Business Bank Accounts

Choosing a business current account is an important decision – particularly if you are a new start-up. You’ll need to take into consideration factors such as the bank or building society’s reputation for dealing with business customers (this can be quite different to that experienced by private customers), as well as fees, overdraft facility and whether online and/or telephone banking is offered. For a more detailed guide on the things to look out for when choosing a business current account, click here.

The provider you choose will have different opening requirements; but generally, when you open a business current account, you may need to provide the following documentation:

• You’ll need to provide personal ID, usually one form of address ID such as a utility bill, and one piece of identification that proves you are who you say you are such as a passport or driving licence.

• Depending on your business structure you may need to provide a partnership agreement, certificate of incorporation, trust deed or constitution (for clubs, charities, etc.).

• If you’re a new start-up you’ll have to show your business plans and cashflow forecasts. Businesses already running will have to provide two or three years’ audited accounts.

• For a new start-up you may have to show your personal bank statements for a set period or, if you’re an existing business switching over, bank statements from your existing business current account.

Our business current account best buys

Our business current account best buys are a selection of the most competitive accounts on offer to sole traders, partnerships and limited companies; however, we don’t show accounts available to charities or clubs.

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