Joint business bank accounts – are they right for your partnership?

If you’re starting a new business as a partnership, one of the first things to consider is what type of bank account you’ll use for your business.

Most partners opt for a joint business bank account, for a multitude of reasons. But is this always the best way to go?

In this short guide, we consider the advantages and disadvantages of opening a joint account.

Do partnerships need a joint bank account?

There’s no legal requirement for a partnership to have a joint account. However, if you’re trading under a formal partnership structure (as opposed to just two sole traders working together), opening a dedicated business account is a very sensible move.

A joint business account can make running a partnership much easier. It can:

• Separate your business and personal income and expenses. This is vital for good bookkeeping.
• Makes keeping on top of your cash flow simpler, especially if you connect your bank account to accounting software.
• Simplifies your end-of-year self-assessment – especially if you’re splitting profits.
• Look more professional to clients and suppliers, especially if payments go to a business name, not a personal account
• It also avoids the confusion of using one partner’s personal account to run the business.

How joint bank accounts work for partnerships

Joint business accounts typically require both (or all) partners to be named on the account.

You’ll usually be asked to confirm:

• Details of your business structure (e.g. ‘ordinary partnership’ or LLP)
• Each partner’s ID and address
• How you want the account to operate, e.g. transaction limits, who can authorise payments, etc.

Some business banks allow each partner to act independently, while others require co-signatories to perform specific actions.

What are the risks of having a joint account?

While joint accounts are convenient, they also carry a degree of risk if the partnership breaks down or there’s a disagreement between members.

Here are some things to consider:

• Trust: Everyone named on the account can access the account, so make sure you’re comfortable sharing control
• Liability: If the partnership gets into debt, you could be personally liable, even for borrowing you didn’t agree to
• Disputes: If things go wrong, the bank may freeze the account until the issue’s sorted, which can cause cashflow headaches

It is a very good idea to have a formal written partnership agreement in place, which covers banking arrangements, contributions, withdrawals, and what happens if one partner leaves the business.

Do all partners need to use the same bank?

Yes – if you opt to open a joint bank account, you’ll all be named on the same bank account and subject to the same terms and conditions.

If one partner has a poor credit history, it may affect your application or access to certain features.

If a joint account isn’t a viable option for you, you can still agree to route payments into one person’s business account – but this needs to be backed up with strong internal recordkeeping, and there must be mutual trust between the partners.

Which banks offer joint business accounts for partnerships?

Most mainstream and challenger banks offer joint accounts for partnerships, including:

Provider	Joint Account?	Monthly Fee	Key Features
Zempler Bank	✅ Yes – open to partnerships	£0 basic; tiered plans	Multi-user access; FSCS protection pending; integrates with Xero, FreeAgent, QuickBooks; Wise‑powered international payments
Starling Bank	✅ Yes – full joint accounts	Free (optional toolkit £6–£12/mo)	FSCS‑protected; multi-user access; real-time notifications; accounting integrations
Revolut Business	✅ Yes – joint business accounts available	From £10/mo (Basic plan)	Multi‑currency accounts; shared controls; user roles; expense management
Monzo Business	⚠️ Team access only (Pro plan); no true joint business account	Free–£25/mo	Team roles; FSCS‑protected; app‑based banking; integrated accounting
Tide Business (Bytestart link)	❌ No – single-named; multi-user coming soon	£0–£49.99/mo	Free invoicing; accounting integrations; read‑only users; FSCS via ClearBank
Wise Business	⚠️ No joint account, but shared access via team members	Free–£45/mo (tiered)	Multi‑currency; real FX rates; batch payments; team roles
Barclays Business	✅ Yes – joint business accounts available	Typically £5–£10/mo	Branch and online; overdraft options; integration options
Lloyds Business	✅ Yes – partnership accounts	£7–£15/mo	Branch and online support; credit options
NatWest Business	✅ Yes – joint business accounts	£5–£12/mo	Branch & online; management tools; overdrafts

This data was compiled in July 2025. Make sure you check the provider’s site for current account fees and features.

Things to Consider

1. True multi-user access – Full partner access vs restricted roles.

2. FSCS protection – Ensure deposits are protected (Starling, Monzo, Barclays, Lloyds, NatWest).

3. Fees – Watch monthly charges and over-limit costs.

4. Foreign transactions – Providers like Zempler and Revolut offer international payments.

5. Software integration – Xero, QuickBooks, FreeAgent compatibility.

Further reading

• Best bank accounts for the self-employed
• How to choose a sole trader bank account
• Setting up a business partnership – GOV.UK