If you're starting a Subscription based business. Great! There's few things you need to do when setting up a business which include choosing between being a
- Sole trader (simple, but you're personal belongings (assets) are liable if things go wrong)
- Limited company
Keeping your business money seperate from personal accounts saves you a lot of hassle, it's not recommended to mix them! Thankfully, a lot of banks both large and small offer free business banking which may be perfect for your subscription based business model.
Choosing a free business banking account
Lots of banks offer free one-year or entirely free business banking. Some options inlcude:
If you have fewer than 10 employees and less than £1.7m in annual turnover, then you can benefit from free Business banking from Starling Bank.
When you're ready make sure it sounds a good fit for you: https://www.starlingbank.com/business-account/.
Careful what any marketing campaign means by 'free' though, review their terms, for example they disallow some business types from free accounts. So make sure your subscription website is inline with their free account terms.
Natwest Startup Business Bank Account
Natwest off you 18 Months free business banking:
This 'Startup business account' is available for businesses that have been trading for less than 1 year and have a projected or existing annual turnover of less than £1m. Source: Natwest
Note that you have to have been trading for less than a year. Give their Terms and Conditions a read.
HSBC Startup Account
Just like Natwest, HSBC also offer 18 months free business banking, again, only
"Applicable for businesses up to £2m turnover with a business current account on our Electronic Banking Tariff or Small Business Tariff"- Source: HSBC
Find out more about HSBC's startup business accounts.
Give their terms and conditions a read.
Other UK Banks to consider
- Co-operative Bank
Look out for smaller challanger banks, they might be more modern and easier to work with when building your subscription business. Older, larger slower banks are catching up though! But check them out and look for honest reviews. Finally, don't be afraid to switch your business banking accounts; people rarely do and it's actually quite a simple process.
Start your subscription business journey now with Subscription Website Builder, which is built around subscription based business models.