Business Accounts for Self Employed

Here are some hassle-free business accounts which you can get trading with if you are self employed.

1. Cashplus Bank

You can open a Cashplus business account in minutes.

Monthly charges

Account fee £69 per year.

Benefits and what do they offer

  • You can integrate your account with accounting apps including Quickbooks and Xero. Making it easier for you to do your accounts.
  • Make scheduled payments.
  • You can add up to 20 business cards for colleagues, including putting on restricts for spending.
  • UK’s FSCS scheme protected, up to £85, 000. And, regulated by the Financial Conduct Authority (FCA).
  • Manage accounts online and by the app.
  • Can apply for ‘cash advance’, to help with cash flow.
  • Deposit money into your account in any UK Post Office.

Things to consider

  • For electronic payments and transfers, you get the initial 3 months free. Then you have to pay £0.99p each time.
  • Payments incoming from abroad cost £15 each.
  • When you deposit cash at the Post Office, you pay 0.3%.

Sign up with Cashplus, here: Cashplus business account.

2. ANNA

If you have your ID, then you can open an ANNA business bank account in less than 10 minutes.

Monthly charges

Free account available.

Benefits and what do they offer

  • You will be issued with a virtual card, even before your Anna business card arrives. You will be able to get on with your business transactions.
  • If you have your ID, you can get your business account and sort code in as quick as 3 minutes.
  • No monthly charges.
  • Give co-workers a debit card and set a limited. This way you don’t have to deal with petty cash payments and accounting.
  • Set-up schedules and recurring payments.
  • Get 1% cashback when you spend your ANNA debit card on a range of expense.

Things to consider

  • You have to pay for foreign transaction fees. So, if you are going to be doing a lot of transactions from abroad, you have to consider this charge.
  • ANNA is not a traditional bank or building society. This means if they go bankrupt, your money is not protected by UK’s FSCS scheme. However, they are regulated by the Financial Conduct Authority (FCA).

Sign up with an ANNA business account, here: ANNA business account.

3. Revolut

With a Revolut business account you can do business globally.

Monthly charges

Free account available. There are two account types available, company and freelancer.

Benefits and what do they offer

  • Multi-currency account – if you are doing business internationally, you can receive, accept and hold money in more than 30 currencies worldwide.
  • If you travel for your business, then you can use your debit card worldwide.
  • Payment Gateway integration.
  • Install Woocommerce plugin.
  • You can get virtual cards for team members.

Things to consider

  • Revolut is not protected by UK’s FSCS scheme. However, they are regulated by the Financial Conduct Authority (FCA).
  • If you wanted to deposit cash into your account, you are not able to.

Sign up with a Revolut business account, here: Revolut business account.

4. Card One Money

You can have a business account opened with Card One Money within 4 hours and start trading.

Monthly charges

Minimum monthly charge of £12.50 and an additional application charge of £55.

Benefits and what they offer

  • No credit checks.
  • Can pay your bills, invoices and wages from your account.
  • Pay in checks at any branch of Barclays Bank.
  • You can pay in cash at any branch of the Post Office.
  • Can make or receive international payments.

Things to consider

  • There are no loans or overdraft facilities available.
  • UK ATM charge £1.50.

Sign up with a Card One business account, here: Card One business account.

5. Tide

You can join more than 350, 000 business owners who use Tide for their business account.

Monthly charges

Free account available.

Benefits and what they offer

  • Accounting integration with QuickBooks and Xero.
  • You can review your account limit on the app and request changes.
  • You can upload and store your receipts.
  • Multi-business, you can hold up to 5 separate business accounts.
  • Get separate expense cards for your team.

Things to consider

  • No phone support on the basic free account.
  • Cash deposit on Paypoint is 3% of the transaction.

Sign up with a Tide business account, here: Tide business account.

6. Starling Bank

You can open a business account by using an app on your phone and start trading.

Monthly charges

Free account available.

Benefits and what they offer

  • You can have multi-currency account.
  • Make international money transfers.
  • UK’s FSCS scheme protected, up to £85, 000.
  • Integration with Xero and QuickBooks.
  • Support via telephone, app and email.
  • Capture your receipts.
  • Free ATM withdrawal, no fees abroad.
  • Business overdraft available.

Things to consider

  • Can only make deposits at branches of the Post Office.

Sign up with a Starling business account, here: Starling business account.

7. Monzo Bank

You can open a Monzo business account and start trading with your new business.

Monthly charges

Free option available.

Benefits and what they offer

  • Full UK current account.
  • UK’s FSCS scheme protected, up to £85, 000.
  • You can integrate accounting tools like Xero and QuickBooks.
  • You can apply for a loan.
  • Support via telephone, app and email.
  • Pay in cash or cheques at Paypoint.
  • You can create and send invoices.

Things to consider

  • There is a pound charge on cash deposits.

Sign up with a Starling business account, here: Monzo business account.

Do I need a business account?

If you are a limited company or a partnership, you will need a business account. Not only is it practical, but it is also a legal requirement as the business is a separate entity, and you cannot use your personal bank account to deal with it’s accounts.

But, it is also practical to separate all your business spending and accounts from your personal account, so it is easier to separate business money from the personal money.

If you are a sole trader or a self-employed freelancer, you can manage your business using your personal account. It is harder to separate the business money and personal money in the account. Therefore, you must keep good accounting to know the cash flow of your business.

Additional information

Want to work from home, check out our article: Work From Home Jobs.

If you need free debt and money advice, go here: Citizens Advice.

For more information on Financial Conduct Authority (FCA), go here: Financial Conduct Authority.

For more advice on FSCS protection, go here: FSCS.