Top 41 Sole Trader Bank Accounts

Even though it isn’t a legal requirement, for a lot of sole traders it’s handy to keep your business cash stored separately. These 41 current and savings accounts are some of the most flexible options out there for sole traders, entrepreneurs, and the self-employed, with lots of helpful features and affordable monthly fees.

Featured: Starling Bank*

• Manage your account 24/7 using the app.
• Best British Bank, Best Current Account Provider & Best Business Banking Provider at the British Bank Awards 2019.
• A fully regulated UK bank account
• No monthly fee. There are small charges for some account features.
• You can deposit cash at the Post Office.

Website: Starling Bank Business Banking
Read the full Starling Bank Business Bank Account review.

Companies are ranked in no particular order.

Bank name	Monthly fee
Starling Bank	No monthly fee. Some charges for paying in physical cash.
Barclays	Up to £6.50
NatWest	£5.00
HSBC	£6.50
Lloyds Bank	£6.50
Metro Bank	£0-£5.00
Bank of Scotland	£6.50-£12.50
Yorkshire Bank	£6.50
TSB	£5-£40
Santander	£7.50-£12.50
Royal Bank of Scotland	From £5.00
Ulster Bank	£8.00 per quarter
Cooperative Bank	£5.00
Clydesdale Bank	£6.50
Allied Irish Bank	£10.00 per quarter
Tide	No monthly fee. Some charges for specific services.
Anna Bank	£5, £11, or £49
Revolut	£6.99-£12.99
CardOneMoney	£12.50
FairEverywhere	£12.50
Countingup	£4.95-£9.95
Coconut	£5.00
Cashplus	£69 per year
Aldermore	Savings only. No fee.
Masthaven	Savings only. No fee.
Nationwide	Savings only. No fee.
Virgin Money	Savings only. No fee.
Cynergy Bank	Savings only. No fee.
Cumberland Building Society	Savings only. No fee.
Redwood Bank	Savings only. No fee.
Shawbrook Bank	Savings only. No fee.
Cambridge Building Society	Savings only. No fee.
Monzo	Not published
Acorn Account	£12.50
Bunq	€9.99
Amaiz	£9.99
Monese	£9.95
Transferwise	Depends on transfer amount
Holvi	£9.00
Mettle	Free!
Arro	£10.00

1. Barclays

• 24/7 online and mobile banking.
• Two price plans – one for sole traders accepting cash and cheques, and one for online payments.
• Business Moneyfacts Business Start-up Bank of the Year 2017-2019.
• 12 months’ free banking for sole traders in their first 12 months of trading.
• Monthly account fees up to £6.50.

Website: Barclays Business Banking
Read the full Barclays Business Account review.

2. NatWest

• 24/7 online and mobile banking.
• Minimum monthly charge of £5 per account.
• New sole traders and small businesses get 18-months’ free business banking.
• Business Account includes a discounted FreeAgent subscription.

Website: NatWest Business Banking
Read the full NatWest Business Account review.

3. HSBC

• 24/7 online and mobile banking.
• £6.50 a month.
• Most account transactions are free for the first 24 months.
• 18 months’ free banking for new sole traders and 12 months’ free if you switch.

Website: HSBC Business Banking
Read the full HSBC Business Account review.

4. Lloyds Bank

• 24/7 online and mobile banking.
• Awarded Moneyfacts Business Start-up Bank of the Year 2015.
• 18 months’ free for new businesses and 6 months’ free if you switch.
• £6.50 monthly fee.

Website: Lloyds Bank Business Banking
Read the full Lloyds Bank Business Account review.

5. Metro Bank

• 24/7 phone, online and mobile banking.
• Monthly fee of £5 if you process under £5000 a day.
• No monthly account fee if your balance stays at £5,000+ for the whole month.
• Branches only in the Midlands and South of England.

Website: Metro Bank Business Banking
Read the full Metro Bank Business Account review.

6. Bank of Scotland

• 24/7 online and mobile banking.
• 18 months’ free for new sole traders, 6 months’ free when you switch.
• £6.50-£12.50 monthly account fee, depending on account and annual turnover.
• Free access to FreeAgent.

Website: Bank of Scotland Business Banking
Read the full Bank of Scotland Business Account review.

7. Yorkshire Bank

• 24/7 online and mobile banking.
• Free for 25 months for new sole traders and those switching.
• £6.50 monthly fee.
• Access to extra services e.g. card terminals, online training.

Website: Yorkshire Bank Business Banking
Read the full Yorkshire Bank Business Account review.

8. TSB

• 24/7 online and mobile banking.
• £5-£40 monthly fee, depending on what you need.
• Free electronic payments.
• Free for 25 months for new sole traders and people switching.
• Free card payment reader from Square available.

Website: TSB Business Banking
Read the full TSB Business Account review.

9. Santander

• 24/7 online and mobile banking.
• £12.50 standard monthly fee.
• New sole traders and switchers pay £5 a month for a fixed period.
• Ranked 2nd in an independent regulatory survey of the 14 largest business banks.

Website: Santander Business Banking
Read the full Santander Business Account review.

10. Royal Bank of Scotland

• 24/7 phone, online, and mobile banking.
• 24-months’ free for new sole traders and small businesses signing up for an account.
• Free access to FreeAgent accounting software.
• £5 minimum monthly account fee.

Website: Royal Bank of Scotland Business Banking
Read the full Royal Bank of Scotland Business Account review.

11. Ulster Bank

• 24/7 online and mobile banking.
• Sole traders must be registered in Northern Ireland to apply.
• Free for new startups and sole traders for 18 months.
• Ranked 3rd for ‘overall service quality’ in an independent regulatory survey of the 14 largest business banks.

Website: Ulster Bank Business Banking
Read the full Ulster Bank Business Account review.

12. Co-operative Bank

• 24/7 online and mobile banking.
• New customers get 30 months’ free, including sole traders.
• £5 normal monthly fee.
• Unlimited deposits and withdrawals available.
• No monthly fee or admin charges if your balance stays at £1000+

Website: Co-operative Bank Business Banking
Read the full Co-operative Bank Business Account review.

13. Clydesdale Bank

• 24/7 online and mobile banking.
• 25 months’ free for new businesses, and businesses switching to Clydesdale Bank.
• £6.50 monthly fee.
• Get interest on your balance with the Business Choice Account.

Website: Clydesdale Bank Business Banking
Read the full Clydesdale Bank Business Account review.

14. Allied Irish Bank

• 24/7 online and mobile banking.
• Process online and cash payments easily.
• Option to earn interest on your balance.
• £10 quarterly account fee.

Website: Allied Irish Bank Business Banking
Read the full Allied Irish Bank Business Account review.

15. Tide

• Online business bank accessible 24/7 through the mobile app, or on desktop.
• No monthly fee, pay for what you use (bank transfers cost £0.20, card payments are free).
• Easily organise accounts and transactions on the app.
• Spend abroad for free.
• App can also create and send invoices.

Website: Tide Business Banking
Read the full Tide Business Account review.

16. Anna Bank

• Mobile business account, accessible on the app 24/7.
• Free for the first 3 months.
• Create, send, and chase invoices.
• £5-£11 monthly fee.
• If customer services can’t get back to you in 10 minutes, they’ll refund your monthly fee.

Website: Anna Business Banking
Read the full Anna Business Bank Account review.

17. Revolut Business

• Mobile business account, accessible online and on desktop 24/7.
• Trade in 29 currencies with no fees.
• Free version available with limited features.
• £25-£1000 monthly fee, depends on how many users. Sole traders should be able to stick with the cheapest account.
• Discounts on services and products like Apple, Google Ads, Deliveroo, and Amazon Business.

Website: Revolut Business Banking
Read the full Revolut Business Bank Account review.

18. CardOneMoney

• 24/7 online and mobile banking.
• Application costs £55 and there’s a £12.50 monthly fee.
• No charges for spending with your card.
• £1.50 charge for ATM withdrawals.

Website: CardOneMoney Business Banking
Read the full CardOneMoney Business Bank Account review.

19. Fair Everywhere

• You’ll have to go on a waiting list to set up an account.
• Manage your account 24/7 using the Fair Everywhere app.
• Make and receive payments from 210 countries.
• Includes international MasterCard.
• £12.50 monthly account fee (plus a £55 account opening fee).

Website: Fair Everywhere Business Banking
Read the full Fair Everywhere Business Bank Account review.

20. Countingup

• Manage your account 24/7 using the app.
• £4.95-£9.95 a month, depending on how much you process each month.
• Free account available for businesses depositing £500 or less each month.
• It takes just 5 minutes to open an account.
• Bookkeeping and invoicing features included.

Website: Countingup Business Banking
Read the full Countingup Business Bank Account review.

21. Coconut

• Manage your account 24/7 using the app.
• Automatic Self Assessment estimations for sole traders.
• MasterCard debit card included.
• Invoicing and expenses tools included.
• Free account available. £5 a month otherwise.

Website: Coconut Business Banking
Read the full Coconut Business Bank Account review.

22. Cashplus

• Manage your account 24/7 on mobile and desktop.
• Includes travel money cards in euros and dollars.
• £69 per year account fee, plus some other fees.
• Pay up to £1000 into your account in physical cash with no fees.
• There’s a charge for ATM withdrawals.

Website: Cashplus
Website
Read the full Cashplus Business Current Account review.

23. Aldermore

• Business savings account only, no current account.
• Fixed rate and easy access savings accounts available.
• Competitive interest rates of 1.15-1.85% AER.
• No fees or charges for standard account features (some non-standard features carry charges).
• Average independent review score of 4.7 out of 5.

Website: Aldermore Business Savings
Read the full Aldermore Business Savings Account review.

24. Masthaven

• Business savings account only, no current account.
• Choose a pre-set period (6 months to 5 years) or choose your saving period.
• Money is inaccessible while you’re saving.
• Earn 1.80-2.35% AER.
• Average score of 4.6/5 on Feefo.

Website: Masthaven Business Savings
Read the full Masthaven Business Savings Account review.

25. Nationwide

• Business savings account only, no current account.
• Manage your savings online and on the app 24/7.
• Easy access, notice, and fixed rate accounts available.
• 0.65-1.25% AER.
• £5,000 minimum opening balance.

Website: Nationwide Business Savings
Read the full Nationwide Business Savings Account review.

26. Virgin Money

• Business savings account only, no current account.
• Interest rates of 1.01-1.75% AER.
• Easy access and fixed rate accounts available.
• Manage everything online.
• Free access to Virgin Money Lounges with refreshments, Wi-Fi, etc.

Website: Virgin Money Business Savings
Read the full Virgin Money Business Savings Account review.

27. Cynergy Bank

• Current account and savings account available.
• Manage everything online and on mobile 24/7.
• Interest rates of 1.60% AER – save your money for 9 months to 3 years.
• Business Moneyfacts finalist for Best Business Fixed Account Provider 2019.

Website: Cynergy Bank Business Banking
Read the full Cynergy Bank Business Bank Account review.

28. Cumberland Building Society

• Current account and savings available.
• Manage your account 24/7 online and on the app.
• Free for 12 months’ for businesses with a turnover of up to £250,000 per year.
• £3-5 monthly fee.

Website: Cumberland Building Society Business Banking
Read the full Cumberland Building Society Business Bank Account review.

29. Redwood Bank

• Business savings account only, no current account.
• Notice and fixed rate accounts available – access your cash with 35 or 95 days’ notice.
• 1.60-2.00% AER available.
• Awarded Best Business Fixed Rate Bond Provider and the UK’s Leading Bank for SME Business 2019.
• Apply online in 15 minutes.

Website: Redwood Bank Business Savings
Read the full Redwood Bank Business Savings Account review.

30. Shawbrook Bank

• Business savings account only, no current account.
• Notice and fixed rate accounts available – £5,000 minimum balance.
• 1.00-1.25% AER available.

Website: Shawbrook Bank Business Savings
Read the full Shawbrook Bank Business Savings Account review.

31. Cambridge Building Society

• Business savings account only, no current account.
• Easy access, notice, and fixed accounts available.
• 0.25-1.40% AER available.
• £1,000 or £10,000 minimum investment, depending on the type of savings account.

Website: Cambridge Building Society Business Savings
Read the full Cambridge Building Society Business Savings Account review.

32. Monzo

• Can be a waiting list for business accounts.
• Online bank account only. Manage everything 24/7 on the app.
• Open an account in minutes.
• Includes smart bookkeeping features, as well as all the usual banking functions.

Website: Monzo Business Banking
Read the full Monzo Business Bank Account review.

33. Acorn Account

• Manage your account 24/7 online and on the app.
• Open an account in 24 hours (weekdays only, it will take longer during the weekend).
• £12.50 minimum monthly fee (plus £65 account activation charge).
• Free card transactions.

Website: Acorn Account Business Banking
Read the full Acorn Account Business Bank Account review.

34. bunq

• Online only. Manage your account on the app 24/7.
• €9.99 monthly account fee.
• Expenses and invoice management included.
• Earn interest on your account balance.
• Set it all up in 5 minutes.

Website: bunq Business Banking
Read the full bunq Business Bank Account review.

35. Amaiz

• Online only. Manage your account on desktop and the app 24/7.
• 30 day free trial.
• Track your cash flow and profit and loss on the app.
• £9.99 monthly fee.

Website: Amaiz Business Banking
Read the full Amaiz Business Bank Account review.

36. Monese

• Manage your account on the app 24/7.
• Low-priced international transfers.
• £9.95 a month.
• Customer support available in 12 languages.
• Manage outgoings, invoices, and expenses on the app.

Website: Monese Business Banking
Read the full Monese Business Bank Account review.

37. TransferWise

• Online only. Manage your current account online and on the app 24/7.
• Send and receive money in 40 currencies with low or no fees.
• Suitable for sole traders as well as small businesses.
• Apparently 19x cheaper than PayPal.

Website: TransferWise Business Banking
Read the full TransferWise Business Bank Account review.

38. Holvi

• Online only. Manage everything on desktop and on the app 24/7.
• Invoicing tool included.
• Free account available with all the core features. Full account costs £9 a month.
• Easily send and receive money within Europe.

Website: Holvi Business Banking
Read the full Holvi Business Bank Account review.

39. Mettle

• Manage your current account on the app 24/7 (iOS only).
• Associated with NatWest.
• Monitor your expenses in the app.
• Includes invoicing tool.
• No monthly cost or transaction fees. This could change, but Mettle will let you know if that changes.

Website: Mettle Business Banking
Read the full Mettle Business Bank Account review.

40. Arro

• Manage your current account on desktop and on the app 24/7.
• Currently a waiting list for accounts.
• Includes bookkeeping features.
• Some features aren’t ready yet – Direct Debits are coming soon.
• £10 a month for sole traders.

Website: Arro Business Banking
Read the full Arro Business Bank Account review.

Can a sole trader use a personal bank account?

Legally, sole traders are their business. Whereas limited companies are separate to their owners. This means that sole traders can use a personal bank account for their business finances and expenses.

Should you get a business bank account as a sole trader?

It’s wise to get a separate business bank account for your business’ cash because it keeps everything separate and organised. Most business accounts are available to both sole traders and limited companies, so they’re just as appropriate for individual sole traders as they are to companies with directors.

How to open a sole trader bank account?

You can open a business bank account online – it’s often very quick and easy. As a sole trader, you’ll usually need to provide:

• Details about your business, including turnover (if available).
• Your details – name, date of birth, address and National Insurance number.

How much do sole trader bank accounts cost?

Monthly fees and charges can vary, but are often very affordable for sole traders. Many business bank accounts include a free period or trial of several months, which gives you the chance to build a solid foundation for your freelance business before you start paying monthly fees. There may also be some extra charges for account transactions like ATM withdrawals, but these should be published clearly on the website or in your account terms and conditions.

What is the best sole trader bank account?

The best sole trader bank account depends entirely on your needs! Many sole traders find they prefer to go with a traditional bank, while others like to try new technology and work with an exclusively mobile bank. Whatever you choose, always make sure the monthly fee is worth it and you’re getting access to the features you need.

* Please note we have an affiliate relationship with Starling Bank.