account ie. ideally fee-free, accompanying deposit account, Internet access and chequebook.

Trying to set up after contracting in the UK and finding it tricky! The few banks I've been to so far want business plans.

DJB

Just set up a sole trader account with a bank. I'd recommend AIB. I have my personal account with them and a second account for my business. No need for business plans, etc. I have cheque book personal online banking, which will do you fine, I get small fees (€10 a quarter), laser card, etc. on this account. Also, when I lodge a cheque, they give me access to the funds straight away. I don't need to wait for it to clear. Very important for small business/sole trader!

redape99

Cheers for that but this is for a Limited Company.

professore

Unless you plan to borrow money / have extensive overdrafts etc, then why not just open a normal bank a/c and use that? As an IT contractor I think this will be the case.

Anything with "business" tacked onto it (Broadband, Phones, Bank Accounts etc) just means they will charge you more and for everything unlike consumer contracts.

I have a business a/c and it has just costed me money and hassle from day 1. It's not worth the vanity of having your company name appear on the cheque.

And another thing, Bank of Ireland charge you 15 euro / month for internet banking, whilst it's free for a normal current account. 15 euro per month to save THEM money? Come on.

I LOVE banks - it's great to talk to your local BANKER

ircoha

professore wrote:

Unless you plan to borrow money / have extensive overdrafts etc, then why not just open a normal bank a/c and use that? As an IT contractor I think this will be the case.
Company law and the revenue require proper books and records to be kept and keeping company funds in a personal account may get u into al sorts of sh1t with the CRO/Revenue/ODCE, For example: do u intend paying ur tax and VAT etc by personal cheque: if u do they will be all over u like a rash.

Anything with "business" tacked onto it (Broadband, Phones, Bank Accounts etc) just means they will charge you more and for everything unlike consumer contracts.
what exactly do u mean by this?

I have a business a/c and it has just costed me money and hassle from day 1. It's not worth the vanity of having your company name appear on the cheque.
Its the law, not vanity

And another thing, Bank of Ireland charge you 15 euro / month for internet banking, whilst it's free for a normal current account. 15 euro per month to save THEM money? Come on. The 2 products are vastly different so it is unfair to make that comparison.

I LOVE banks - it's great to talk to your local BANKER

I hate banks

mik_da_man

Hi redape99,

I have just gone through this process and went with AIB. Partly cause my personal account was with them and mainly cause they look for nothing but ID and your company Docs.
They have Internet banking but it costs €200 a year (w/o as a business exp)
I got a credit card, debit card & ATM card and a cheque book
The whole package

And also my part of my contract is that I must have a Company account - prob the same for you.
Also as mentioned above it would get VERY messy to have the company's income direct to to your account.

if ya need any more info give me a shout

redape99

I've had a nice evening filling in forms for Ulster Bank (cider helped) and I'll be getting three years fee-free business banking (for regular transactions anyway) including free Internet access (eg. interbank transfers from your online account etc.).


Or so I'm led to believe. Dropping the paperwork off tomorrow.