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Sole trader bank account?

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  • 10-09-2013 12:39pm
    #1
    cmbutterfly45
    Registered Users Posts: 402 ✭✭


    Hi hoping someone might be able to advise, I will be starting a new business as a sole trader in next few weeks and am looking at opening bank accounts now, I will be using it mostly for lodgements in night safe and Internet banking for transfers ect, I hav bank of ireland or Aib available to me, I hav heard bad thing about the business Internet banking for both but have to go with one, is it possible to set up a personal acc to use for this or can you only access night safe facility with a business account? Can anyone advise which is the best to go with as I've also heard that once the fee free period is o we you can get hit with massive fees


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Use of night safes are normally only for business customers.

    Use of a personal account for business transaction is normally against the T&C of a personal account.

    Depending on the type of business gauge your banking needs to see if setting up a business account is really needed. I've seen plenty of sole traders using just a spare bank account for it but of course they would not have a lot of banking needs.

    Also have a look at the local credit unions. Bottom line here is the night safe, if its use is unavoidable then you may just have to use a business account.


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