By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs
/*! elementor – v3.21.0 – 30-04-2024 */
.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}
Setting up as one of the UK’s 3.1 million sole traders, you may have lots of questions around which business bank account is best for you.
You will need to consider cost, free banking period (if there is one), overdrafts and integrations.
We’ll be looking some of the best business bank accounts on the market targeted specifically at sole traders.
Compare business bank accounts now – Easily find the top business bank accounts from a range of providers here.
Traditional banks
High street banks do offer sole trader accounts and they tend to have a free banking period, which is a huge bonus if your business is new and you’re trying to cut costs. Take a look at the summary below.
Bank/AccountFeaturesFree banking periodAccount fee thereafter
HSBC Kinetic• Make payments of up to £25,000 per day in-app
• Automatically categorised transactions to help monitor spending
• Credit card and savings account (subject to eligibility and application)
• Insights that could help you manage your money better12 months£6.50 a month
HSBC Small Business Banking Account • Loans from £1,000 to £25,000
• Arranged