Frequently asked questions
Who can apply for online business bank account?
Online business bank accounts aren’t a requirement if you’re a sole trader or freelancer, but they are highly recommended. They’re a good way to keep your personal and business finances separate, which will be invaluable come tax time.
How do I open an online business bank account?
In the case of most online bank accounts, the process is as follows:
1. Complete a registration form
You’ll first need to complete an online registration form, where you’ll be asked to provide a few details about your business.
2. Print and collect signatures
Once you’re registered, you’ll need to print a form and get a number of signatures from people in your business.
3. Return the signed form
You’ll need to return your signed form to the bank. They usually provide a freepost address, and will let you know when they’ve received it.
4. Receive your welcome pack
You’ll receive a welcome pack, which usually includes your first debit or credit card, by post.
What do I need to open a business bank account?
ID for all named company directors
Proof of address
Full business address
Estimated annual turnover
If you’re a limited company, you’ll also need to provide your Companies House registration number.
How easy is it to switch online business bank accounts?
It’s always sensible to keep up to date with the best deals to see if there’s a better fit for you out there – particularly if you’re growing rapidly. After all, your business needs are likely to have evolved significantly from when you first opened your account.