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Using Savings accounts for business
 

I use savings accounts on all my eBay stealth accounts, eventually when my stealths get some good increases I'm planning on having around £600-£1000 from total sales a month per stealth account which i will be withdrawing to my savings account each month,

My question is, is this ok with the banks me doing this as i will be running a business would they not notice it and want me to have business accounts instead?

Re: Using Savings accounts for business
 

For sure, there are some UK banks that will object.

Preferable to use current or basic accounts to keep the bank(s) happy.

Banks notice everything.

:mod:

Re: Using Savings accounts for business
 

Open a couple more accounts. I have 3.

Re: Using Savings accounts for business
 

Ok so banks are fine using current-basic accounts for business?

Only 20% £200 of it would be profit so if i only withdrew that amount it's not a lot so think i would get away with that and say it's personal money if they noticed,

The other £800 would be to reorder stock but rather than withdraw it and order my stock paying through my bank would I be safe to order stock paying through paypal? that's my only worry as i order most of my stock from china and I've seen that eBay-paypal don't like people getting stuff from china, would paypal notice the payments to china do you think and would i be at risk? The stuff i sell is low risk and sells for only around £3-£4 per sale but I'm just worried from stuff I've read that they don't like people buying from there, paying for stock through paypal would prob be my prefered option but is that's a risk? thanks.

Re: Using Savings accounts for business
 

I've got ten stealths linked to all savers accounts, all my current accounts have been used and had banned paypal's attached to them, bit much opening another 10 current account's at once

Re: Using Savings accounts for business
 

Would have been preferable to open a current/basic account once a month.

Basic account with your mentioned volume should be OK.

:juggle:

Re: Using Savings accounts for business
 

Ok will start opening a few ready for when accounts grow to link to them, what about above method making payments to china for stock through paypal is that a risk or am I being paranoid?

Re: Using Savings accounts for business
 

Provided your paypal is in no way attached to an ebay account AND you use a credit card as the funding source, it is doable.

Re-read what I wrote, Dazzler. Quite critical for your well being ;)

Re: Using Savings accounts for business
 

I pay suppliers all the time in china via paypal. As long as your goods not on vero or phakes use paypal then withdraw less.
Another way is if account is in real info then you can apply for a paypal debit card rather than withdraw. Its great.