Start A Business Bank Account

A business bank account helps you stay legally compliant and protected.

Start a business bank account. Many beginning home business owners use their personal bank account to do business. Here s the kind of information we ll need from you. A business bank account allows you to easily keep track of expenses manage employee pay convey finances to investors receive and deposit payment and plan your budget more accurately. Uk business bank account providers require a basic set of information to set up your business current account.

1 free banking means no account maintenance fee and free standard transactions on your primary account any additional or secondary accounts will be charged in line with your choice of small business tariff or electronic banking tariff. The start up business account is available for businesses that have been trading for less than 1 year and have a turnover of less than 1m. Open a business account when you re ready to start accepting or spending money as your business. Having a business bank account also makes it possible to apply for a business loan or a business credit card in the future.

Where a business bank account differs from a personal bank account is the fact that you will often have to pay a fee to use your business account and possibly individual transaction charges. You can see the full list of requirements using the simple business banking checklist from uk finance the uk s leading trade association for financial services. It also provides benefits to your customers and employees. 2 after 18 months account maintenance fee will be 6 50 a month and you ll be able to pay in up to 3 000 cash per month free we ll charge 0 50 of.