Compare Sole Trader Business Bank Accounts

Find and compare the best sole trader / self employed accounts on the market. Don’t pay unnecessary costs.

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We have found 6 sole trader business bank accounts

Special Offer OFFER

Cashplus Bank

Business Bank Account

Cashplus Bank logo
Cashplus Bank logo

Account Fee

Free

Free Banking Duration

-

Interest (AER)

0%

Great for

  • No credit check to apply
  • Account and Sort number available for approved customers
  • Online application, apply in under 5 minutes
  • Mobile App and Online Banking available. Cash deposits and withdrawals available via the Post Office

But be aware that

  • You must have a working mobile phone and email address

Eligibility

  • You must be a UK director and at least 18 years old
  • You must be a UK resident

Key facts

Account Fee: Free
Direct Debits: Yes
Standing Orders: Yes
Mobile App: Yes
Credit Facility: Yes - Subject to eligibility
Foreign Exchange: No

Anna Money

Business Current Account

Anna Money logo
Anna Money logo

Account Fee

Free

Free Banking Duration

-

Interest (AER)

0%

Great for

  • Invoicing directly from the Anna app

But be aware that

  • This plan has monthly limits of £500 income

Eligibility

  • You must be at least 18 years old
  • You must be a UK resident
  • You must not be bankrupt
  • You must have a working mobile phone and email address

Key facts

Account Fee: From £0 to £19.90 per month
Direct Debits: Yes
Standing Orders: Yes
Mobile App: Yes
Credit Facility: No
Foreign Exchange: Provided via Payoneer

CardOneMoney

Business Current Account

CardOneMoney logo
CardOneMoney logo

Account Fee

Initial application fee of £55 then £12.50 per month

Free Banking Duration

-

Interest (AER)

0%

Great for

  • No credit checks to open an account

But be aware that

  • You must have a working mobile phone and email address

Eligibility

  • £55 Application Fee
  • You must be at least 18 years old
  • You must be a UK resident
  • You must not be bankrupt

Key facts

Application Fee: £55.00 to apply
Account Fee: From £12.50 per month
Direct Debits: Yes
Standing Orders: Yes
Mobile App: Yes
Credit Facility: No
Foreign Exchange: No

Revolut

Business Current Account

Revolut logo
Revolut logo

Account Fee

Free

Free Banking Duration

-

Interest (AER)

0%

Great for

  • Online application, sign up under 10 minutes

But be aware that

  • You must have a working mobile phone and email address

Eligibility

  • You must be a UK director and at least 18 years old
  • You must be a UK resident

Key facts

Account Fee: From £0 to £100 per month
Direct Debits: Yes
Standing Orders: Yes
Mobile App: Yes
Credit Facility: No
Foreign Exchange: No

Starling Bank

Sole Trader Current Account

Starling Bank logo
Starling Bank logo

Account Fee

Free

Free Banking Duration

-

Interest (AER)

0%

Great for

  • Online application, sign up under 10 minutes

But be aware that

  • You must have a working mobile phone and email address

Eligibility

  • You must be a UK resident and at least 18 years old
  • Meet standard AML/KYC, fraud and credit checks and processes.

Key facts

Account Fee: £0
Direct Debits: Yes
Standing Orders: Yes
Mobile App: Yes
Credit Facility: No
Foreign Exchange: No

Tide Banking

Business Current Account

Tide Banking logo
Tide Banking logo

Account Fee

Free

Free Banking Duration

-

Interest (AER)

0%

Great for

  • Invoicing directly from the Tide app

But be aware that

  • You must have a working mobile phone and email address

Eligibility

  • You must be at least 18 years old
  • You must be a UK resident
  • You must not be bankrupt
  • You must have a working mobile phone and email address

Key facts

Account Fee: From £0 to £49.99 + VAT per month
Direct Debits: Yes
Standing Orders: Yes
Mobile App: Yes
Credit Facility: On application
Foreign Exchange: No

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Anna Business Bank Account logo
Starling Bank Business Bank Account logo
Cashplus Business Bank Account logo
Card One Money Business Bank Account logo
Tide Business Bank Account logo
Revolut Business Bank Account logo

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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.

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Business Bank Accounts for Sole Traders

Setting up as a sole trader is the most simplistic way to start a business, and it’s a popular option, too, with over 3.5 million sole proprietorships currently registered in the UK. As a sole trader, you don’t have any directorial obligations, you don’t pay corporation tax, and it’s pretty self-explanatory when it comes to filling in and submitting your annual tax return. It’s the quickest way to set up a business, plus it’s free to do so.

So, with that said, if you’re a sole trader or are self-employed and you’re in the market for a business bank account - you’ve come to the right place.

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It's easy to compare business bank accounts online

What is a sole trader / self-employed business bank account?

A sole trader or a self-employed business bank account works much like your personal bank account. You can get paid from your customers directly into your business bank account, keeping your finances separate from your personal bank account.

You are not required by law to have a sole trader business account if you’re a sole trader. But it can make life a bit easier and help keep your accounts organised. For example, when it comes to submitting your tax return, you no longer have to sift through personal purchases to locate your business transactions.

Compare sole trader bank accounts.

Am I eligible for a sole trader / self-employed business bank account?

To be eligible for a sole trader business bank account you must:

  • Be a new sole trader, or a self-employed person looking to open your first account
  • Pass lender eligibility (all criteria are listed on our dedicated provider page)
Remember, you can switch to a free bank account at any time, and you are not legally required to open a business bank account as a sole trader or self-employed person.

What is the best sole trader or self-employed business bank account for 2021?

The accounts listed above are updated frequently, so you can be confident that you’re comparing the best deals currently on the market for free business bank accounts.

Compare bank accounts now..

Do I need a business bank account if I’m self-employed or a sole trader?

As a sole trader, you can use your personal bank account for all business transactions (paying for business items, receiving money from clients etc.) - it is not a legal requirement for you to open a business account. It’s a good idea to set one up if you plan to someday become limited, you want to keep an eye on cash flow or just want to be a little more organised.

How do I apply for a sole trader / self-employed business bank account?

Applying for a self-employed business bank account is easy. After comparing providers above, click the ‘go to site’ button for your provider of choice and complete your application directly on their website. Most providers will need a photo ID to open an account.

Ready to compare providers? Yes, take me to the comparison table.

Are there ‘no credit check’ sole trader bank accounts?

Yes, there are sole trader bank accounts that don’t require a credit check. These types of accounts may be limited in the features and credit facilities. Feature limitations can include no access to a credit facility and no access to prepaid business cards.

Setting up a sole trader bank account is easy

Step 1. Compare offers - Use our free comparison table to easily compare up-to-date bank accounts on offer.

Step 2. Choose an offer - Once you’ve settled on a provider, check you meet their eligibility criteria on our dedicated provider page.

Step 3. Apply online - Click ‘go to site’ and apply directly on the provider’s website. Simple.

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