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

Choose your business current account options

14 products found
    • Cashplus logo

      Cashplus Business Bank Account

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        30p
      • Overdraft
      • Access
        App & Online
    • Cashplus logo

      Cashplus Business Bank Account with Cashback

      • Monthly Fee
        £69 per year
      • Card Purchases
        Free
      • Bank Transfers
        99p
      • Overdraft
      • Access
        App & Online
    • See 1 more Cashplus product
    • Tide logo

      Tide Business Bank Account

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App & Online
    • Tide logo

      Tide Plus Business Bank Account

      • Monthly Fee
        £9.99
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
    • See 1 more Tide product
    • ANNA Money logo

      ANNA Money £0 a month

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
    • ANNA Money logo

      ANNA Money £19.90 a month

      • Monthly Fee
        £19.90
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
    • ANNA Money logo

      ANNA Money £9.90 a month

      • Monthly Fee
        £9.90
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
    • ANNA Money logo

      ANNA Money £4.90 a month

      • Monthly Fee
        £4.90
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
    • See 3 more ANNA Money products
    • Countingup logo

      Countingup Business Account (Starter)

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App only
    • Countingup logo

      Countingup Business Account (Premium)

      • Monthly Fee
        £9.95
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App only
    • Countingup logo

      Countingup Business Account (Standard)

      • Monthly Fee
        £4.95
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App only
    • See 2 more Countingup products
  • Starling Bank logo

    Starling Business Bank Account

    • Monthly Fee
      Free
    • Card Purchases
      Free
    • Bank Transfers
      Free
    • Overdraft
    • Access
      App & Online
  • CardOneMoney logo

    CardOneMoney Business Account

    • Monthly Fee
      £12.50*
    • Card Purchases
      Free
    • Bank Transfers
      30p
    • Overdraft
    • Access
      App & Online
  • Acorn logo

    Acorn Business Account

    • Monthly Fee
      £12.50
    • Card Purchases
      Free
    • Bank Transfers
      30p
    • Overdraft
    • Access
      App & Online

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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Last updated on 09 November 2020.

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.

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