Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

Sole trader bank account?

  • 10-09-2013 12:39PM
    #1
    cmbutterfly45
    Registered Users, Registered Users 2 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


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,813 ✭✭✭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.


Advertisement