Compare joint business bank accounts in the UK 2023
Discover how a joint business bank account works and why you might want to open one in a business partnership.
Some business bank accounts allow you to open an account together with someone else and other accounts allow you to add additional users once the account is up and running. Compare accounts below and learn the advantages and disadvantages of using a joint business bank account.
Compare joint business accounts
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Latest reviews of joint business accounts
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 2 and 4, depending on the bank.
When you open a joint business account, all account holders will be able to make deposits, debit card transactions and withdraw cash at ATMs. They 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 might also be possible to 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
- 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.
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 that’s 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, you could open a sole trader bank account.
If your business has multiple owners, it can make a lot of 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.
However, do your research first before choosing your account provider to be sure it’s the right account for your business. As with sole business accounts, fees and charges will vary between banks.
Frequently asked questions
More guides on Finder
Cashplus vs Tide: Which is best for your business?
Find out whether the Cashplus or Tide business account could be the better option for you.
Best multi-currency business accounts
Discover what multi-currency business accounts are, how to get one and whether it’s worth applying for.
Compare self-employed bank accounts in the UK 2023
Discover everything you need to know about opening a business bank account if you’re self-employed
Business savings accounts
Is your UK business looking for a savings account? We explore the benefits of opening one and what you should consider before you do.
Best business bank accounts for limited companies (Ltd)
Is your UK business a limited company? We take a look at why you might need a business bank account and how you can go about opening one.
A guide to business expenses when you’re self-employed
Your business expenses can be deducted from your total turnover when working out how much tax you pay. Do you know which expenses are allowable?
Mettle business bank account review
Mettle is a spin-off venture from parent bank NatWest – find out more about what this business banking app has to offer small businesses.
Tide business account review
Is Tide’s current account for businesses right for your company? We take a closer look at all of the fees and features of a Tide account.