A Guide to Opening a Business Bank Account
- Price: £3.60
- Published: March 2016
- Type: Business Information Factsheet
- Format: PDF
Opening a business bank account is one of the first and most important steps to take when starting a business. There are many different types of business bank accounts available, each with different benefits and costs. It is important for business owners to compare the differences between accounts and choose one that is best suited to the needs of the business.
While there is no legal requirement to have a business bank account, every limited company or partnership should have one. Sole traders can use a personal bank account for business purposes, although some banks may place restrictions on the use of personal accounts. It is, however, good practice to keep business funds and transactions separate from personal ones as this makes it simpler to manage business accounts.
This factsheet describes the different types of business bank accounts that are available and the associated costs. It also provides information to help compare different accounts and go through the application process.