Do I need a business bank account as a sole trader?

Sole traders are not legally required to have a dedicated account but it is strongly recommended for clear bookkeeping. Limited companies must by law keep company finances separate from personal funds.

How much does a business bank account cost?

Digital challengers often provide free accounts while traditional banks typically charge £5 to £25 per month. Transaction fees and cash handling charges vary significantly.

How long does it take to open a business bank account?

Digital banks can open accounts within 24 to 48 hours online. Traditional banks typically take 1 to 4 weeks and may require an in-branch appointment.

What documents do I need to open a business account?

Typically proof of identity, proof of address, Companies House registration number (if limited) and details of all directors.

Can I switch my existing business bank account?

Yes — the Current Account Switch Service (CASS) moves all payments automatically within 7 working days for most accounts.

Compare Business Bank Accounts UK

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What?

What is a business bank account?

A business bank account is a dedicated current account for your company that legally separates personal and business finances — required for limited companies and essential for all businesses. Commercial accounts include payroll management multi-user access and accounting software integrations.

Why?

Why should I compare business bank accounts?

Monthly fees, transaction charges and features vary significantly between high street banks and digital challengers. Comparing ensures you pay the right amount for the features you actually need, with many providers offering 12 to 18 months of free business banking.

How?

Compare business bank accounts in 3 simple steps.

Fill in the short form

Tell us your business type and monthly transaction volume along with the features you need — takes under a minute.

Receive your recommendations

A banking expert will call you within 5 minutes (during UK business hours) to match you with the most appropriate accounts for your business.

Open your account

Choose your bank and complete the application — most accounts can be open and ready within 24 hours.

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Frequently asked questions

Business Bank Account FAQs

Common questions about opening a business bank account fees and choosing the right provider.

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