Connor Campbell
Duncan FerrisMany or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.
- Some business banking products can be opened as joint accounts
- Other business bank providers allow you to add additional users to accounts
- Compare joint commercial banking products from leading UK specialists and apply direct
If you run your own business, it may be wise to consider opening a dedicated business bank account. And as with normal bank accounts, it is possible to open a joint business account.
This allows you and your business partners shared access to your business’s finances, as well as the various banking benefits that come alongside a business account.
By setting up a joint business account, it can help keep your personal and professional finances separate. This makes it quicker and easier to pay your taxes while building a credit profile for your business at the same time.
And if you already have business banking set up, you may be able to add additional users to your account.
There are a number of different joint business accounts out there, each with their own advantages. Our comparison table below will help you select the right one for your needs – that’s whether you want free bank transfers, no monthly fees, or even an overdraft.
Or read on to find out more about how to open a joint business bank account, when you need a joint business account, and what services it can provide.
Editor’s Picks
Business Bank Accounts |
Editor’s Pick |
UK Card Purchase Fees |
UK Bank Transfer Fees |
Monthly Fee |
|
|---|---|---|---|---|---|
Virgin Money M Account for Business |
Overall
|
Free
|
From free
|
Free
|
|
Revolut Business Account |
International
|
Free
|
5 free per month
|
Free
|
|
The Co-operative Bank Directplus Business Account |
Choice
|
Free for 30 months
|
Free for 30 months
|
Free for 30 months
|
|
Lloyds Bank Small Businesses and Start-ups Account |
Branches
|
Free
|
100 electronic payments out free per month
|
Free for 12 months
|
Important information about Editor’s Picks
The Editor’s Picks listed above are based on NerdWallet’s editorial team’s analysis of products reviewed by us and is not a whole of market view. The team evaluates which brands offer standout features that may be important to you.
Editor’s Picks exclude any assessment of a providers’ rates, fees or product suitability, which must always be a priority when considering any financial product. Always consider others in the market and obtain professional advice.
Editor’s Picks are our own opinions and don’t constitute advice, recommendation or suitability of your financial circumstances. They are editorially independent of any partnerships with NerdWallet.
Top 10 Best Joint Business Bank Accounts
This selection of brands has been reviewed and evaluated by Nerdwallet, but others are available in the UK market. Find out what we mean when we say ‘best’, why we are comfortable using it, and an in-depth explanation of Nerdwallet UK’s review methodology.
Provider (select to learn more) |
NerdWallet’s Rating |
Monthly Fee |
UK Card Purchase Fees |
UK Bank Transfer Fees |
|
|---|---|---|---|---|---|
|
4.7 / 5
|
Free
|
Free
|
From free
|
||
|
4.7 / 5
|
Free
|
Free
|
Free
|
||
|
4.6 / 5
|
£5
|
Free
|
Free
|
||
|
4.4 / 5
|
Free for 12 months
|
Free
|
Free
|
||
|
4.3 / 5
|
Free for 30 months
|
Free for 30 months
|
Free for 30 months
|
||
|
4.3 / 5
|
Free for 30 months
|
Free
|
From free
|
||
|
4.2 / 5
|
Free for 12 months
|
Free
|
Free
|
||
|
4.2 / 5
|
Free
|
Free for 24 months
|
Free for 24 months
|
||
|
4.1 / 5
|
Free
|
Free
|
From free
|
||
|
4.1 / 5
|
Free for 12 months
|
Free
|
100 electronic payments out free per month
|
Important Information: Our Reviews, Star Ratings and Editor’s Picks do not consider the product provider’s lending rates and therefore do not reflect how much it costs to borrow from the reviewed brand. Always compare rates from other providers when considering any type of borrowing.
Top 10 Best Joint Business Bank Account Providers
This top 10 is from 23 business bank accounts that NerdWallet evaluated and reviewed. Others are available. Find out how we use ‘best’ and our guide to ratings.
Virgin Money M Account for Business
-
Monthly FeeFree
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFrom freeDirect debits, Faster Payments, BACS: Free | CHAPS: £17.50 via Business Internet Banking, £25 via Store and telephone banking
-
Offern/a
- Available for eligible businesses with up to £1m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
Businesses based in Great Britain can choose from a number of accounts at Virgin Money, making it likely that there is something to fit their needs.
For example, Virgin’s M Account for Business start ups and small businesses with an annual turnover of less than £1 million can benefit from no monthly fees. Virgin Money’s accounts can be converted into joint accounts by appointing new nominated users and giving them various permissions.
For further details, read NerdWallet’s Virgin Money Business Account Review.
Virgin Money key features:
- Account perks: There are a number of account perks, such as cashback when using your business debit card and discounts with selected retailers and merchants.
- FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme.
- Charities: The bank has dedicated current accounts for charities and does not charge fees for every day banking if the charity has less than £1 million turnover a year.
| Monthly fee | Free |
| Transaction fees | No, for day-to-day banking. Yes, for other transactions |
| Account management | At a branch, via the mobile app, online and over the phone |
| FSCS protection | Yes |
| Average set-up time | 4 days |
| Cash deposits | Yes (90p per £100) |
| Cheque deposits | Yes (free via app) |
Pros:
- The free M Account for Business can be jointly operated with nominated users.
- Eligible deposits of up to £85,000 will be protected by the Financial Services Compensation Scheme (FSCS).
- Virgin Money has a current account for charities, which charges no fees for everyday banking for as long as turnover is less than £1 million per year.
Cons:
- Although Virgin Money offers 24-hour self-service over the phone, it does not offer 24/7 customer support.
- Some businesses cannot access Virgin Money’s completely free M Account, as it is only for those with annual turnover of less than £1 million.
- Virgin Money has no branches in in the South of England, Wales or Northern Ireland.
Starling Bank Business Account
-
Monthly FeeFree
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFree
-
Offern/a
- Must be a Limited Company or LLP registered at Companies House. General partnerships or charities that aren’t registered as a Limited Company aren’t supported yet
- All directors with access to the account must be UK residents
Limited companies looking for a joint account have a strong option in Starling’s free business bank account, which allows multiple directors to manage an account.
There is a lot to like about Starling, with free basic transactions and a mobile app that has received rave reviews from customers.
Starling key features:
- Free transactions: There is no cost for many common transactions, such as direct debits and standing orders.
- FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme.
| Monthly fee | Free |
| Transaction fees | No for Faster Payments, direct debits and standing orders, but fees may apply for other transactions |
| Account management | Online and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | One day (94% same day) |
| Cash deposits | Yes (At the Post Office. Charged at whichever is higher out of 0.7% or £3) |
| Cheque deposits | Yes (free by via app or by post) |
Pros:
- Faster Payments, direct debits and standing orders can be made for free.
- Eligible deposits are covered by the Financial Services Compensation Scheme (FSCS).
- Starling’s business banking app is among the best reviewed in the banking market.
- Starling offers 24/7 customer support through its app, over the phone and via email.
Cons:
- To access all of Starling’s features, customers need to sign up for the Business Toolkit, which comes at a cost of £7 a month.
- There is no way to manage your account over the phone or at a branch.
- Any cash deposits made at the Post Office come with a £3 minimum fee.
Monzo Business Pro Account
-
Monthly Fee£5
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFree
-
Offer6 months free XeroNew Pro users get Xero cloud accounting platform free for 6 months. Available to new Xero customers. T&Cs apply.
- Available to sole traders, or the director of a registered limited company by shares (Ltd)
- Must be based in the UK
If you’re just starting out and want a simple account you can use on the move, Monzo Business makes it easy for customers to get new account and start managing their money.
However, you will need to sign up for its Business Pro account for joint account functionality. For further details, read NerdWallet’s Monzo Business Account Review.
Monzo key features:
- Quick set-up: Monzo’s speedy app-based application process means most applicants get an account on the same day.
- FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme.
- Free UK transfers: Monzo’s business banking customers benefit from free UK transfers.
- 24/7 customer support: Monzo’s in-app customer support is available at all hours for customers with pressing concerns.
| Monthly fee | £5 (Monzo’s free account cannot be used as a joint account) |
| Transaction fees | Yes (cash deposits, plus ATM withdrawals outside EEA) |
| Account management | Online and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | Same day |
| Cash deposits | Yes (£1 at PayPoint) |
| Cheque deposits | Yes (free by post) |
Pros:
- Monzo’s mobile app is one of the best reviewed banking apps on the market and allows customers to seamlessly convert a Business Pro account into a joint account with no need for paperwork.
- Most Monzo applicants will gain access to online banking on the same day as they apply.
Cons:
- Customers cannot manage their account over the phone or at a branch, as Monzo prioritises online interactions.
- Business accounts are only for sole traders or limited company directors, so charities and partnerships are not eligible.
Bank of Scotland Small Business Bank Account
-
Monthly FeeFree for 12 monthsNo monthly fee for first 12 months, then £8.50 thereafter
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFree
-
Offer12 months’ free day-to-day business banking for new businessesApplies to small businesses, including individuals setting up their first business bank account.
- Must be a sole trader, partner or company director and be aged 18 or over
- Must have an annual turnover of less than £25m
- Must not already have a Bank of Scotland business account for this business
- A Guarantee may be required for Limited Companies and Limited Liability Partnerships
Bank of Scotland, part of Lloyds Banking Group since 2009, offers accounts for businesses, schools credit unions and non-profit organisations. These accounts, which can be operated as joint accounts if multiple users are given the power of full signatories, offer access to extras such as accounting software and lending facilities. For more details, see NerdWallet’s Bank of Scotland review.
Bank of Scotland key features:
- Introductory offers: New customers pay no monthly fees for the first 12 months, in addition to free access to Bank of Scotland’s in-built accounting software.
- Branch access: With a network of branches in Scotland, you can manage your account in person as well as over the phone, online or via the app.
- Business support: Business account holders will have access to a UK-based management team.
- FSCS protection: Deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
| Monthly fee | £8.50 |
| Transaction fees | Yes (for certain transactions) |
| Account management | Online, over the phone, in a branch and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | 7 days |
| Cash deposits | Yes (85p per £100 using Immediate Deposit Machine, or £1.50 per £100 over the counter) |
| Cheque deposits | Yes (85p per cheque using Immediate Deposit Machine, or £1 over the counter) |
Pros:
- New customers can take advantage of a 12-month introductory period during which there is no monthly maintenance fee or transaction fees for certain transactions.
- Customers can manage their account through the mobile app, online, over the phone or in a branch.
- Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
Cons:
- The £8.50 monthly fee that kicks in after the introductory fee-free period makes this option more expensive than some free competitors.
- Customers looking for face-to-face support should consider that Bank of Scotland has just one branch outside Scotland. However, applicants don’t have to be based in Scotland to get an account.
- The average time to open a Bank of Scotland business account is seven days.
The Co-operative Bank Directplus Business Account
-
Monthly FeeFree for 30 monthsNo monthly fee for 30 months if balance of £1,000+ is maintained, then £7 thereafter
-
UK Card Purchase FeesFree for 30 monthsFree for first 30 months then 35p thereafter if balance remains at £1,000+. 70p if balance falls below £1,000 at any time
-
UK Bank Transfer FeesFree for 30 monthsFree for first 30 months then 35p thereafter if balance remains at £1,000+. 70p if balance falls below £1,000 at any time | CHAPS: £25 via phone / £15 via online banking
-
OfferFree everyday business banking for first 30 months + free access to the Go Get Paid appFor new customers, if you maintain a credit balance of £1,000+ there is no monthly service charge for 30 months, and all automated debits including standing orders, Direct Debits, Faster Payments, debit card payments and writing up to 30 cheques per charging period are free. Charges apply for exceeding these monthly limits
- Must be aged 18 or over
- Must be a UK resident with a business address in the UK
- Must be either a Sole trader or partnership, Limited liability partnership, Limited company
The Co-operative Bank has a customer-led ethical policy, which might make it an appealing option for socially conscious business owners. In addition, the bank offers a great variety of bank accounts, including tailored options for small businesses, charities and larger companies. New signatories can be authorised for these accounts, allowing them to be used as joint accounts.
For more details, see NerdWallet’s Co-operative Bank review.
The Co-operative Bank key features:
- Customer choice: Customers can choose from six business accounts, which even include an option for charities.
- FSCS protection: Your eligible deposits, up to £85,000 across all of your accounts, are protected by the Financial Services Compensation Scheme (FSCS).
- Lending facilities: Lending facilities include an arranged overdraft, a charge card for expenses, a credit card, and a variable rate business loan.
- Account management: Customers can manage their account online, over the phone, via the app and at a branch.
| Monthly fee | Free |
| Transaction fees | No |
| Account management | Online, over the phone, in a branch and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | 14 days |
| Cash deposits | Yes (£1.50 per £100) |
| Cheque deposits | Yes (£1.50 each) |
Pros:
- Several Co-operative Bank accounts do not charge monthly fees.
- Eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- You have the choice of managing your account online, over the phone, via the mobile app and in a branch.
- Customers have a variety of options for lending, including a business overdraft, credit card, charge card and loan.
Cons:
- The average time it takes to open a business account is 14 days, which is far longer than a lot of the competition.
- There is no 24/7 customer service available.
- Any customers in Northern Ireland should consider that The Co-Operative Bank only has branches in England, Scotland and Wales.
TSB Business Plus Account
-
Monthly FeeFree for 30 monthsNo monthly fee for first 30 months, then £5 thereafter (waived if average monthly account balance kept above £10,000)
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFrom freeDirect debits, Faster Payments, BACS: Free | CHAPS: £30
-
Offer30 months of free Business Banking when you switch to TSBSubject to keeping your account within agreed limits and not going overdrawn without arranging it first.
- Your business must be registered in the UK
- Must be 18 years or over
TSB is an established high street bank offering banking to businesses registered in the UK.
The bank’s everyday bank account for new business customers is called the Business Plus Account. It costs £5 per month and features some transaction fees following an introductory 30-month, fee-free period. This account can be used as a joint account by ensuring multiple parties have full signatory access.
For further details, see NerdWallet’s TSB Business Account Review.
TSB key features:
- Physical branches: TSB operates a network of branches across Scotland, England and Wales.
- 30 months’ fee-free: TSB’s 30-month offering is competitive since other banks tend to offer between 12 and 24 months only.
- Deposit cash and cheques: You can deposit cash and cheques into your Business Plus account via a branch or at any Post Office.
- Payment services app: Business Plus customers can access the Revenu app free for 12 months.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
| Monthly fee | £5 after 30-month fee-free period (waived if average monthly account balance is £10,000 or more over a charging period) |
| Transaction fees | Yes, for some transactions, after 30-month fee-free period |
| Account management | Online, over the phone, in a branch and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | 16 days |
| Cash deposits | Yes |
| Cheque deposits | Yes |
Pros:
- The 30-month introductory period is longer than comparable deals at many other competitors and includes free everyday banking.
- Customers can manage their account online, via the app, over the phone or at a branch.
- Eligible deposits of up to £85,000 are protected by the FSCS.
- Perks for Business Plus customers include free access to payment services app Revenu for 12 months.
Cons:
- Customers in Northern Ireland can open a TSB account, but there are no TSB branches there.
- You will need to pay a £5 monthly fee (for accounts under £10,000), as well as some transaction charges, once the 30-month fee free period expires.
- The only 24/7 customer support comes from an automated chat service, with manned customer service limited to 8am to 5.30pm on weekdays via chat or by phone from 8am to 9pm, Monday to Sunday.
- Setting up an account takes an average of 16 days, which is among the slowest for business bank account providers.
HSBC Small Business Banking Account
-
Monthly FeeFree for 12 monthsNo monthly fee for 12 months, £8 thereafter
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFree
-
Offern/a
- For small enterprises (including not-for-profits) with borrowing needs of up to £100k
- Must be a tax resident in the UK but not the Channel Islands or the Isle of Man
- Not available for sole trader or single director shareholder businesses
HSBC’s various account offerings include one specifically made for small businesses. These options are separate from HSBC Kinetic, which has its own dedicated app.
Basic banking transactions, including direct debits, standing orders and other payments, are free with HSBC accounts. However, there is a monthly fee following the 12-month introductory period. HSBC accounts can be used as joint accounts by appointing primary and secondary users.
HSBC key features:
- Fee free period: There is a 12-month period of free banking for new customers.
- Transaction costs: An HSBC business account does not charge for everyday banking transactions.
- Account access: Accounts can be managed in a branch in Great Britain, as well as the Belfast branch in Northern Ireland, or on the app, online or over the phone.
- FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme.
| Monthly fee | £8 (after 12-month free period) |
| Transaction fees | No for basic payments. Yes for deposits and other transactions (after free period) |
| Account management | Online, over the phone, in a branch and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | 5.4 days |
| Cash deposits | Yes (at branch and Post Office) |
| Cheque deposits | Yes (at branch and Post Office) |
Pros:
- An introductory offer gives customers 12 months of free banking for new customers, as well as free daily transactions.
- Accounts can be managed online, via a mobile app, over the phone or at a branch.
- Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS).
- Customers might be eligible to apply for HSBC’s business overdraft, credit card or loans.
Cons:
- Following the introductory period, all of HSBC’s business accounts have a monthly maintenance fee after any introductory period has ended.
- There is no access to 24/7 customer service.
- At 5.4 days, the average amount of time it takes to open an HSBC business account is longer than much of the competition.
RBS Start Up Business Account
-
Monthly FeeFree
-
UK Card Purchase FeesFree for 24 monthsFree for first 24 months, then 35p thereafter
-
UK Bank Transfer FeesFree for 24 monthsFree for first 24 months, then 35p thereafter
-
Offer24 months free bankingEligibility criteria apply. Other fees and charges may apply. Full Current Account Switch Service completed within 7 business days, Criteria Apply. Offer may be withdrawn. The RBS switch offer is not available to existing NatWest or Ulster Bank business current account customers switching to RBS
- Available to eligible customers over 18, who have the right to be self employed in the UK
- This ‘Startup business account’ is available for businesses that have been trading for less than 1 year and have a projected or existing annual turnover of less than £1m
With the three different accounts that RBS offers, customers are only charged for what they use, with no minimum monthly fee. With a Start-Up Account that charges no transaction fees for 24 months, this could be a good option for new businesses. To use an RBS account as a joint bank account, customers can fill in a form or use the mobile app to add new signatories.
For more details, see NerdWallet’s RBS business account review.
RBS key features:
- Introductory period: With a new Start-Up Account, RBS customers can avoid transaction fees for 24 months.
- Lending options: RBS offers a business overdraft, credit card or loan to eligible customers.
- Extras: Accounts come with free access to FreeAgent accounting software and the chance to benefit from a dedicated relationship manager.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
| Monthly fee | Free |
| Transaction fees | No, for the first 24 months. Yes, once the opening offer has elapsed. |
| Account management | Online, via an app, in a branch and over the phone |
| FSCS protection | Yes |
| Set-up time | One day |
| Cash deposits | Yes (70p per £100, plus 70p per item outside free period) |
| Cheque deposits | Yes (70p per item outside free period) |
Pros:
- Opening a Start-Up Account means no transaction fees for 24 months.
- Account opening can be quick, with RBS stating that 87% of customers have their business account up and running within a day of their application.
- Eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- Accounts can be managed in a branch, over the phone, online and via the app, while customer service is available 24/7.
Cons:
- When applying, customers in England or Wales may be directed to open a NatWest account instead, while those in Northern Ireland are directed to open an account with Ulster Bank.
- The RBS Start-Up Account can only be opened by businesses that have been trading for less than a year, and have a turnover of less than £1 million.
- Following promotional periods, all transactions from RBS business accounts carry a cost.
Allica Bank Business Rewards Account
-
Monthly FeeFree
-
UK Card Purchase FeesFree
-
UK Bank Transfer FeesFrom freeDirect Debits – Free | BACS – Free | Faster Payments – Free | CHAPS – £20 per transaction (outgoing)
-
OfferUp to 1.5% cashbackEarn 1% cashback on your card spend and unlock 1.5% cashback on additional monthly card spend after you spend £10k in a month.
- For UK-based businesses only
- Must have been trading for at least 12 months
- Must have a minimum balance of £50k or be an existing Allica loan product customer
Allica Bank has just one business banking product. This account, the Business Rewards Account, is designed for small and medium-sized enterprises (SMEs) and does not charge monthly fees. It also includes free bank payments. With options to earn interest on savings and further rewards, Allica could be an attractive choice for small businesses. It can also function as a joint account by designating extra parties as “super users”, who have full access to the account.
For more details, read NerdWallet’s Allica Bank Business Account review.
Allica Bank key features:
- Savings: Customers can earn 4.33% AER on business savings using Allica’s instant access pot.
- Cashback: Account holders can also earn 1% cashback on eligible monthly debit card aggregate purchases up to £10,000, and 1.5% on monthly aggregate purchases above £10,000.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
| Monthly fee | Free |
| Transaction fees | No |
| Account management | Online and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | Three to five days |
| Cash deposits | No |
| Cheque deposits | No |
Pros:
- Outgoing bank payments, card payments and direct debits do not carry transaction fees.
- Customers in England and Scotland have access to local relationship managers who can provide tailored expertise.
- The instant access savings pot lets customers earn interest at 4.33% AER.
- Eligible purchases with the Business Rewards Account debit card can earn customers cashback of 1% (and 1.5% once you spend £10,000 a month).
Cons:
- There is no way to deposit cash or cheques into an Allica account.
- There is no access to 24/7 customer support.
- Customers can only manage the account online or via the app, not over the phone.
Lloyds Bank Small Businesses and Start-ups Account
-
Monthly FeeFree for 12 monthsNo monthly fee for first 12 months, then £8.50 thereafter
-
UK Card Purchase FeesFree
-
UK Bank Transfer Fees100 electronic payments out free per month100 electronic payments out free per month, 20p thereafter
-
Offer12 months’ free day-to-day business banking for new business start ups and switchersFree day-to-day Business Banking includes electronic payments, cheques, cash, deposits and withdrawals. You must operate your account in credit or within agreed limits. All lending is subject to status. Security may be required
- To qualify for this account you need to be a sole trader, partner or company director and be aged 18 or over
- You must have a turnover of less than £25m
- Must not already have a Lloyds Bank business account for this business
High street bank Lloyds Bank offers accounts for businesses, as well as a community bank account for schools and non-profit organisations.
Business owners signing up for an account can expect a 12-month period with no monthly maintenance fee. However, following this period there is an £8.50 monthly fee as well as various transaction fees. Lloyds business accounts can be operated as joint accounts by making other parties full power signatories and full access users.
For more details, see NerdWallet’s Lloyds Bank Business Bank Account review.
Lloyds Bank key features:
- Lending: Account holders can apply for overdrafts, credit cards and business loans.
- Account management: You head to a branch, use the mobile app, go online, or pick up the phone to manage your account
- Community accounts: Schools, credit unions and non-profits can use Lloyds community accounts.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
| Monthly fee | £8.50 |
| Transaction fees | Yes |
| Account management | Online, over the phone, in a branch, online and via the mobile app |
| FSCS protection | Yes |
| Average set-up time | 7 days |
| Cash deposits | Yes (85p for every £100 at an Immediate Deposit Machine, or £1.50 for every £100 over the counter) |
| Cheque deposits | Yes (85p each at an Immediate Deposit Machine, or £1 each over the counter) |
Pros:
- Accounts are accessible online, via the mobile app, over the phone and at a branch in England and Wales.
- Lloyds also offers credit facilities, including overdrafts, credit cards and business loans.
- Eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- Extensive account options mean that Lloyds can cater for schools, credit unions and not-for-profit organisations.
Cons:
- Monthly fees of £8.50 kick in after the 12-month introductory period.
- Customers in Scotland or Northern Ireland will struggle to access in-branch services, as Lloyds Bank has no locations in either country.
- Some transaction fees apply get-go, including outbound electronic payments beyond £100 per month.
This top 10 only contains business account providers reviewed by NerdWallet UK.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
Top 10 Joint Business Bank Accounts: Summary
This top 10 is from 23 business bank accounts that NerdWallet evaluated and reviewed. Others are available. Find out how we use ‘best’ and our guide to ratings.
| Provider | Star rating |
|---|---|
| Virgin Money |  |
| Starling |  |
| Monzo |  |
| Bank of Scotland |  |
| The Co-operative Bank |  |
| TSB |  |
| HSBC |  |
| RBS | |
| Allica Bank |  |
| Lloyds Bank | |
This top 10 only includes providers currently offering joint accounts to new customers.
What is a joint bank account and how does it work?
A joint business bank account is a business bank account that is opened and accessed by more than one person. Much like a personal joint account, a joint business bank account allows two or more people in business together to pay in cash, withdraw money and use all the other facilities offered by the business account.
The only difference between a joint business account and a regular business bank account is that more than one person can access the former. Other than that, they function in the same way.
When searching for a joint business account, you should also look out for terms such as partnership bank account or joint venture checking account. However, many business bank accounts can function as joint accounts as they allow sharing of account permissions by different people. In our top 10, we have included normal business accounts that can function as joint business bank accounts in this way.
Do I need a business account for a partnership?
If your business is a limited liability partnership (LLP), you must set up a business bank account. This is because this is a legally separate entity, and must be managed as such.
On the other hand, if your business is a general partnership, meaning that you’re running a business with one or more other people, then you are not legally required to set up a business account. This is because in a general partnership, all partners are personally responsible for business profits, losses or debts – the partnership is not created as a separate legal entity.
» MORE: Do I need a business bank account?
When is a joint business bank account worth it?
If your business has multiple owners, then a joint business account will allow each partner equal access to the business account. It will also allow you greater flexibility and clarity when it comes to your financial management.
It could make your business appear more professional, and will save you time when it comes to submitting your tax returns to HM Revenue & Customs (HMRC) by separating your personal and professional finances.
And as your business grows, having a dedicated business account that multiple partners in the business can access will help you keep on top of expenses, invoices, transactions and cash flow all in one place.
As well as this, it may improve your business’ credit score, making it more likely that you will be able to access business loans and finance if you need to.
» COMPARE: Business loans
Can I add someone to my business bank account?
It may be possible to add someone to your business bank account, making it a joint business account in the process. Banking providers may allow you to do this online.
When you add someone to your business bank account, you can give them varying levels of access. This could include allowing them to make payments, but not allowing them to apply for loans or make changes to the account itself.
How to open a joint business account
When opening a joint business account, each person you intend to have access to the account may need the following documents:
- proof of identity, such as a passport or driving licence
- proof of UK address, such as a paper driving licence, credit card or mortgage statement
- partnership agreement (if this applies)
- contract of co-partners (if this applies)
- certificate of formation (if this applies)
- evidence of the partnership trading address (if this applies)
- previous business banking details
- Companies House registration number (if you have one)
You will also need to provide information on your business, such as the number of employees, estimated annual turnover, and the full business address.
It is normally possible to open a joint business account online, especially with online challenger banks that have no high street presence, and some more traditional banks will also allow you to apply in branch.
What services does a joint business bank account usually offer?
One of the biggest benefits of a joint business account is the number of services that come attached to the account. These can include, but are not limited to:
- mobile and web access to your business account
- specialist support and advice from your banking provider
- integrated accounting software
- ability to automatically set aside money to cover taxes
- creating, sending and tracking invoices
- instant UK bank transfers
- automated expenses
- flexible business bank account overdraft
- IBAN and SWIFT codes for international payments
- Financial Services Compensation Scheme (FSCS) protection
These services are in addition to the usual features of a bank account, such as cash deposits, ATM withdrawals, standing orders, direct debits and more.
What are the benefits of a joint business bank account?
A joint business account can come with many advantages. These include:
- the ability for more than one person to access the business’ finances
- specialised financial advice and support from your banking provider
- simplified bookkeeping by separating your personal and professional expenses.
- building a credit profile for your business, potentially opening up access to business finance.
- making your business look more professional in the eyes of customers and suppliers.
» MORE: Sources of business finance
What are the disadvantages of a joint business bank account?
Joint business bank accounts will usually give each account holder the same level of access and therefore your partner could withdraw cash or even run up debts without your consent.
If you are going into business with someone, it’s likely that you already trust them – but it goes without saying that you need to be able to trust the person you open a joint business bank account with.
How much does it cost to open a joint business account and are there any ongoing fees or charges?
There tends to be no initial cost to opening a joint business account. However, depending on your provider, you may be subject to an ongoing monthly fee to keep your account active.
You may also incur other fees, such as on bank transfers or cash withdrawals, but again, this will depend on the terms of your provider agreement.
Some banks may offer fee-free accounts for an introductory period, such as the first 12 months.
» COMPARE: Free business bank accounts
How to choose the best joint business bank account for me?
To be eligible for a joint business bank account, all persons associated with the account may need to be UK residents and over 18 years old.
You will need to pass the provider’s anti-money laundering, know your customer (KYC) and credit checks, and provide evidence of your trading activities.
Providers may not offer business bank accounts to certain kinds of businesses.
In order to decide which joint business account to apply for, you will need to work out what exactly you are looking for from your account.
Do you want free bank transfers and no monthly fees? Is it important to have an overdraft? Will you be accessing your account via desktop and mobile banking?
What are the alternatives to a joint business bank account?
Of course, if you are a sole trader, you won’t necessarily need a joint business account. Instead you can use a standard business bank account or your own personal account, depending on your business.
» COMPARE: Business bank accounts for sole traders
There are numerous other forms of business bank account you could also consider.
If you are a start up, you may want to look into a business bank account designed around your needs.
» COMPARE: Business bank accounts for start ups
And if you are concerned about how your credit history may affect your ability to open a business account, then you can find providers that won’t conduct a credit check.
» COMPARE: No credit check business accounts
You might also just want to see an overview of the best overall business bank accounts, as this can help you to work out what features are right for your business.
» COMPARE: Best Business Bank Accounts
Joint Business Bank Account FAQs
If you are in a general partnership – where two or more people are working together on a business venture – you do not need a business bank account. This is because each partner is personally responsible for the business, its profits or losses, and the partnership is not a separate legal entity.
If your business is a limited liability partnership, however, you are legally required to manage your finances through a business bank account.
To compare joint business bank accounts, you can use our comparison table above to find a bank account that suits your needs.
Yes, a sole trader could use a joint bank account, but they would have no need to unless they wanted to add someone as an authorised signatory on the account for business purposes.
When opening your joint business account, you can set a mandate on the account to specify who runs it.
This means you can have an account where any spending, withdrawals or changes require both signatures, or one where anyone on the account can do so independently.
Opening a business bank account will help you start building a credit profile for your business, improving your chances of accessing credit down the road.
Some banking providers will also offer business bank accounts with overdrafts.
If you are worried about the spending on your joint business account, then it might be possible to contact the bank and ask them to freeze your account.
However, this is only a short-term solution. At some point you will need to discuss the situation with your business partner.
While many banking providers will conduct a credit check when you apply for a joint business account, it is possible to open a business bank account without a credit check.
It is possible to remove yourself from a joint business account. Depending on your provider, this could be online, over the phone, or in person.
You will need to check if there is any debt outstanding on the account, as banking providers tend to be reluctant to remove names from a joint account if that is the case.
It can be quite simple to close a joint business account. Many providers will have an account closure form.
Depending on the mandate on your account, closing the account may require the signature of each owner or authorised signatory on the account.
You will also need to make sure you have no debit balance outstanding on the account.
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