If you’re starting a new business as a partnership, one of the first things to consider is which type of bank account you’ll use.
Most partnership members choose to open a dedicated business bank account because it makes life much easier. Even if you’re allowed to use a personal account in some way, it blurs the line between business and personal spending.
In this short guide, we explain the advantages and disadvantages of opening a joint account.
Do partnerships need a joint bank account?
There’s no legal requirement for an ordinary partnership to have a joint account, but you must keep clear business records and report partnership income correctly to HMRC.
The partnership itself will normally need to file a partnership Self Assessment return (SA800), while each partner reports their share of the profits on their own tax return.
If you’re trading under a formal partnership structure, 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.
- Make it easier to keep on top of your cash flow, especially if you connect your bank account to accounting software.
- Simplify tax reporting and partnership return preparation.
- Look more professional to clients and suppliers, especially if payments go to a business name rather than a personal account.
- Avoid 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. an ordinary partnership or LLP.
- Each partner’s ID and address.
- How you want the account to operate, such as transaction limits and who can authorise payments.
The bank may also ask you to complete a partnership mandate, which sets out who can operate the account and what they can do.
Some business banks allow each partner to act independently, while others require more than one person to authorise certain transactions.
What are the risks of having a joint account?
A joint account gives the partners shared access to the business’s money, so it is worth agreeing from the outset who can make payments, withdraw funds or arrange borrowing.
The most important point relates to liability. In an ordinary partnership, partners can be jointly and severally liable for partnership debts, including liabilities incurred by another partner acting for the business.
- Access: Anyone authorised under the account mandate may be able to make payments or move money.
- Borrowing: If the partnership takes on debt, you may be personally liable for it. The exact position depends on the partnership arrangements and the authority given to each partner.
- Disputes: If partners fall out, access to the account can become a problem at exactly the point the business most needs cash to keep moving.
This is one reason a written partnership agreement is essential when you work with other people.
It should spell out who can operate the account, how much money each partner can withdraw, how borrowing decisions are made, and what happens if somebody decides to leave the partnership.
Do all partners need to use the same business account?
If you open a joint partnership account, the partners covered by that account will be subject to the same account terms and banking mandate. But the partnership can still hold more than one business account if needed.
If the bank carries out credit or affordability checks, one partner’s credit history may affect the partnership’s access to overdrafts, borrowing facilities, or, in some cases, approval of the account in the first place.
If opening a joint account isn’t viable, you can still agree on another arrangement for handling partnership income, but you must agree on how money is controlled and keep accurate records.
Which banks offer business accounts for partnerships?
Most high street banks offer accounts to partnerships, but some app-based providers do not accept ordinary partnerships.
| Provider | Ordinary partnership? | Notes |
|---|---|---|
| Zempler Bank | Yes | Zempler accepts partnership applications, subject to its normal eligibility checks. ByteStart partner. |
| Starling Bank | No | Starling supports limited companies and LLPs, but not ordinary general partnerships. |
| Revolut Business | Yes | Revolut lists partnerships among the business types it supports. |
| Monzo Business | No | Monzo Business supports sole traders and limited companies, but not partnerships or LLPs. |
| Tide | No | Tide’s current account eligibility targets sole traders, freelancers, and limited-company directors rather than ordinary partnerships. |
| Wise Business | Generally, yes | Wise supports partnerships, although some UK partnership structures are excluded. |
| NatWest Business | Yes | NatWest provides business banking for partnerships, subject to its normal eligibility checks. |
Zempler Bank
Ordinary partnership: Yes
Zempler accepts partnership applications, subject to its normal eligibility criteria. ByteStart partner.
Starling Bank
Ordinary partnership: No
Starling accepts LLPs, but not ordinary general partnerships.
Revolut Business
Ordinary partnership: Yes
Partnerships are included among Revolut Business’s supported entity types.
Monzo Business
Ordinary partnership: No
Monzo Business currently supports sole traders and limited companies, not partnerships or LLPs.
Tide
Ordinary partnership: No
Tide currently targets sole traders, freelancers and limited-company directors.
Wise Business
Ordinary partnership: Generally, yes
Wise supports partnerships, although some UK partnership structures are excluded.
NatWest Business
Ordinary partnership: Yes
NatWest provides business banking for partnerships, subject to its normal eligibility checks.
We reviewed this information in September 2026. Account eligibility, fees and features can change, so check the provider’s own site before starting an online application.
Things to consider
- True multi-user access – Check whether all partners can operate the account and whether any transactions require more than one authorisation.
- FSCS protection – Check whether eligible deposits are protected by the Financial Services Compensation Scheme.
- Fees – Look at monthly charges as well as cash, card, transfer and borrowing costs.
- Foreign transactions – If you pay or receive money overseas, compare exchange rates and international payment fees.
- Software integration – Check whether the account connects to software such as Xero, QuickBooks or FreeAgent.