Compare Joint Business Bank Accounts

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

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What our Nerds say about joint business bank accounts

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. 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.

Connor Campbell Lead Writer and Spokesperson at NerdWallet

Learn about joint business bank accounts

Written by Connor Campbell

Last updated on 21 October 2022.

Jump to a topic:

What is a joint bank account and how does it work?

Do I need a business account for a partnership?

When is a joint business bank account worth it?

Can I add someone to my business bank account?

How to open a joint business account

What services does a joint business bank account usually offer?

What are the benefits of a joint business bank account?

What are the disadvantages of a joint business bank account?

How much does it cost to open a joint business account and are there any ongoing fees/charges?

How to choose the best joint business bank account for me?

What are the alternatives to a joint business bank account?

Joint Business Bank Account FAQs

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.

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

You will also need to provide information on your business, such as the number of employees, estimated annual turnover, and the full business address.

Though it is possible to open a joint business account online, especially with online challenger banks that have no high street presence, many providers will require you to come into a branch in person.

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/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 payments, but again, this will depend on the terms of your provider agreement.

Some banks may offer fee-free accounts for 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?

Our comparison table can help you select the best joint business account for your needs.

You can order the table by monthly fees, card purchases and bank transfers, as well as by featured products and company A-Z.

You can also click on ‘more info’ to find out the product services and eligibility criteria for each provider.

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 looking to change from one business account to another, you may be able to benefit from the switch.

» COMPARE: Business bank accounts for switchers

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

Joint Business Bank Account FAQs

Do I need a business bank account for a partnership?

If you are in a general partnership, you do not need a business bank account.

If your business is a limited partnership or 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 below to find a bank account that suits your needs.

Can a sole trader use a joint bank account?

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.

Does a joint business account need both signatures?

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.

Can I access credit through my joint business bank account?

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.

Take a look at our comparison table to find a joint business account with an overdraft.

Can I freeze a joint business account?

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.

Are there credit checks to open a joint business account?

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.

» COMPARE: No credit check business accounts

Can I remove myself from a joint business bank account?

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.

How do I close a joint business account?

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.

About the author

Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more

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Offer

FreeAgent for Free *

Mettle by NatWest

Monthly Fee

Free
Card Purchases

Free
Bank Transfers

Free
Overdraft
Access

App & Online

See Deal More info

*To get FreeAgent for free you'll need to make at least one transaction a month from your Mettle account. A saving of £114 a year (based on FreeAgent's lowest tariff).

Product Features

Mettle is 100% free - no hidden charges
Get paid faster - create and send invoices on the go
Sync with accounting software like FreeAgent, Xero and Quickbooks

Eligibility Criteria

For sole traders or limited companies with up to two owners
Maximum balance of £100k for limited companies and £50k for sole traders
For UK-based companies with owners that are UK residents

See Deal

Offer

No monthly fee for the first 3 months

Card One Money Business Account

Monthly Fee

£12.50*
Card Purchases

Free
Bank Transfers

30p
Overdraft
Access

App & Online

See Deal More info

Product Features

No credit checks to open an account
Pay in cash and cheques
IBAN and SWIFT codes for international payments

Eligibility Criteria

Limited companies
Sole traders
Partnerships

See Deal

Acorn Business Account

Monthly Fee

£12.50
Card Purchases

Free
Bank Transfers

30p
Overdraft
Access

App & Online

See Deal More info

Product Features

No credit checks to open an account
Pay in cash and cheques
IBAN and SWIFT codes for international payments

Eligibility Criteria

Available to Limited companies, sole traders and Partnerships
Maximum turnover £2m per year

See Deal

Fair Everywhere Business Account

Monthly Fee

£12.50
Card Purchases

Free
Bank Transfers

30p
Overdraft
Access

App & Online

See Deal More info

Product Features

Hold funds in GBP, USD & Euro Wallets
No credit checks needed
No turnover limits

Eligibility Criteria

Available to Sole Traders, Partnerships and Limited Companies
Applicant must be 18+

See Deal

Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. Use the sorting options at the top of the comparison table to order by other criteria.