Compare Sole Trader Business Bank Accounts

Sole traders can open a business bank account to keep personal and commercial finances separate
Many business bank account providers offer products to sole traders in all types of industry
Compare the latest deals, features and costs of sole trader business bank accounts

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Tide Business Current Account

No monthly fees
Sign up in minutes - get a sort code and account number instantly
FSCS protected bank account provided by ClearBank
Free tools for accounting and invoicing

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Monthly Turnover:

Monthly Transactions:

Choose your business current account options

10 products found

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- Tide
  
  Monthly Fee
  Free
  
  Card Purchases
  Free
  
  Bank Transfers
  20p
  
  Overdraft
  
  Access
  App/Online
  See Deal More info
  Product Features
  - Contactless MasterCard - with unlimited free purchases in any currency
  - Instant invoicing directly from your Tide app
  - Add up to 35 team card for FREE
  Eligibility Criteria
  - For registered business account: you must be registered with UK Companies House as a director of that company or partnership
  - For sole trader account: you must be a UK based sole trader/freelancer
  - For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
- Tide Plus
  
  Monthly Fee
  £9.99
  
  Card Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App/Online
  See Deal More info
  Product Features
  - Priority business support
  - Free transfers
  - Free legal advice
  Eligibility Criteria
  - For registered business account: you must be registered with UK Companies House as a director of that company or partnership
  - For sole trader account: you must be a UK based sole trader/freelancer
  - For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
- ANNA Money £0 a month
  
  Monthly Fee
  Free
  
  Card Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App only
  See Deal More info
  Product Features
  - Business account and tax app for your small business
  - This plan has monthly limits of £500 income, £5,000 maximum balance, 2 UK transfers (in or out) and £100 ATM withdrawals
  - Instant Invoicing, Receipt Scanner, Automated Bookkeeping, Business expense cards for employees, virtual debit cards
  Eligibility Criteria
  - You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  - Your business should be located within the UK and you also need to have a UK residential address
  - Not available to charities
  Offer
  6 months free 6 months free - no transaction or transfer charges.
- ANNA Money £4.90 a month
  
  Monthly Fee
  £4.90
  
  Card Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App only
  See Deal More info
  Product Features
  - Business account and tax app for your small business
  - This plan has monthly limits of £500-£2,000 income, £25,000 maximum balance, 4 UK transfers (in or out) and £300 ATM withdrawals
  - Instant Invoicing, Receipt Scanner, Automated Bookkeeping, Business expense cards for employees, virtual debit cards
  Eligibility Criteria
  - You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  - Your business should be located within the UK and you also need to have a UK residential address
  - Not available to charities
  Offer
  6 months free 6 months free - no transaction or transfer charges.
- ANNA Money £9.90 a month
  
  Monthly Fee
  £9.90
  
  Card Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App only
  See Deal More info
  Product Features
  - Full invoice/expense features including accountant access and invoices with no ANNA branding
  - This plan has monthly limits of £2,000-£20,000 income, £120,000 maximum balance, 35 UK transfers (in or out) and £2,000 ATM
  - Instant Invoicing, Receipt Scanner, Automated Bookkeeping, Business expense cards for employees, virtual debit cards withdrawals
  Eligibility Criteria
  - You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  - Your business should be located within the UK and you also need to have a UK residential address
  - Not available to charities
  Offer
  6 months free 6 months free - no transaction or transfer charges
- ANNA Money £19.90 a month
  
  Monthly Fee
  £19.90
  
  Card Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App only
  See Deal More info
  Product Features
  - Full invoice/expense features including accountant access and invoices with no ANNA branding
  - This plan has monthly limits of £20,000-£100,0000 income, £700,000 maximum balance, unlimited UK transfers (in or out) and £10,000 ATM withdrawals
  - Multiple access for unlimited users
  - Instant Invoicing, Receipt Scanner, Automated Bookkeeping, Business expense cards for employees, virtual debit cards
  Eligibility Criteria
  - You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  - Your business should be located within the UK and you also need to have a UK residential address
  - Not available to charities
  Offer
  6 months free 6 months free - no transaction or transfer charges.
Cashplus Business Current Account
- Monthly Fee
  Free
- Card Purchases
  Free
- Bank Transfers
  Free
- Overdraft
- Access
  App/Online
See Deal More info
Product Features
- Instant Account Number and Sort Code
- No credit checks to open an account
- Business cash advance facility available to eligible customers
Eligibility Criteria
- UK Businesses
- Application to be made by UK Director
- UK Director must be 18 years old +
Offer
First year annual fee refunded £69 annual fee refunded for the first year
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
- Limited companies
- Sole traders
- Partnerships
CardOneMoney 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
Business Bank Account
- Monthly Fee
  Free
- Card Purchases
  Free
- Bank Transfers
  Free
- Overdraft
- Access
  App/Online
See Deal More info
Product Features
- No monthly fees or fees overseas
- Automate expenses and link your account with QuickBooks, Xero and FreeAgent
- Deposit cash easily at your local Post Office and deposit cheques of £500 or less via the Starling app.
Eligibility Criteria
- User must be 18 or over
- Must be a UK resident
- Must have been trading for a minimum of 18 months to apply for an overdraft
Offer
Add the Business Toolkit into your Starling account and get the first month free (RRP £7pcm)

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 drop down menu at the top of the page to order by other criteria.

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Sole Trader Business Bank Accounts

What is a sole trader business bank account?

A sole trader business bank account is a relatively straightforward business bank account aimed at people operating as a self-employed sole trader. These are often freelancers who have not set up their own limited company but who do want to keep their business finances separate from their personal finances.

They may also want access to some accounting tools that will help them to keep track of their income and outgoings related to their work, and help them to do things like raise invoices and complete their self-assessment tax return.

Who might want to open a sole trader business bank account?

If you are self-employed but have not registered a limited company with Companies House, it’s likely that you are operating as a ‘sole trader.’ Just like with any business, you will have business income and business expenses and you will want to keep track of these so that you can complete your self-assessment tax return at the end of the year. Opening a sole trader business bank account can be helpful, as it will separate all of your business finances from your personal finances.

Do I have to open a business bank account if I am a sole trader?

No. You are legally allowed to run your business finances through your personal account if you are a sole trader. This is because you, as a tax payer, and your business, are considered the same legal entity.

How much do sole trader business bank accounts cost?

This varies from provider to provider, so it pays to do some research by comparing sole trader business bank accounts before you decide which one to open – or whether to open one at all. Sole trader business bank accounts are also often aimed at people with small limited companies and usually charge you in some shape or form.

Some will charge you a monthly fee, or maybe an annual fee. They may also charge you for transactions, such as a percentage of deposits made, or for using your debit card. Some sole trader business accounts will offer a free initial period, but will start to charge you after that period ends.

What services do sole trader business bank accounts offer?

Again, this depends on the type of sole trader business bank account you open. Make sure you check that the account you are interested in offers all the services you need. Here are some of the services regularly offered by sole trader business bank accounts:

Accepting deposits
ATM withdrawals
Bank transfers
Bill payment through direct debit
Standing orders
Accounting tools
Apps to track spending and balances
Invoice tools
Cheques
Debit cards
Online payments

How do I open a sole trader business bank account?

Sole trader business bank accounts that are based online and do not offer credit cards or overdrafts are usually very quick and easy to open and you will often be able to do so with no credit checks. However, regardless of how simple the account is, you will always need a business address and will usually need to be able to give some simple information about your business activities to the provider.