Compare joint business bank accounts in the UK 2022

Discover how a joint business bank account works and why you might want to open one in a business partnership.

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Some business bank accounts allow you to open an account together with someone else and other accounts allow you to add additional users once you open the account. Compare accounts below and know the advantages and disadvantages of using a joint business bank account.

Compare joint business accounts

Table: sorted by promoted deals first
1 - 6 of 6
Name Product Account fee Bank transfers Interest (AER) Accounting integrations Arranged overdraft Account management Key benefits Link
OFFER
Mettle by Natwest
Free
Free
0% AER
FreeAgent, QuickBooks, Xero
App
Comes with a suite of free accounting software to integrate with (conditions apply)
Go to site
View details
Finder Award
OFFER
Business Current Account
Free
Free
0% AER
FreeAgent, QuickBooks, Xero

Up to £50,000 subject to eligibility and application
Online, app & phone
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
View details
OFFER
Cashplus Business Bank Account
Free
£0.30
Free for first 3 payments sent each month (£0.30 for every transfer thereafter)
0% AER
Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero

By invitation
Online & app
No annual or monthly fee when you apply using the Finder link
Go to site
View details
OFFER
Small Business Account
£12.50 per month
(waived in first 3 months)
From £0.30
0% AER
N/A
Online, app & phone
No monthly account fee for the first three months
Go to site
View details
Countingup Starter Business Account
£3 per month
(waived in first 3 months)
£0.30
0% AER
N/A
Online & app
Go to site
View details
Acorn Business Account
£12.50 per month
Free
0% AER
N/A
Online, app & phone
Go to site
View details
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Latest reviews of joint business accounts

Starling Bank - Business Current Account

Business Current Account

★★★★★

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24/7 support

FSCS Protected

Spending analytics
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm).
This business bank account from Starling has no monthly fee and no UK payment charges. It's easy to apply for the account via the app and you'll benefit from free ATM withdrawals, no fees abroad, integration with accounting software such as QuickBooks, FreeAgent and Xero, automated business spending categorisation, receipt capture, and international payments. Your money will also be protected up to £85,000 under the Financial Services Compensation Scheme and you'll have free 24/7 UK support via the app, phone or email. Accounts can also be customised with add-ons, if you're happy to pay a monthly fee. This includes the Business Toolkit which helps you create and send invoices, calculate tax, record your VAT and submit your VAT return, a Euro business account for exchanging and holding euros, and a US dollar business account for holding, sending and receiving US dollars.
  • Add the new Business Toolkit onto your free Starling account and get the first month free of charge (RRP £7pcm)
  • Completely free UK current account opened and ready to use in 20 minutes
  • Safe and secure
  • Fully licensed by the FCA and PRA
  • Free to use your card abroad including ATM withdrawals, splitting the bill made easy with "settle up" feature, competitive and comprehensible overdraft fees
  • Decent interest rate paid on current account balances
  • Efficient app offering a range of good features such as budgeting tools and saving features
  • Has a marketplace offering competitive pensions
  • Mortgages and insurance from other growing fintech companies
  • Teen account options
  • 24/7 customer support (for all types of enquiries)
  • Relatively new so does not offer every feature, e.g. mortgages
  • No bank branches, all done via the web
  • Only available to UK residents
Account fee Free
Bank transfers Free
Accounting integrations FreeAgent
QuickBooks
Xero
Requires credit check Soft search with no impact on credit score
Overdraft





Up to £50,000 subject to eligibility and application

CountingUp - Countingup Starter Business Account

Countingup Starter Business Account

★★★★★

Go to site Read review

Account opening in minutes

UK-based support team

Receipt capture
The CountingUp business account has built-in accounting software that automates bookkeeping and taxes, making it easier to run your business. You can open an account in a matter of minutes and your first three months of using the account are free of charge. After that, depending on how much you pay into your account, there are three different pricing plans available. This can change from month to month, so if your business has a quieter month, your fee may go down, but if you have a better month and lots of money is paid into your account, your fee will increase. All plans offer automated categorisation, instant notifications, receipt capture, invoicing and billing, profit and loss statistics, tax estimates and the option to share your finances with your accountant. Cash can be paid into the account via the Post Office or PayPoint.
  • Includes built-in accounting software
  • Free for the first three months
  • Useful app features to help you better manage your business finances
  • Subscription fee applies after first three months
  • Fee can fluctuate from month to month
  • No interest paid on credit balances
Account fee £3 per month
(waived in first 3 months)
Bank transfers £0.30
Accounting integrations N/A
Requires credit check Soft search with no impact on credit score
Overdraft



What is a joint business bank account and why open one?

This is a business bank account that more than one person can open and manage jointly. The maximum number of account holders is usually between two and four, depending on the bank.

When you open a joint business account, all account holders will be able to make deposits, debit card transactions and withdrawals at ATMs.

All account holders will also be able to set up direct debits and standing orders.

You’ll need all account holders to provide personal details when opening an account, and you may require permission from all of them to close it or switch to a new account.

It is far more convenient and cost-effective – for tax and accounting reasons – when all company funds are funnelled through one account, and that’s why most partnerships opt for a joint business bank account.

Can I open a business account that offers access to services for my employees?

Some business accounts allow you to grant a level of access to some employees, even if they aren’t an official account holder. This comes with its own set of risks though.

It is often also possible that you can order multiple debit cards or prepaid cards to be used on the same business account. Many business owners take this route instead, although think carefully about this, as you may be charged a one-off or even a monthly fee per card.

What do I need to open a joint business bank account?

To open a joint business bank account you’ll need to provide the following:

  • Proof of ID for all account holders. For example, a passport or driving licence.
  • Proof of address for all account holders. For example, a utility bill or bank statement.
  • Your business details. Including your company’s registered address and contact details. If you’re a limited company, you’ll also need details of your company’s registration at Companies House and possibly your tax and VAT registration details. Some banks will also require a projected yearly turnover.

Can two business partners open a joint business account?

Yes they can. Setting up a business account together can make it much easier to manage your business finances and both partners will have equal access to the account.

However, it’s vital that you and your business partner trust each other. Because you will both have equal access to the money held in the account, one business partner could choose to withdraw all the funds without the other partner’s permission.

Keep in mind too that if you open a joint account, you and your partner will be financially linked. This means if one of you has a poor credit score, it could negatively affect the other partner’s score too.

Pros and cons

Pros

  • It’s incredibly convenient to allow all business owners access to the same account.
  • You may be able to order several debit cards for employees to use.

Cons

  • You’ll need to be able to trust other account holders to use company money wisely.
  • All account holders may need to sign off on closing or switching the account.

Alternatives to joint business accounts

Depending on your business needs, you could simply opt to open a standard business account with a single signatory. This way you could delegate all financial tasks like paying invoices, staff salaries and company tax payments to one individual. All banks that offer joint business accounts will also offer the ability to open a regular ‘sole’ business account.

If your business trades with customers in other currencies, like euros, then you may want to open a business account for making and receiving payments in that currency. This is a service which is typically offered by the raft of newer digital challenger banks, like Starling. These accounts will usually charge a monthly account maintenance fee, so take some time to research the product’s terms and conditions before signing up.

If your business is a small side hustle and you haven’t registered a limited company for these activities, then you could open a sole trader bank account.

The bottom line

If your business has multiple owners, it can make complete sense to open a joint business bank account. Most business bank account providers allow you to add multiple account holders, so there is plenty of choice available.

Make sure you do your research before choosing your account provider. As with sole business accounts, fees and charges will vary between banks.

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