Frequently asked questions
Who can apply for a business bank account?
But if you run a limited company, you’re legally required to set one up. This isn’t the case if you’re a sole trader or freelancer, though it is still advisable as it will make it easier to keep your personal and business finances separate.
How do I open a business bank account in the UK?
What do I need to open a business bank account?
- ID for all named company directors
- Proof of address
- Full business address
- Contact details
- Credit score
- Estimated annual turnover
If you’re a limited company, you’ll also need to provide your Companies House registration number.
Is it easy to switch business bank accounts?
That said, it’s always wise to check your deal against the market and see if there’s something better for you out there. This is especially true if you’re growing rapidly, since your needs when you opened your first account are likely to have changed significantly. Just remember to check with your current provider before you do – they will be keen to keep you as a customer and may make an effort to improve your deal.
Do banks offer overdrafts on business bank accounts?
No matter how big your team gets, there are all sorts of ways to stay in control of company spending. Read on to find out how.