I have opened a savings account with Virgin Money. It pays 5% at the end of 1 year. You can only add £250 per month, but I don’t earn much more. It is not a business account as such, but the better interest rate will (hopefully) give me more back at the end of the year than a personal account. I pay into that account, all that I make from my jewellery, so keeping it separate from my personal account. I do not make enough to worry the tax man as I am retired. I am sure that this wont be for everyone, but the chance of making a bit more interest than in personal accounts, some will find ‘interesting’! Yes?
2 Likes
I have had a couple of business accounts, switching when the ‘free banking’ ends after 18 months, but it’s not worth it when you have to pay £5 a month just to have the account, with fees for transactions on top. I have just opened a current account with Virgin Money and am going to use that from now on.
1 Like
I have a separate bank account, its just a normal account but I use it for my shops, money goes directly into it, linked to my Folksy and other online platforms, I use it to buy all my materials etc
1 Like