Compare Contractor Business Bank Accounts

What is a contractor business bank account?

A contractor business account is just like any business bank account. It helps you keep your business and personal finances separate. As a contractor, you might be classed as a sole trader, self-employed or a limited company. Your business structure dictates whether you’re required by law to have a business bank account.

For example, if you’re a contractor trading under a limited company, you’re legally required to have a business bank account. But if you’re a sole trader or classed as self-employed, you’re not legally obliged to separate your personal and business accounts. If you’re working under an umbrella company, you’re technically an employee, so you don’t need a business bank account either.

Am I eligible for a contractor business bank account?

To be eligible for a contractor bank account you must:

• Be a new company, sole trader, or self-employed looking for your first bank account.
• Pass lender eligibility - eligibility criteria will differ depending on the provider. Visit our dedicated provider page to learn more.

Remember, you can switch to a free business bank account at any time, you’re not tied into any bank account.

What is the best contractor business bank account for 2021?

You can find the most up-to-date account information for comparison in the above table. We’re frequently updating them to ensure they’re updated with the latest information.

The ‘best’ contractor bank account looks different to everyone, and remember, you’re not legally obligated to have a business account if you’re self-employed or a sole trader. There are many benefits of a business-specific bank account, including the facility to invoice; they can also help you build business credit and make you look more professional too.

Compare bank account providers.

How do I apply for a contractor business bank account?

Applying for a contractor business bank account is easy. Start by comparing accounts in our table above, check out each provider by reading their dedicated provider page, then select your favourite and apply directly on their site.

Ready to compare the accounts on offer? Compare now.