- 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 many 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.
Our Best Joint Business Bank Accounts
Best Joint Business Bank Account Providers
Each of these products may be one of a range offered by the provider. Always check terms & conditions for suitability before applying. Only affiliated products are shown. Other products are available. Read our guide to ratings.
Virgin Money M Account for Business
- 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
NerdWallet's Review Summary
Virgin Money offers several business accounts including the M Account for Business aimed at 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 some nice 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 everyday banking if the charity has less than £1 million turnover a year.
NerdWallet's Pros & Cons
Pros:
- The free M Account for Business can be jointly operated with nominated users.
- There is no monthly fee for the M Account for Business and no charges for UK transfers.
- 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.
- Over a third of new applicants have an account up and running on the same day they apply, though the average account opening wait is two days.
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 an annual turnover of less than £1 million.
- Virgin Money has no branches in the South of England, Wales or Northern Ireland.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Monzo Business Pro Account
NerdWallet's Review Summary
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 a new account and start managing their money.
However, you will need to sign up for its £9 per month Business Pro account for joint account functionality, or to the £25 per month Team account to fully enjoy all of Monzo’s collaborative banking features. 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.
NerdWallet's Pros & Cons
Pros:
- Monzo’s mobile app is one of the best rated banking apps on the market and allows customers to 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.
- Monzo account holders have access to free UK transfers.
- Accounts come with six-month or eight-month trials of Xero accounting software.
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.
- Though Monzo offers a free business account, it cannot be used as a joint account. Customers seeking multi-user access will need to pay £9 per month for Monzo Business Pro or £25 per month for Monzo Team.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Barclays Business Account
NerdWallet's Review Summary
British high-street bank Barclays offers accounts for start ups and established businesses. Barclays also offers accounts specifically designed for charities and community groups.
For more details, read NerdWallet’s Barclays Business Account review.
Barclays key features:
- Account access: Barclays accounts can be accessed online, via the app, over the phone, or at a branch.
- Credit facilities: Banking with Barclays can offer access to credit facilities, including loans, mortgages and overdrafts.
- FSCS Protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
NerdWallet's Pros & Cons
Pros:
- Barclays offers accounts built for start ups and more established businesses, as well as charities and community groups.
- Signing up for a business account with Barclays gets customers free access to Freshbooks accounting software.
- Simple electronic transactions, including direct debits and standing orders, are free for Barclays business account customers.
- With a branch network spanning the whole of the UK, many business owners will be near a Barclays Bank.
Cons:
- With an £8.50 per month maintenance fee following the introductory period, Barclays accounts are a higher cost option compared to the competition.
- Businesses that have been trading for over a year cannot open a start up account with Barclays.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
NatWest Start Up Business Account
- 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
NerdWallet's Review Summary
NatWest offers accounts for start ups and more established businesses, as well as its community account for charities and societies. For businesses that trade internationally, there is even a foreign currency account.
For more details, see NerdWallet’s NatWest business account review.
NatWest key features:
- In-person banking: Customers can enjoy face-to-face support in-branch.
- Fee-free period: NatWest accounts have no monthly maintenance charge and everyday transaction fees do not apply for the first two years.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
NerdWallet's Pros & Cons
Pros:
- Customers can manage their accounts online, via a mobile app, in a branch or Post Office or over the phone.
- NatWest’s digital assistant is available to help customers round the clock.
- Customers who sign up to bank with NatWest get free access to FreeAgent accounting software.
Cons:
- Only businesses that have been trading for less than a year and have a turnover of less than £1 million can apply for the Start-Up Account.
- While there is a two-year introductory period, all transactions carry a cost after it ends.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
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 for the sharing of account permissions by different people. In our list, 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.
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 a 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’s 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.
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, of course, 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
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 not 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 with access to 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.
Business Bank Account Methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed. Read more about our business bank account methodology.
About the Author
Dive even deeper
Do I Need a Business Bank Account?
How to Open a Business Bank Account: What You Need and Where to Start
