Business banking and the 'credit crunch'

[antonia]

If you have money in your business account, is the credit crunch and bank failures making you think about moving it?

I put money aside for tax each month, and, having checked, now realise that business accounts do NOT get the same guarantee from the government. e.g. if the bank goes bust you are not protected. I'm now wondering whether to move my tax money to a personal savings account. I don;t like mixing up business and personal money but...

[naturalnursery]

Can you open a new "personal" account and just move the funds into there?

Axx

[obscure]

I#d do what Arabella said!

Move your tax money into a separate account (also means you dont have to worry about spending it by mistake!).

I've been moving over money thats not being used to pay business expenses into another account for this reason.

:) Sadie

[marcandal]

I had thought about what would happen but didn't realise that business accounts are not covered - thank you for the info - will now need to look into what to do.

Thanks
Alison

[antonia]

that's a good idea - it isn;t difficult to get a new savings account.....but which bank LOL!

[littlesheep]

Good point - I hadn't thought about that...

[obscure]

According to my friends biz accountant HSBC are looking like one of the most solid contendors at the moment. As much as any banking institution is :S

Sadie

[friendlybaby]

According to my friends biz accountant HSBC are looking like one of the most solid contendors at the moment. As much as any banking institution is :S

Sadie

Thats just put the nail in HSBC's coffin then. :cheesy: