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We have found 2 contractor business bank accounts
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Whether you are a small start-up looking to open a new business bank account, or a large established SME looking to switch, we have a range of online bank accounts that cater for all types of businesses.
We work with an extensive range of business bank account providers in the UK. Our comparison can help you choose the best offer that's right for your business so you can keep on top of your companies finances.
As a contractor, your business structure might mean you’re legally required to have a business bank account. If you’re not legally required, you might choose to have one - for many reasons - the main reason being to separate your business from your personal finances.
Finding the best bank account for your business doesn’t need to be complicated. That’s why our comparison tool exists to help contractors like you quickly find and compare the best accounts on the market.
Our comparison tool is 100% free for you to use. Ready to compare accounts? Let’s go.Compare now
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.
To be eligible for a contractor bank account you must:
Remember, you can switch to a free business bank account at any time, you’re not tied into any bank account.
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.
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.
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