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Blue Box's Avatar Blue Box Blue Box is offline
Entrepreneur
Join Date: Jan 2009
Posts: 28
Business Banking for under 18s

I'm looking into business banking for under 18s for a friend of mine.
He is 16 and is hopefully starting a social enterprise, but needs a business bank account.

He is saying all he can find is 18yo +.
I suggested Abbey, because that's who I first used when I was 16, but apparently they're 18yo+ as well now.

Any suggestions?

Hope you're all having a restful christmas.
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jordan-ashley jordan-ashley is offline
Newbie
Join Date: Dec 2009
Posts: 3
I too need help with this, so if anyone has soon good experience with banking for under 18's I would love to hear from you.

Jordan
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aa412's Avatar aa412 aa412 is offline
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Join Date: Sep 2009
Posts: 133
The only thing I can think of is if he gets someone 18+ like a parent for example to open the account, and he gets himself put on as someone authorised to use it. Then he can do what he likes and the adult has nothing to do with it except in name only.
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lordlancaster's Avatar lordlancaster lordlancaster is offline
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Join Date: Jan 2009
Location: Gateshead
Posts: 1,348
Scottish entrepreneur Fraser Docherty (Superjam) started his business when he was just 14yrs old, and so he just had a separate (normal) current account for business income / expenditure alongside his personal account.

Check out the webcast we did in Edinburgh back in March 2009 in which Fraser offers lots of other useful advice for (very) young entrepreneurs here;

http://www.shell-livewire.org/video-lounge/march-webcast
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turnkeyit turnkeyit is offline
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Join Date: Feb 2007
Location: Nr. Weston Super Mare, Somerset
Posts: 165
Business banking for under 18's is very difficult to get hold of.

When I was 14, I went to my local Lloyds TSB branch, and explained my business, explaind who my customers were at the time and why I needed the account.

After a couple of meetings, it was agreed that we could setup a business account, but it would need to be in one of my parents names, until I was 16, when it could be changed.

Luckily this worked... However, when I was 17 and wanted to move banks due to the bank charges, I found that no-one wanted my custom.

Now I'm 18, I can go anywhere..

I think my advice, would be that you need to speak to the bank business account manager, unfortnately most of these have now been moved to call centres, however, as I believe Abbey still has some in various branches.

One other possibility, is joining the Federation of Small Businesses (FSB), they offer free business banking with the Co-Op and I believe they are happy for anyone (with parental consent) under 18 to have a business bank account with them.

Good luck!
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lordlancaster's Avatar lordlancaster lordlancaster is offline
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Join Date: Jan 2009
Location: Gateshead
Posts: 1,348
Some good advice here from Mike who was in the final 8 for our Shell LiveWIRE Young Entrepreneur of the Year Award 2009 and runs a very successful business at the tender age of 17
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Sage One UK
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Spodaz Spodaz is offline
Maven
Join Date: May 2008
Posts: 59
Hi,

I set up my business at the age of 14

I went along to the bank (HSBC) explained what the business was about, my ideas etc

Then had to do the whole thing again for the bank manager who was very impressed and said he would call up someone at the head office and get something arranged, and that day it was all sorted, I had a business bank account in my name, cheque book and all! (Don't expect any overdraft facilities though!)

All you need is a good idea and a bank willing to help you out!
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Thanks,

Alan
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