Compare joint business bank accounts UK 2022

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.

Compare joint business bank accounts

Table: sorted by promoted deals first
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)
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CASHBACK
ANNA Free
Free
Free
2 free UK transfers per month
0% AER
FreeAgent, QuickBooks, Xero
App
Earn 1% cashback for paying with your ANNA card in selected categories.
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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
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View details
FREE TRIAL
Business Directplus - Credit balance £1K or more
£7 per month
(waived in first 30 months)
Free
for first 30 months then 35p
0% AER
N/A

Up to £250,000 subject to eligibility and application
Branch, online & phone
Free 30 months everyday business banking for new customers maintaining a balance of £1,000+. Monthly limits for cash and cheque transactions. Other charges apply. Subject to status, eligibility and T&Cs.
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Finder Award
OFFER
Business Current Account
Free
Free
0% AER
FreeAgent, QuickBooks, Xero
Online, app & phone
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
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Countingup Starter Business Account
£3 per month
(waived in first 3 months)
£0.30
0% AER
N/A
Online & app
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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
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View details
Multi-Currency Business Account
Multi-Currency Business Account
Free
Free
0% AER
Xero
Online & app
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View details
FREE TRIAL
ANNA £4.90 a month
£4.90 per month
(waived in first 6 months)
Free
4 free UK transfers per month
0% AER
FreeAgent, QuickBooks, Xero
App
Free for the first 6 months. Plus earn 1% cashback for paying with your ANNA card in selected categories.
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Revolut Business Grow
£25 per month
100/month free then 20p per transfer
0% AER
FreeAgent, Xero
Online & app
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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.

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.

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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