Compare joint business bank accounts UK 2021
Discover how a joint business bank account works and why you might want to open one.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Who might need to open a joint business bank account?
The most obvious reason to open a joint business bank account is if your business has multiple owners.
Indeed, if you have a partnership, it’s likely that both of you will want to be able to view and access your business funds.
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.
Pros and cons
- 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.
- 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.
The bottom line
If your business has multiple owners, it makes 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.
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