Does your farm have a personal or business bank account?

JohnBoy

We need to setup a farm specific bank account so wandered into the bank today and asked could we open a joint bank account, mentioned that it was for farming, and they said that would need to be a business account, and gave us info on their young farmers package.

Which is basically free fees for 2 years and free internet banking for two years.

then internet banking costs €200 per annum, I didnt see what other fees were involved.


Do we have any need for a "business" account?

We just want somewhere to put money into, and out of. I dont see what a business account has to add.

what do ye do?

whelan1

i am with ulster bank and we have a business account

Bitten & Hisses

I have a business account specifically for the farm. I do it because it's easier for me to segregate personal dealings from farm business. For me, that's all it brings to the party. Think of it like going out with two wallets: If you're buying groceries, you use wallet A, if you're buying a bag of ration, you use wallet B.
If this is not of any interest or benefit to you, I wouldn't bother, as the charges are a pain in the hole.

cjpm

Whats stopping you from having a personal account in 2 banks and using 1 for personal business and the other for the farm??

johngalway

I'm the last person who should be asked about bank account fees, but, why not set up a second personal account, just don't tell them it's for the farm.

whelan1

ye we have 2 accounts my business one for the farm and dh's account more of a personal one

Username John

JohnBoy wrote: »

Which is basically free fees for 2 years and free internet banking for two years.

then internet banking costs €200 per annum, I didnt see what other fees were involved.

what do ye do?

I just have a separate personal account and a chequebook, and thats it.

Having used a business account as well previously, I dont see the point. A business account is fine, if you have a lot of different payments to suppliers, plus payments to staff, plus incoming amounts from a number of different sources.
But - I imagine you wont have that many. And if you use a chequebook same as I do, then its very easy to keep track. You dont need to worry about keeping track of the incoming money, you'll be surprised how easy that is

One thing - having used a business account with one of the main banks I would definitely NOT recommend getting a business account with them. I found the internet banking to be the biggest disaster and most user unfriendly site I have ever encountered. I have also spoke to other people, who have had the same issues, and changed banks purely due to the poor business internet banking...

I can PM you the bank if you like - dont think I'm allowed openly rubbish the banks on the boards... the poor banks...


Of course - you could just sign up for 2 years, get the free banking, and then see if you want to pay 200 euro for it or not...

johngalway

Username John wrote: »

You dont need to worry about keeping track of the incoming money, you'll be surprised how easy that is

Ain't that the truth

JohnBoy

Yeah I took a look at the charges leaflet and compared to the personal banking charges, and ah, we'll be waiting a few days and popping in to see if we can catch one of the other ladies on the customer service desk and just opening a personal joint account for it.

The charges are mental. I've seen the business banking products from both of the main banks, and the personal one from AIB lacks nothing we'd need.

eorna

the business account had a lot of extra charges in ulster bank i found so went with 2 personal accounts.. same thing really but cheaper to run.