Find and compare the best sole trader / self employed accounts on the market. Don’t pay unnecessary costs.
We have found 6 sole trader bank accounts
Initial application fee of £55 then £12.50 per month
Free Banking Duration
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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.
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.Compare now
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.
To be eligible for a sole trader business bank account you must:
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.
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.
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.
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.
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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Compare business bank accounts from multiple providers.
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