Are you a sole trader looking to take your business to the next level? One of the most important decisions you will have to make is choosing the right bank account for your business. While there are a plethora of business bank accounts available, not all of them are created with sole traders in mind. That’s why we’ve done the research for you and rounded up some of the best business bank accounts specifically designed for sole traders in the UK.
1. Starling Bank
Starling Bank is a popular choice for many sole traders. Their business account comes with a range of features that cater to the needs of small businesses. One of the highlights of this account is that it doesn’t have any monthly fees, making it a budget-friendly option for sole traders. Additionally, you can open a Starling Bank account in a matter of minutes, without having to visit a physical branch.
2. Tide
Tide is another great choice for sole traders who are looking for a simple and hassle-free banking experience. With no monthly fees and the ability to manage your account on-the-go through their user-friendly mobile app, Tide offers convenience at your fingertips. They also provide you with the option to link your PayPal and Xero accounts to your Tide account, making it easier for you to manage your finances.
3. Cashplus
Cashplus is a digital banking service that offers a range of tools and features to help sole traders stay on top of their finances. With a Cashplus business account, you get a debit card that can be used for purchases and withdrawals, as well as access to their online banking platform. They also have a credit builder feature which can help you build your credit score and increase your chances of securing funding for your business in the future.
4. Metro Bank
Metro Bank is known for its customer service and has been awarded for its exceptional customer satisfaction. Their business accounts are designed to cater to the needs of sole traders and SMEs, providing them with a range of tools and features to help them manage their finances effectively. One of the unique features of their business accounts is that they offer free coin counting services, making it easier for sole traders who deal with a lot of cash transactions.
5. HSBC
HSBC is a well-known global bank that offers a range of business accounts for sole traders. Their Business Current Account comes with no monthly fees for the first 18 months, making it an attractive option for small businesses. They also offer a Business Savings Account for those who want to earn interest on their savings. With their extensive network of branches and ATMs, HSBC makes it convenient for sole traders to access their funds whenever they need to.
In conclusion, choosing the right business bank account is crucial for the success of your sole trader business. These are just some of the best options available in the UK market. It’s important to consider your specific needs and requirements before making a decision. We hope this article has helped you in your search for the perfect business bank account. Here’s to the growth and success of your business!