As a small business owner, it can be overwhelming to navigate through the various banking options available. With so many different account types and features, it can be challenging to find the perfect fit for your business needs. That’s why we’ve done the research for you and rounded up some of the best business bank accounts for sole traders in the UK. These accounts are specifically designed with sole traders in mind, providing them with the necessary financial tools and support to run their businesses smoothly. Let’s take a closer look at some of these excellent options.
1. Starling Bank Business Account
Starling Bank is a digital-only bank that offers a free business account for sole traders. This account comes with no monthly fees, and you can apply for it online in just a few minutes. With Starling Bank, you’ll receive a contactless Mastercard, a full range of online banking features, and 24/7 customer support. One of the standout features of this account is its real-time notifications, allowing you to keep track of your business’s finances at all times. Additionally, you’ll have access to tools that can help you manage your cash flow, such as creating invoices and setting aside money for taxes.
2. Tide Business Account
Tide is another popular digital bank that offers a business account for sole traders. This account also comes with no monthly fees and can be opened online in a matter of minutes. With Tide, you’ll receive a Mastercard that you can use for business expenses, and you can also have multiple cards connected to the same account for your employees or colleagues. The account also comes with a handy feature that allows you to categorize your transactions, making it easier to track your spending and manage your budget. Additionally, Tide offers a 24/7 support chat and access to a range of business tools and services, such as credit and invoice management.
3. Revolut Business Account
Revolut is a well-known digital banking app that also offers a business account for sole traders. With this account, you’ll receive a prepaid Mastercard, which you can use for your business transactions. The account comes with no monthly fees, and you can sign up for it online in just a few minutes. One of the most significant advantages of using Revolut is its international banking capabilities. You can send and receive money in multiple currencies without any additional fees, making it an excellent option for those who conduct business internationally. The account also offers budgeting tools, spending reports, and the option to create virtual cards for online transactions.
4. HSBC Start-up Business Account
If you prefer a traditional bank, HSBC offers a Start-up Business Account designed specifically for sole traders. This account comes with a £500 free banking limit for the first 18 months, and no monthly fees during that period. You’ll also receive a contactless debit card and access to HSBC’s online banking platform, which includes budgeting tools and the ability to manage your business’s cash flow. After the 18 months, the account will transition to a standard business account, which comes with a monthly fee. However, HSBC offers various support and services to help you grow your business, making it a great long-term option.
5. NatWest Business Current Account
NatWest offers a Business Current Account for sole traders that comes with a range of benefits. The account has no monthly fees for the first 12 months, after which there will be a small fee. You’ll receive a debit card and access to NatWest’s online banking platform, which includes budgeting tools, invoicing, and payment services. Additionally, NatWest offers a free mobile banking app, making it easier to manage your finances on-the-go. The account also comes with 24/7 customer support and various support services for small businesses, such as legal and financial advice.
In conclusion, these are just a few of the best business bank accounts for sole traders in the UK. Each of these accounts offers unique features and benefits, so it’s essential to consider your business needs and choose the one that best suits you. Whether you prefer a digital or traditional bank, there are plenty of options available to help you manage your finances and grow your business. By selecting the right bank account, you’ll have the necessary tools and support to run your business smoothly and achieve your goals.
