Business bank accounts

Yes, if you’re self-employed or a sole trader - though you should check the account's terms as some personal bank accounts don't allow business use.

You cannot use a personal current account if you are running a limited company as this would not be compliant with the legal expectations of running a limited company, where its finances must be kept entirely separate from any personal finances.

You’re not legally required to have a business bank account if you’re self-employed or a sole trader. However, many people choose to, as it helps keep business and personal finances completely separate and easier to manage.

Switching business bank accounts can help you:

• save money

• access better features

• improve day-to-day banking

Whether you’re unhappy with your current bank’s customer service, looking for lower fees, or want an account with better tools, rewards, or interest rates, it’s always worth reviewing your options to make sure your business account is still the right fit.

Yes, it’s possible to open a business bank account with bad credit, but your options may be more limited in some areas. Banks may carry out credit checks, and things like recent bankruptcies or county court judgments (CCJs) can make approval more difficult.

If you're finding it tough to open a business bank account, consider speaking to a financial adviser, as there are specialist accounts designed for businesses with poor credit histories.

There isn’t a minimum balance requirement for business bank accounts because each provider sets its own eligibility criteria. Always check the terms and conditions before applying for a business bank account.

Yes, although you may be charged a handling fee and sometimes a surcharge over and above the base currency exchange rate. Any charges will vary depending on the bank, so you should check first. 

For international transactions you’ll need your bank’s Business Identifier Code (BIC) and your unique International Bank Account Number (IBAN), which come with every business bank account.

Yes, although if you want more than one account you’ll have to apply for each separately and the more accounts you have the more complicated it can be to manage.

Fraud and financial crime are happening more often, with fraudsters and scammer tactics getting more sophisticated by the day. A responsible bank account provider will have the security of your funds as their top priority, however there are also things you should do to protect yourself:

• Make sure you keep your contact details up to date so your bank account provider can reach you if suspicious activity is seen on your account

• Never share your online banking username or password with anyone over the phone, by text or email, even if the caller claims to be from your bank or the police

• Never share the answers to your memorable questions linked to your bank account 

• Never share any unique verification codes or your one time passcode with anyone. Create passwords that are difficult to guess and don’t use personal information. It pays to use a mix of upper and lowercase letters, numbers and symbols

• Always use different passwords for your online accounts

If you’re ever contacted by your bank via the phone, SMS or email and you’re not sure it is them, don’t hesitate to end the interaction and call them back on their official customer service phone line to ensure the communication is genuine.