Normal current account for your business
Neil F: Has anyone just used a normal current account for their business and had any issues?
Millward May: The banks do charge a monthly fee in the region of £6/£7 if you set up a business account so a lot of people use their personal bank account instead.
A sole trader is technically trading as themselves so they are entitled to trade using a personal bank account. However, the banks definitely frown upon using your current account purely for business use but I have never heard of a bank taking any action.
A limited company business must have a business bank account in the company name though - a personal account can’t be used.