Do you need a separate business bank account?
If you’re starting up, do you need a separate bank account for your new business? The answer depends upon the type of business structure you work under.
Business Banking
Whether you’re a sole trader, limited company director or partner, here’s what to look for in a business bank account.
A separate business account helps you keep track of income, payments and tax. Limited companies need to keep company money separate from directors’ personal finances; sole traders have more flexibility, although banks may restrict business use of personal accounts.
Start with the account-choosing guides, or explore practical advice on charges, switching, account protection and individual providers below.
Choosing a business bank account
- Sole trader bank accounts: how to choose
- Limited company bank accounts: how to choose
- Do you need a separate business bank account?
- Can you use a personal bank account for business?
- Can you open an account before trading?
- How long does it take to open a business account?
- Can you open a business account with bad credit?
Managing your business banking
Switching and software
Business account reviews
Can you open a business bank account before you start trading?
Find out if you can open a business bank account before you start trading, and what banks need to see before activating your account.
Can you use a personal bank account for your business – and should you?
Sole traders can use a personal bank account, but should they? Here’s what HMRC says, the risks involved, and when to switch to a business account.
How to switch business bank accounts
How to switch business bank accounts as a sole trader or limited company, including payments, bank feeds and switching service eligibility.
Sole trader bank accounts: what to look for when comparing providers
There are several reasons why opening a business bank account and keeping your business and personal finances separate is a good idea for a sole trader.
ANNA Money review: free business account with MTD filing tools
ANNA Money is an app-based business account for small companies and sole traders, offering a debit card and built-in Making Tax Digital (MTD) tools.
What is the £120,000 FSCS and does it apply to business bank accounts?
We look at what the Financial Services Compensation Scheme (FSCS) is and how it protects sole trader and limited company bank deposits.
Business loans: what banks look for before lending
If you are a small business owner and are thinking of asking your bank for a business loan, here are some of the key factors you must bear in mind.