{"id":351346,"date":"2020-11-16T16:20:04","date_gmt":"2020-11-16T16:20:04","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=351346"},"modified":"2026-03-25T13:55:18","modified_gmt":"2026-03-25T13:55:18","slug":"self-employed-business-bank-accounts","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/business-banking\/self-employed-business-bank-accounts","title":{"rendered":"Best business bank accounts for the self-employed and sole traders"},"content":{"rendered":"<p>It is a good idea to create a separate bank account to manage your finances when you\u2019re self-employed so you can keep your business and personal finances in different places. A number of providers offer bank accounts for those who are self-employed. Here we look at how they work, the pros and cons, and how to pick one.<\/p><h3>Reviews of self-employed business accounts<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n    \n    \n    \n    \n    \n     \n        \n                    \n\n\n                \n    \n\n\n\n\n\n\n\n\n\n\n\n\n\n<style>\n.best-hero .hotstats .product_infobox tr { display: flex; flex-direction: column; flex-basis: 0; flex-grow: 1; }\n.best-hero .hotstats .product_infobox th { border-bottom: 0px; width: 100%; padding-left: 0px; padding-bottom: 4px; font-size: 14px; }\n.best-hero .hotstats .product_infobox td { border-bottom: 0px; width: 100%; padding-left: 0px; padding-top: 0px;  }\n.best-hero .hotstats .product_infobox td svg.luna-icon--medium { height: 24px; width: 24px; }\n.best-hero .luna-button--success { white-space: normal; line-height: 1.2; }\n@media only screen and (max-width: 600px) {\n.best-hero .hotstats .product_infobox tbody { display: flex; }\n.best-hero .hotstats .product_infobox th { text-align: center; line-height: 16px !important; padding-left: 3px; padding-right: 3px; }\n.best-hero .hotstats .product_infobox td { flex-grow: 1; align-content: center; text-align: center; line-height: 20px !important; padding-left: 3px; padding-right: 3px;  }\n.best-hero .hotstats .product_infobox tr:first-of-type td, .best-hero .hotstats .product_infobox tr:first-of-type th { padding-left: 0px !important; }\n.best-hero .hotstats .product_infobox tr:last-of-type td, .best-hero .hotstats .product_infobox tr:last-of-type th { padding-right: 0px !important; }\n}\n<\/style><div class=\"best-hero\" id=\"best-hero-9273cd6972934ef790e6096ef793f5d9\"><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block no-padding-top no-padding-right no-padding-bottom no-padding-left\"><div class=\"u-grid u-grid--gutterCollapse\"><div class=\"u-grid__col u-3\/4@m u-2\/3@s\"><div class=\"has-padding-small\"><div class=\"u-grid u-grid--alignMiddle has-padding-bottom-xsmall\"><div class=\"u-grid__col u-1\/3 u-1\/4@m u-1\/5@l\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/6529479a1dd8d.png\" width=\"140\" height=\"88\" alt=\"Revolut Pro Account - for freelancers\" srcset=\"https:\/\/www.finder.com\/niche-builder\/6529479a1dd8d.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/6529479a1dd8d.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/6529479a1dd8d.png?fit=420 420w\" sizes=\"(max-width: 420px) 28vw, 420px\" loading=\"lazy\"><\/div><div class=\"u-grid__col u-3\/4@m u-2\/3\"><p class=\"no-margin-bottom u-font--bold\" style=\"font-size: 22px; line-height: 27px;\">\nRevolut Pro Account - for freelancers<\/p><span class=\"alignleft\" style=\"font-weight: 1000; color:#000; font-size: 1.6em;\"><\/span><\/div><\/div><div class=\"is-hidden@s has-margin-bottom-small hotstats\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">Free<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div>\n\n<a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/savings-accounts\/revolut-profreelance-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22UKFSA-CUR%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--fluid%2Bhas-margin-top-xsmall%2Bhas-margin-bottom-xsmall%22%2C%22offer_id%22%3A%2225208%22%2C%22niche_code%22%3A%22UKFSA-CUR%22%2C%22product_id%22%3A%229273cd69-7293-4ef7-90e6-096ef793f5d9%22%2C%22product_name%22%3A%22Revolut%2BPro%2BAccount%2B-%2Bfor%2Bfreelancers%22%2C%22provider_id%22%3A%229a6f2149-3d31-4773-afb0-5e54d6ddac12%22%2C%22provider_name%22%3A%22Revolut%22%2C%22post_id%22%3A%22351346%22%2C%22post_path%22%3A%22business-banking%252Fself-employed-business-bank-accounts%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A543031%2C%22name%22%3A%22ukfin_best_hero%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-button luna-button--success luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\">Go to site<\/a>\n    \n<a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/revolut-pro-review\">Read review<\/a><\/div><div class=\"u-color--blue-700 weight-semi-bold u-rounded--sm has-margin-bottom-small\" style=\"font-size: 16px; padding: 0.425em 0.6em 0.5em 0.6em; line-height: 22px; background-color: rgb(240 247 255);\"><svg class=\"luna-icon refreshedMasthead__icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" preserveaspectratio=\"none\" viewbox=\"0 0 24 24\" style=\"height: 18px; width: 18px; margin-top: 2px;\"><path d=\"M0 0h24v24H0z\" fill=\"none\"><\/path><path d=\"M21.41 11.58l-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z\" fill=\"#002ebf\"><\/path><\/svg> Get a \u00a330 sign-up bonus plus up to 1% cashback with Revolut Pro.<\/div><p>If you're self-employed, Revolut Pro is the account made for you. It's a free account that you can open if you already have a personal account with Revolut and offers a few basic features if you're just starting out. Think freelancers, sole traders and side hustles. You can use it if your business is not registered, but if it is you'll need to apply for a Revolut Business account instead. You're able to earn up to 1% cashback, take sales and manage your freelance finances. It's easy to set up Revolut Pro for free in the app, giving you a separate Pro account and card to use for spending.<\/p>\n\n\n\n\n\n  <ul class=\"luna-accordionGroup accordionGroup\">    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Pros and cons<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Pros<\/p><ul class=\"list-4\"><li>No monthly fees<\/li><li>Earn cashback on expenses<\/li><li>Multiple payment method<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Cons<\/p><ul class=\"list-13\"><li>You need to open a Revolut Personal account first<\/li><li>Can only be used for business spending<\/li><li>Revolut doesn't allow accounts for some jobs<\/li><\/ul><\/div><\/div>    <\/div>\n  <\/div>\n<\/li>    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">More details<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_details\" class=\"UKFSA-CUR business_bestpage_details \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Accounting integrations<\/th><td class=\"i_infobox_data product_infobox_data\">N\/A<\/td><\/tr><\/tbody><\/table><\/div>    <\/div>\n  <\/div>\n<\/li>  <\/ul>\n\n\n\n<\/div><\/div><div class=\"u-grid__col u-1\/4@m u-1\/3@s box no-margin-bottom is-hidden is-visible@s\"><div class=\"has-padding-small\"><div class=\"hotstats has-margin-bottom-small\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">Free<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div><\/div>\n<a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/savings-accounts\/revolut-profreelance-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22UKFSA-CUR%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--fluid%2Bhas-margin-bottom-xsmall%22%2C%22offer_id%22%3A%2225208%22%2C%22niche_code%22%3A%22UKFSA-CUR%22%2C%22product_id%22%3A%229273cd69-7293-4ef7-90e6-096ef793f5d9%22%2C%22product_name%22%3A%22Revolut%2BPro%2BAccount%2B-%2Bfor%2Bfreelancers%22%2C%22provider_id%22%3A%229a6f2149-3d31-4773-afb0-5e54d6ddac12%22%2C%22provider_name%22%3A%22Revolut%22%2C%22post_id%22%3A%22351346%22%2C%22post_path%22%3A%22business-banking%252Fself-employed-business-bank-accounts%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A543031%2C%22name%22%3A%22ukfin_best_hero%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-button luna-button--success luna-button--fluid has-margin-bottom-xsmall\">Go to site<\/a>\n<a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/revolut-pro-review\">Read review<\/a><\/div><\/div><\/div><\/div><\/article><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n    \n    \n    \n    \n    \n     \n        \n                    \n\n\n                \n    \n\n\n\n\n\n\n\n\n\n\n\n\n\n<style>\n.best-hero .hotstats .product_infobox tr { display: flex; flex-direction: column; flex-basis: 0; flex-grow: 1; }\n.best-hero .hotstats .product_infobox th { border-bottom: 0px; width: 100%; padding-left: 0px; padding-bottom: 4px; font-size: 14px; }\n.best-hero .hotstats .product_infobox td { border-bottom: 0px; width: 100%; padding-left: 0px; padding-top: 0px;  }\n.best-hero .hotstats .product_infobox td svg.luna-icon--medium { height: 24px; width: 24px; }\n.best-hero .luna-button--success { white-space: normal; line-height: 1.2; }\n@media only screen and (max-width: 600px) {\n.best-hero .hotstats .product_infobox tbody { display: flex; }\n.best-hero .hotstats .product_infobox th { text-align: center; line-height: 16px !important; padding-left: 3px; padding-right: 3px; }\n.best-hero .hotstats .product_infobox td { flex-grow: 1; align-content: center; text-align: center; line-height: 20px !important; padding-left: 3px; padding-right: 3px;  }\n.best-hero .hotstats .product_infobox tr:first-of-type td, .best-hero .hotstats .product_infobox tr:first-of-type th { padding-left: 0px !important; }\n.best-hero .hotstats .product_infobox tr:last-of-type td, .best-hero .hotstats .product_infobox tr:last-of-type th { padding-right: 0px !important; }\n}\n<\/style><div class=\"best-hero\" id=\"best-hero-6abe9bd873b64ebca0f41a438605ba04\"><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block no-padding-top no-padding-right no-padding-bottom no-padding-left\"><div class=\"u-grid u-grid--gutterCollapse\"><div class=\"u-grid__col u-3\/4@m u-2\/3@s\"><div class=\"has-padding-small\"><div class=\"u-grid u-grid--alignMiddle has-padding-bottom-xsmall\"><div class=\"u-grid__col u-1\/3 u-1\/4@m u-1\/5@l\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/5d1631157de30.png\" width=\"140\" height=\"88\" alt=\"Tide Business Bank Account (Free)\" srcset=\"https:\/\/www.finder.com\/niche-builder\/5d1631157de30.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/5d1631157de30.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/5d1631157de30.png?fit=420 420w\" sizes=\"(max-width: 420px) 28vw, 420px\" loading=\"lazy\"><\/div><div class=\"u-grid__col u-3\/4@m u-2\/3\"><p class=\"no-margin-bottom u-font--bold\" style=\"font-size: 22px; line-height: 27px;\">\nTide Business Bank Account (Free)<\/p><span class=\"alignleft\" style=\"font-weight: 1000; color:#000; font-size: 1.6em;\"><span class=\"scoreCombined score__container finder-score\" style=\"justify-content: center;\"><span class=\"score__badge score__badge--great\"><span class=\"score__value\">8.7<\/span><\/span><span class=\"score__text-wrapper score__text score__text--great persist\" style=\"display: flex;\">\nGreat\n<\/span><\/span><\/span><\/div><\/div><div class=\"is-hidden@s has-margin-bottom-small hotstats\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">Free<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div>\n\n<a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/savings-accounts\/tide-business-free-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22UKFSA-CUR%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--fluid%2Bhas-margin-top-xsmall%2Bhas-margin-bottom-xsmall%22%2C%22offer_id%22%3A%2212472%22%2C%22niche_code%22%3A%22UKFSA-CUR%22%2C%22product_id%22%3A%226abe9bd8-73b6-4ebc-a0f4-1a438605ba04%22%2C%22product_name%22%3A%22Tide%2BBusiness%2BBank%2BAccount%2B%2528Free%2529%22%2C%22provider_id%22%3A%22690613c9-2161-4560-9cd3-fb10b58de3cb%22%2C%22provider_name%22%3A%22Tide%22%2C%22post_id%22%3A%22351346%22%2C%22post_path%22%3A%22business-banking%252Fself-employed-business-bank-accounts%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A543031%2C%22name%22%3A%22ukfin_best_hero%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-button luna-button--success luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\">Go to site<\/a>\n    \n<a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/tide-review\">Read review<\/a><\/div><div class=\"u-color--blue-700 weight-semi-bold u-rounded--sm has-margin-bottom-small\" style=\"font-size: 16px; padding: 0.425em 0.6em 0.5em 0.6em; line-height: 22px; background-color: rgb(240 247 255);\"><svg class=\"luna-icon refreshedMasthead__icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" preserveaspectratio=\"none\" viewbox=\"0 0 24 24\" style=\"height: 18px; width: 18px; margin-top: 2px;\"><path d=\"M0 0h24v24H0z\" fill=\"none\"><\/path><path d=\"M21.41 11.58l-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z\" fill=\"#002ebf\"><\/path><\/svg> Get \u00a3250 cashback when you open a Tide business bank account by 31 May.<\/div><p>You can choose between three different pricing plans with the Tide business account. This includes a free option which could be suitable for freelancers, sole traders and contractors. You can then upgrade your account at any time as your business grows, but a monthly fee will then apply. All options enable you to sync your account with accounting software like QuickBooks, Sage, KashFlow and Xero, as well as automatically categorise transactions, send, pay and track invoices and upload receipts. ATM withdrawals cost \u00a31 each, while other transaction fees will depend on the plan you have chosen. You can hold up to 5 business accounts and get 'read access' for team members, allowing them to view and download transactions. Opening an account can take as little as 10 minutes and no credit checks are carried out. Your Tide card should arrive within 2 to 4 working days.<\/p>\n\n\n\n\n\n  <ul class=\"luna-accordionGroup accordionGroup\">    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Pros and cons<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Pros<\/p><ul class=\"list-4\"><li>24\/7 customer support<\/li><li>Categorised spending<\/li><li>FCA regulated<\/li><li>Quick set-up<\/li><li>No monthly fees<\/li><li>Easy to manage accounts and track payments within the app<\/li><li>Ability to set up direct debits and standing orders<\/li><li>Can receive online bank statements<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Cons<\/p><ul class=\"list-13\"><li>No branches - all done via the web<\/li><li>Doesn't accept cheque deposits<\/li><li>No personal accounts<\/li><li>No international transfers or interest offered<\/li><\/ul><\/div><\/div>    <\/div>\n  <\/div>\n<\/li>    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">More details<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_details\" class=\"UKFSA-CUR business_bestpage_details \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Accounting integrations<\/th><td class=\"i_infobox_data product_infobox_data\">Clear Books, FreeAgent, KashFlow, QuickBooks, Reckon One, Sage, Xero<\/td><\/tr><\/tbody><\/table><\/div>    <\/div>\n  <\/div>\n<\/li>  <\/ul>\n\n\n\n<\/div><\/div><div class=\"u-grid__col u-1\/4@m u-1\/3@s box no-margin-bottom is-hidden is-visible@s\"><div class=\"has-padding-small\"><div class=\"hotstats has-margin-bottom-small\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_hotstats\" class=\"UKFSA-CUR business_bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Account fee<\/th><td class=\"i_infobox_data product_infobox_data\">Free<\/td><\/tr><tr><th>Arranged overdraft<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><tr><th>Requires credit check<\/th><td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium\"><use xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"#close\"><\/use><\/svg><\/td><\/tr><\/tbody><\/table><\/div><\/div>\n<a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/uk\/savings-accounts\/tide-business-free-uk-secure.html?nb=1&amp;src_country=uk&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22UKFSA-CUR%22%2C%22class%22%3A%22luna-button%2Bluna-button--success%2Bluna-button--fluid%2Bhas-margin-bottom-xsmall%22%2C%22offer_id%22%3A%2212472%22%2C%22niche_code%22%3A%22UKFSA-CUR%22%2C%22product_id%22%3A%226abe9bd8-73b6-4ebc-a0f4-1a438605ba04%22%2C%22product_name%22%3A%22Tide%2BBusiness%2BBank%2BAccount%2B%2528Free%2529%22%2C%22provider_id%22%3A%22690613c9-2161-4560-9cd3-fb10b58de3cb%22%2C%22provider_name%22%3A%22Tide%22%2C%22post_id%22%3A%22351346%22%2C%22post_path%22%3A%22business-banking%252Fself-employed-business-bank-accounts%22%2C%22post_country%22%3A%22uk%22%2C%22partial%22%3A%7B%22id%22%3A543031%2C%22name%22%3A%22ukfin_best_hero%22%2C%22country%22%3A%22uk%22%7D%7D\" class=\"luna-button luna-button--success luna-button--fluid has-margin-bottom-xsmall\">Go to site<\/a>\n<a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/tide-review\">Read review<\/a><\/div><\/div><\/div><\/div><\/article><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n    \n    \n    \n    \n    \n     \n        \n                    \n\n\n                \n    \n\n\n\n\n\n\n\n\n\n\n\n\n\n<style>\n.best-hero .hotstats .product_infobox tr { display: flex; flex-direction: column; flex-basis: 0; flex-grow: 1; }\n.best-hero .hotstats .product_infobox th { border-bottom: 0px; width: 100%; padding-left: 0px; padding-bottom: 4px; font-size: 14px; }\n.best-hero .hotstats .product_infobox td { border-bottom: 0px; width: 100%; padding-left: 0px; padding-top: 0px;  }\n.best-hero .hotstats .product_infobox td svg.luna-icon--medium { height: 24px; width: 24px; }\n.best-hero .luna-button--success { white-space: normal; line-height: 1.2; }\n@media only screen and (max-width: 600px) {\n.best-hero .hotstats .product_infobox tbody { display: flex; }\n.best-hero .hotstats .product_infobox th { text-align: center; line-height: 16px !important; padding-left: 3px; padding-right: 3px; }\n.best-hero .hotstats .product_infobox td { flex-grow: 1; align-content: center; text-align: center; line-height: 20px !important; padding-left: 3px; padding-right: 3px;  }\n.best-hero .hotstats .product_infobox tr:first-of-type td, .best-hero .hotstats .product_infobox tr:first-of-type th { padding-left: 0px !important; }\n.best-hero .hotstats .product_infobox tr:last-of-type td, .best-hero .hotstats .product_infobox tr:last-of-type th { padding-right: 0px !important; }\n}\n<\/style><div class=\"best-hero\" id=\"best-hero-e26be7eb149a4d349719b91f544cfd69\"><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block no-padding-top no-padding-right no-padding-bottom no-padding-left\"><div class=\"u-grid u-grid--gutterCollapse\"><div class=\"u-grid__col u-3\/4@m u-2\/3@s\"><div class=\"has-padding-small\"><div class=\"u-grid u-grid--alignMiddle has-padding-bottom-xsmall\"><div class=\"u-grid__col u-1\/3 u-1\/4@m u-1\/5@l\"><img decoding=\"async\" src=\"https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png\" width=\"140\" height=\"88\" alt=\"Zempler Bank Business Extra\" srcset=\"https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/66966b3876c39.png?fit=420 420w\" sizes=\"(max-width: 420px) 28vw, 420px\" loading=\"lazy\"><\/div><div class=\"u-grid__col u-3\/4@m u-2\/3\"><p class=\"no-margin-bottom u-font--bold\" style=\"font-size: 22px; line-height: 27px;\">\nZempler Bank Business Extra<\/p><span class=\"alignleft\" style=\"font-weight: 1000; color:#000; font-size: 1.6em;\"><span class=\"scoreCombined score__container finder-score\" style=\"justify-content: center;\"><span class=\"score__badge score__badge--great\"><span class=\"score__value\">8.7<\/span><\/span><span class=\"score__text-wrapper score__text score__text--great persist\" style=\"display: flex;\">\nGreat\n<\/span><\/span><\/span><\/div><\/div><div class=\"is-hidden@s has-margin-bottom-small hotstats\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"bestpage_hotstats\" class=\"UKFSA-CUR bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Minimum opening balance<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a30<\/td><\/tr><tr><th>Account fees<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a39 per month<\/td><\/tr><tr><th>Interest (AER)<\/th><td class=\"i_infobox_data product_infobox_data\">0% AER<\/td><\/tr><\/tbody><\/table><\/div><a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid has-margin-top-xsmall has-margin-bottom-xsmall\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/cashplus-business-review\">Read review<\/a><\/div><div class=\"u-color--blue-700 weight-semi-bold u-rounded--sm has-margin-bottom-small\" style=\"font-size: 16px; padding: 0.425em 0.6em 0.5em 0.6em; line-height: 22px; background-color: rgb(240 247 255);\"><svg class=\"luna-icon refreshedMasthead__icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" preserveaspectratio=\"none\" viewbox=\"0 0 24 24\" style=\"height: 18px; width: 18px; margin-top: 2px;\"><path d=\"M0 0h24v24H0z\" fill=\"none\"><\/path><path d=\"M21.41 11.58l-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z\" fill=\"#002ebf\"><\/path><\/svg> No annual or monthly fee when you apply using the Finder link.<\/div><p>The Cashplus business account charges no monthly fee and no fees for UK purchase transactions. Signing up for the account can be completed in a matter of minutes and once your application is approved, your card will arrive in 3 to 5 working days. Once your account is up and running, you can deposit cash via bank transfer or the Post Office, use your card online and instore or to withdraw cash, pay bills and expenses online and categorise spending on the go via the app. You'll also be able to track expenses and block certain transactions, order up to 20 additional cards, download statements for each card in CSV format online, manage cards via a centralised management system, and integrate your account with accounting software.<\/p>\n\n\n\n\n\n  <ul class=\"luna-accordionGroup accordionGroup\">    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000004\" data-toggle=\"collapse\" data-target=\"#accordion0000000004\">\n        <span class=\"luna-accordion__title\">Pros and cons<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000004\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Pros<\/p><ul class=\"list-4\"><li>Open an account in 5 minutes<\/li><li>Pay in cash at any of the UK\u2019s 11,500 Post Offices<\/li><li>Tools like cashflow tracking, instant notifications and integrated accounting<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p class=\"u-font--bold\">Cons<\/p><ul class=\"list-13\"><li>Traditional bank still needed for majority of your business finance needs<\/li><\/ul><\/div><\/div>    <\/div>\n  <\/div>\n<\/li>    <li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000005\" data-toggle=\"collapse\" data-target=\"#accordion0000000005\">\n        <span class=\"luna-accordion__title\">More details<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000005\" data-accordion=\"details\">\n    <div class=\"accordionContent\">    <div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"business_bestpage_details\" class=\"UKFSA-CUR business_bestpage_details \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Accounting integrations<\/th><td class=\"i_infobox_data product_infobox_data\">Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero<\/td><\/tr><\/tbody><\/table><\/div>    <\/div>\n  <\/div>\n<\/li>  <\/ul>\n\n\n\n<\/div><\/div><div class=\"u-grid__col u-1\/4@m u-1\/3@s box no-margin-bottom is-hidden is-visible@s\"><div class=\"has-padding-small\"><div class=\"hotstats has-margin-bottom-small\"><div data-category=\"\" data-niche=\"UKFSA-CUR\" data-fieldset=\"bestpage_hotstats\" class=\"UKFSA-CUR bestpage_hotstats \"><table class=\"i_infobox product_infobox\"><tbody><tr><th>Minimum opening balance<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a30<\/td><\/tr><tr><th>Account fees<\/th><td class=\"i_infobox_data product_infobox_data\">\u00a39 per month<\/td><\/tr><tr><th>Interest (AER)<\/th><td class=\"i_infobox_data product_infobox_data\">0% AER<\/td><\/tr><\/tbody><\/table><\/div><\/div><a class=\"luna-button luna-button--primary luna-button--ghost luna-button--fluid\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/cashplus-business-review\">Read review<\/a><\/div><\/div><\/div><\/div><\/article><\/div><h3>Do I need a business bank account or can I use my personal one?<\/h3><p>If your business is set up as a partnership or a limited company, you\u2019ll have to run your business finances through a business bank account, for tax and legal purposes.<\/p><p>If your business is a sole proprietorship, you are still taxed as an individual, so there\u2019s no obligation for you to open a business bank account.<\/p><p>However, you may still find it useful to separate your business and personal expenses. Learn more about using your <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/personal-account-for-business\">personal bank account for your business<\/a>.<\/p><h3>Can you transfer money from a business account to a personal one?<\/h3><p>Yes, most business owners will pay themselves a salary \u2013 and perhaps an occasional bonus \u2013 from their business account into their personal account.<\/p><p>The important thing to do is to record and declare these transactions, for tax and bookkeeping reasons.<\/p><p>In many cases, these payments will be delivered automatically using a payroll software provider, so that they are automatically recorded and the taxes are paid.<\/p><p>If your business is set up as a partnership or a corporation, all one-off payments to your personal account will need to be signed off by your business partners.<\/p><article class=\"luna-card luna-card--alt\">\n<div class=\"luna-card__block\">\n<h4>What you should know - Making Tax Digital (MTD)<\/h4>\n<p>If you're a sole trader with a qualifying income of more than \u00a350,000 a year, you'll need to sign up for Making Tax Digital (MTD) from 6 April 2026. Under the new rules, instead of sending one tax return each year, you'll need to submit quarterly tax updates to HMRC and a year-end final declaration. You'll also be required to use MTD-compatible software to keep digital records and make your submissions. Certain business account providers, like <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/tide-review\">Tide<\/a> and others, offer free Making Tax Digital software.<\/p>\n\n<p>The government has introduced MTD in an effort to streamline the tax process, reduce the risk of errors and give businesses a clearer idea of how much tax they will need to pay, giving them longer to prepare and save.<\/p>\n\n<p>MTD is being rolled out in phases, meaning sole traders with a qualifying income of more than \u00a330,000 will be affected from April 2027 and those with an income of more than \u00a320,000 must sign up from April 2028. We have written a <a href=\"https:\/\/www.finder.com\/uk\/business-banking\/making-tax-digital-sole-traders\">detailed guide<\/a> if you want to have more information on the topic. <\/p>\n<\/div>\n<\/article><h3>Why is a business bank account useful for sole traders?<\/h3><p>Although it is not a legal requirement, there are many advantages to having a business bank account as a sole trader.<\/p><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000006\" data-toggle=\"collapse\" data-target=\"#accordion0000000006\">\n        <span class=\"luna-accordion__title\">It's easier to separate your finances and track your cash flow<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000006\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Using your personal account for your startup business or side hustle might work at first, but as you start to carry out more transactions, your finances can quickly become overwhelming! This is especially true when transactions are not labelled clearly, or you want to keep an eye on the cash flow of your business separately from your personal finances.<\/p><p>If you choose to set up a business bank account, you\u2019ll find it much easier to track how your business is doing as a sole trader, especially when you have many other responsibilities to keep you occupied.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000007\" data-toggle=\"collapse\" data-target=\"#accordion0000000007\">\n        <span class=\"luna-accordion__title\">End-of-year and tax calculations are smoother<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000007\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>As a sole trader, you are responsible for reporting your tax bill to HMRC at the end of the financial year. If you\u2019ve been using a specific business account for all your business-related transactions, this process will be a lot quicker and easier and save you from the headache of tracking everything down.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000008\" data-toggle=\"collapse\" data-target=\"#accordion0000000008\">\n        <span class=\"luna-accordion__title\">Business accounts have features to help manage cash flow and bookkeeping<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000008\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Many business bank accounts come with additional features that will make your life easier if you are a sole trader trying to manage your business\u2019s day-to-day operations.<\/p><p>Some of these include:<\/p><ul class=\"list-10\"><li>Interest rate<\/li><li>Invoice creation<\/li><li>Expenses management<\/li><li>Spending pots or categorisation<\/li><li>Budgeting tools<\/li><li>Tax and VAT calculators<\/li><li>Payment notifications<\/li><li>Setting up standing orders for expenses<\/li><\/ul><p>If you use accounting software, you may also be able to link this with your business bank account through accounting integrations.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000009\" data-toggle=\"collapse\" data-target=\"#accordion0000000009\">\n        <span class=\"luna-accordion__title\">You may have access to additional perks<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000009\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Many business accounts offer benefits, such as cashback when you spend with your business card. You can also get additional physical debit cards for your employees.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000010\" data-toggle=\"collapse\" data-target=\"#accordion0000000010\">\n        <span class=\"luna-accordion__title\">Appear professional<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000010\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Finally, having a dedicated business account helps you appear more professional to your customers! It helps them to feel safe that they are sending their money to the right place and that your business is legitimate.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><h3>How to choose and compare a bank account for a sole trader<\/h3><p>As with any financial product, the key to finding the best business bank account is to shop around and compare your options. <\/p><p>As part of your comparison, you\u2019ll need to consider which features are the most important to you. For example, are you willing to pay a monthly fee or would you prefer a free account? Keep in mind that there may still be charges for certain transactions such as transfers and cash withdrawals. <\/p><p>You should also think about whether you might need an overdraft, whether you want your account to link to accounting software such as QuickBooks and Xero, whether you need invoicing support and whether you need to regularly bank overseas.<\/p><p>Don\u2019t forget to also consider how you want to manage your account. Are you happy to bank solely online\/via an app or would you like the option of being able to pop into a branch? When you\u2019ve considered these options, you should find it easier to find the right account for you.<\/p><h3>What does a sole trader need to apply for a business bank account?<\/h3><p>The application process varies between business account providers, but you may need the following:<\/p><ul class=\"list-10\"><li>Your business name and address<\/li><li>Your own personal details and contact information<\/li><li>A form of ID<\/li><li>Proof of address<\/li><li>Estimated business turnover<\/li><li>Personal banking\/financial statements<\/li><\/ul><h3>Pros and cons<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li>Business bank accounts allow you to separate your business and personal funds. This makes accounting and bookkeeping far easier.<\/li>\n                                    <li>Many accounts include useful incentives and improved rates on international payments.<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li>Business accounts don't tend to have as many incentives as personal bank accounts.<\/li>\n                                    <li>Many of the best business bank accounts have monthly account fees and may charge you for making payments.<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<div class=\"importantText importantText__quote\">\n  <blockquote>\n    <div class=\"importantText__quoteIcon\"><\/div>\n    <p>It\u2019s not essential to open a business account if you\u2019re a sole trader (you\u2019ll have to do it if you\u2019re a limited company), but it is a good idea. It lets you keep your personal and business finances separate, making day-to-day money management easier and it helps when it comes to accounting and tax returns. Keep an eye out for account fees, especially those those which kick in after a year. If you\u2019re not going to use the extras thrown in with a paid-for account, such as accounting software, it\u2019s better to choose a free account and pay for the software separately.\u201d<\/p>\n    <footer class=\"importantText__quoteAuthor\">\u2013 <cite>Rebecca Goodman, financial journalist<\/cite><\/footer>\n  <\/blockquote>\n<\/div>\n<h3>Bottom line<\/h3><p>For many types of business, it is compulsory to have a business bank account. Even if this isn\u2019t the case for them, the majority of business owners recognise the advantages of opening one. The key benefit of opening a separate bank account for a sole trader\u2019s business revenue is that this helps with tax calculations and enables the business owner to understand their cashflow situation easily.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000011\" data-toggle=\"collapse\" data-target=\"#accordion0000000011\">\n        <span class=\"luna-accordion__title\">Can I run my limited company through my personal bank account?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000011\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><span>No. If you run a limited company, then that company is a separate legal entity and therefore needs a separate business account<\/span><span>.<\/span><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000012\" data-toggle=\"collapse\" data-target=\"#accordion0000000012\">\n        <span class=\"luna-accordion__title\">Are there business bank accounts that don't charge a monthly account maintenance fee?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000012\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><span>Yes. It\u2019s more common to find these accounts offered by digital \u2018challenger\u2019 banks like Starling and Tide.<\/span><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000013\" data-toggle=\"collapse\" data-target=\"#accordion0000000013\">\n        <span class=\"luna-accordion__title\">Can I use my business account to accept payments in foreign currency?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000013\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><span>As a general rule of thumb, your business account is likely to allow you to accept payments in foreign currencies, particularly in euros and US dollars. While some accounts will charge you a conversion fee, others will use either Mastercard or Visa\u2019s own exchange rates. These rates are as close to perfect as it\u2019s possible to get for converting between major currencies. It\u2019s best to check you accounts terms and conditions to find out more<\/span><span>.<\/span><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000014\" data-toggle=\"collapse\" data-target=\"#accordion0000000014\">\n        <span class=\"luna-accordion__title\">Can I deduct business bank account fees as a business expense for tax purposes?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000014\" data-accordion=\"details\">\n    <div class=\"accordionContent\">As a self-employed person you can usually claim bank charges as a business cost. The <a href=\"https:\/\/www.gov.uk\/expenses-if-youre-self-employed\/legal-financial\" target=\"_blank\" rel=\"noopener\">Gov.uk website<\/a> has full details on self-employed expenses.<\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000015\" data-toggle=\"collapse\" data-target=\"#accordion0000000015\">\n        <span class=\"luna-accordion__title\">Will I go through a credit check when I apply for a business account as a sole trader?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000015\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><span>It is possible that you\u2019ll be credit checked when opening a business account as a sole trader.<\/span><\/div>\n  <\/div>\n<\/li><\/ul><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>\n\n\n<article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Discover everything you need to know about opening a business bank account if you&#8217;re self-employed <\/p>\n","protected":false},"author":645,"featured_media":351714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3786],"tags":[],"asset_tag":[],"class_list":["post-351346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best business bank accounts for the self-employed and sole traders<\/title>\n<meta name=\"description\" content=\"Compare the best bank accounts for the self-employed. Compare rates, features and how easy it is to open an account to manage your finances properly.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/business-banking\/self-employed-business-bank-accounts\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best business bank accounts for the self-employed and sole traders\" \/>\n<meta property=\"og:description\" content=\"Compare the best bank accounts for the self-employed. 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