Tag Archive for Business Bank Accounts

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Opening a business bank account – how-to and best accounts

by Ben Lobel • March 3, 2026 • 0 Comments

By Ben Lobel on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

Choosing the right business bank account is an opportunity to get your business fundamentals right from the beginning. While it may be inconvenient to maintain a separate account for both your personal and business activities, it is good practice to do so to keep your accounts apart.

In this article we will step you through the process of opening a small business bank account in the UK as well as examine the benefits of doing so and give an overview of what options are out there.

Pros of having a business bank account

Having a business bank account is a good idea for most businesses; even freelancers and one-man-bands.

As a sole trader, you may want to open a business bank account for a few reasons.

Firstly, your bank may specify that a personal account is for personal use only and threaten to close your account if they see a large number of business-related transactions.

Secondly, if your personal costs are mixed up with your business costs, it could be difficult for you to inform HMRC about how much money your business has made.

Finally, having a dedicated bank account

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13 of the best prepaid business cards

by Anna Jordan • October 24, 2025 • 0 Comments

By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

What are prepaid business cards?

Prepaid cards offer a flexible way for small businesses to manage their cashflow and expenses. It can be an important tool for budgeting, as only the amount of money pre-loaded on the cards can be spent. You, as the business, can top up the card with funds and then give it to your staff to spend, imposing spending limits if necessary.

You and your employees can then use the card for a wide range of expenses including meals and entertainment or paying suppliers.

Physical and virtual cards are available. Virtual cards tend to be used for spending on one-off online purchases and subscriptions. On the flipside, a physical card is better if you’re making more purchases when you’re out and about.
Whether you opt for a physical or digital card will depend on what sector you’re in and what you plan to use the card for. A prepaid card is also more secure than a credit or debit card because there’s only so much the thief can be spend before you manage to deactivate it.

What’s more, both can be added to a digital

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Best business bank accounts for sole traders

by Anna Jordan • June 4, 2025 • 0 Comments

By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

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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

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The 8 best business savings accounts

by Henry Williams • June 4, 2025 • 0 Comments

By Henry Williams on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

You’ve got money coming into your business, you’ve covered your liabilities, and you have cash to spare – great. But now it’s just sitting in your business bank account generating a measly level of interest. Not so great.

Why not deposit those surplus funds into a dedicated business savings account? That way you can grow your revenue even further without expending any extra effort.

There are several types of business savings accounts, including easy access, notice, and fixed term, each offering varying levels of interest and access, as well as minimum and maximum deposits values.

In this article, we bring you the 8 best savings accounts for small businesses in 2025.

What is a business savings account?

A business savings account is a type of bank account that allows businesses to earn interest on any surplus funds they deposit. Interest is calculated as a percentage of the value of your overall deposit.

The different types of business savings account

Business savings accounts come in three forms:

Easy access: You can usually deposit and withdraw whenever you need to

Notice: You have to alert the bank of your intention to withdraw within a certain

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Opening a business bank account in the UK: How-to and best accounts

by Ben Lobel • August 25, 2021 • 0 Comments

By Ben Lobel on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Compare Business Bank Account Deals
Compare the UK’s top business bank accounts from the high street to the alternatives
1. What type of business bank account are you interested in?

New Business / Startup Account

Switching Bank Account

Account With No Credit Checks

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Choosing the right kind of banking service is a major opportunity to get your business basics right from the beginning. While it may be inconvenient to maintain a separate account for both your personal and business activities, it is good practice to do so to keep your accounts clean. Here, we’ll look at how to go about opening a business bank account in the UK and what options are

Hot Business News Today

Opening a business bank account in the UK: How-to and best accounts

by Ben Lobel • August 24, 2021 • 0 Comments

By Ben Lobel on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Compare Business Bank Account Deals
Compare the UK’s top business bank accounts from the high street to the alternatives
1. What type of business bank account are you interested in?

New Business / Startup Account

Switching Bank Account

Account With No Credit Checks

Unsure (Show me everything)

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Can I open a business bank account after bankruptcy?

by Mike Conroy • August 12, 2021 • 0 Comments

By Mike Conroy on Small Business – Advice and Ideas for UK Small Businesses and SMEs
If you are considering entering bankruptcy, it’s important that you take professional advice before doing so, as going bankrupt can have serious effects on you and your business depending on your individual circumstances.
Any businesses concerned about cash flow issues should speak to their financing provider as soon as possible to discuss what products and support may be available. These options may vary depending on your circumstances, but could include applying for or extending an overdraft, a working capital loan or other sources of finance such as invoice finance.
Can I run a business while bankrupt?
When you are subject to a bankruptcy order, there will be restrictions placed on you until you are discharged from bankruptcy. These restrictions depend on whether you’re a sole trader or have a limited company.
As an undischarged bankrupt (when your bankruptcy is still ongoing), you are not allowed to act as a company director. If you’re the sole director, personal bankruptcy can result in your company being liquidated.
>See also: Half a million businesses at risk of collapse without more support
Bankruptcy doesn’t have the same impact on sole traders. You can continue trading

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MPs demand answers from banks on business account delays

by Anna Jordan • April 21, 2021 • 0 Comments

Originally written by Anna Jordan on Small Business
The chair of the Treasury Select Committee, Mel Stride MP, has written to six high street banks to respond to difficulties faced by SMEs opening new business current accounts.
The high street banks are Natwest, HSBC, Barclays, Lloyds Banking Group, Metro Bank and Santander.
Questions include:

Whether their criteria for opening business accounts has changed since the start of the pandemic
Whether waiting times have increased
How customer complaints have been handled

Commenting on the correspondence, Mr Stride said: “As the recovery from the pandemic gets underway, many SMEs will continue to need vital support from financial institutions. It’s critical that these institutions are adapting to the requirements of SMEs as the economy starts to pick up. The committee wants to know more about the state of the business current account market, and whether action needs to be taken to mitigate the difficulties faced by SMEs.”
Other MPs who sit on the Treasury Select Committee include arch Brexiteer Conservative MP Steve Baker and Labour members Rashanara Ali and Dame Angela Eagle.
The committee exists to question and have oversight of both the Treasury and HMRC, as well as the Bank of England and the Financial Conduct Authority.
Banks have been given a

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Government demands answers from banks on business account delays

by Anna Jordan • April 20, 2021 • 0 Comments

Whether their criteria for opening business accounts has changed since the start of the pandemic
Whether waiting times have increased
How customer complaints have been handled

Commenting on the correspondence, Mr Stride said:
“As the recovery from the pandemic gets underway, many SMEs will continue to need vital support from financial institutions. It’s critical that these institutions are adapting to the requirements of SMEs as the economy starts to pick up. The Committee wants to know more about the state of the business current account market, and whether action needs to be taken to mitigate the difficulties faced by SMEs.”
Banks have been given a month to respond to Stride’s letter.
Responding to the news, Rich Wagner, CEO and founder of Cashplus Bank, said:
“For many years viable UK small businesses have been let down and made to jump through hoops by dominant high street banks that are only really interested in serving larger, established businesses. Nonetheless, it is

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Most banks not allowing small businesses to open bank accounts

by Anna Jordan • October 16, 2020 • 0 Comments

Originally written by Anna Jordan on Small Business
Many banks have stopped accepting new applications for business bank accounts since the coronavirus pandemic surged in the UK.
This is predominantly down to increased demand for government-backed emergency loans like Bounce Back Loans and the Coronavirus Business Interruption Loans. Banks are focusing on providing these and tending to their existing customers’ most pressing needs.
Which banks are still offering business bank accounts?
SmallBusiness.co.uk has spoken to the following banks to find out where they stand on accepting business bank account applications.
HSBC
HSBC closed applications for new business bank accounts on September 30.
An HSBC UK spokesperson said: “Since the introduction of the Bounce Back Loan Scheme, we have given over £12bn of lending to the UK’s businesses, as part of an overall £20bn package supporting our business and personal customers. As one of the only banks that remained open to applications from all UK businesses since the scheme’s launch, we received a huge level of demand. With the scheme closing on 30 November, we need to focus our resources on fulfilling existing applications. We are no longer accepting new applications for Bounce Back Loans from companies that don’t have an existing HSBC business account and we will

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