Hello DRedd.

This has been one of the issues that arise here from time to time that people have found to be difficult to resolve.

Have you spoken to your own bank already?

Do you work as a sole trader?

Does your business require credit from its bankers?

We may have visitors that have their own experience to share with you.

I believe that there are also a couple of paid-for accounts that might help you to work around the issue if it proves to be difficult to get an account with a high street bank.

I should also say that plenty of self-employed people enter into trust deeds and find a way around this. I very much doubt that it will turn into an insurmountable issue for you.

I will be a sole trader. I going to phone the bank and see what they say but wanted to see if anyone on here had been in the same situation. I don't require credit for the business it would be a basic business account so I can pay money in and pay gas and bills by direct debt for my business premises.

Hi,
I am also a sole trader, with a business current account but not in a trust deed - yet!

If you have an accountant to do your business accounts then you could ask their advice - most will reccomend a seperate business account so that your takings can be paid in and are identifiable to the inland revenue and also so you can pay regular or ongoing business expenses via direct debit or debit card etc. It also makes it easier when preparing your annual accounts as everything is seprate from your personal arrangements.

However, if you are not going to need the business banking services (ie cheque pay ins, business loans etc) then it may be possible to use your own personal account as long as you keep good and accurate records - again your acccountant can advise you on this - to be fair I do not think they would encourage you to do that but you may have no choice if you cannot open a business current account. Once your trust deed is completed then you could perhaps be able to open a business current account, especially if you expect your business to grow and require more banking facilities. Dont panic too much there is a way round it which is perfectly acceptable.
Best of luck.

I tried to open a business account with HSBC without overdraft or credit card but declined (presumably because of my Trust Deed)

Cashplus Mastercard and Cardone banking both have a monthly cost but no credit facility. They will accept you for an account if you just need a separate place to do business transactions.