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 bank accounts

  • 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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    Business bank accounts to suit all types of UK SMEs

    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.

    Business Switcher Bank Accounts

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    Start Ups

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    Business Bank Accounts For Sole Traders

    Sole Traders

    Bank accounts for sole traders and self-employed.

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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

    We've helped many businesses find the best business bank accounts for their needs

    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.

    Capalona business bank accounts
    • 1 Search Offer
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    • 2 Compare Providers
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    • 3 Select & Apply
      Simply select the best business bank account offer for your needs. You'll be redirected to the provider's website to complete the process.

    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.

    Compare now 
    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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