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.

Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
OFFER
Tide
Free
£0.20
Free if both accounts are with Tide
FreeAgent, KashFlow, QuickBooks, Reckon One, Sage, Xero
Free
App, Online
Register your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu
FREE TRIAL
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Xero
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Get a 6-month free trial
OFFER
CardOneMoney
£12.50

From £0.30
N/A
2.75%
App, Online, Telephone
No monthly fee for the first 3 months
Acorn
£12.50

From £0.30
N/A
2.75%
App, Online, Telephone
Fair Everywhere Small Business Account
£12.50

From £0.30
N/A
2.75%
App, Online, Telephone
Cashplus Business Bank Account
Free
£0.30
Free for first 3 payments sent each month (£0.30 for every transfer thereafter)
Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero
2.99%

On invitation
App, Online
OFFER
Mettle by NatWest
Free
Free
FreeAgent, Xero
Unable to make international payments
App
Comes with a suite of free accounting software to integrate with
Finder Award
OFFER
Starling Business Account
Free
Free
FreeAgent, Xero
Free
App, Online
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
FREE TRIAL
HSBC Kinetic

No monthly account fees during early access*
Free
QuickBooks, Sage, Xero
2.75%

Up to £30,000 subject to eligibility and application
App, Online
*No monthly account fees for 18 months, thereafter a monthly charge of £6.50 applies
GoSolo
Free
Free
Free or 0.20p depending on type of account
N/A
NA
App, Online
FREE TRIAL
Countingup
Free
£0.20
3 free per month
N/A
N/A
App, Online
Get your first three months FREE
FREE TRIAL
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, KashFlow, QuickBooks, Reckon One, Sage, Xero
1%
0.5% in Europe, 1% elsewhere
App, Online
Monzo
Free
Free
FreeAgent, QuickBooks, Xero
Mastercard's wholesale rate with no added fees
App
Monese
Free
Free
N/A
£2000 allowance with 2% fee after

No but will deduct the money from your balance the next time you make a deposit and will not charge you a fee
App, Online
Revolut
Free
Free
5/month free then 20p per transfer
Clear Books, FreeAgent, Xero
£3
App, Online
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Compare up to 4 providers

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

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.

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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