Start-up business bank accounts
Compare business bank accounts for start-ups here...
Having a separate business bank account from day one makes record-keeping and cashflow much easier.
There is no law to say you have to open a business bank account as soon as you start a business – for sole traders it’s very common to start out testing a business idea using a personal bank account. Once you start regularly trading and putting any volume through the account, however, you will be in violation of the terms of having a personal bank account, which typically state ‘you must not use the account for business purposes’.
Fortunately, there are many options available to you if you are just starting a business.
Take a look at the bank account options below and apply for the one that’s right for you…
Santander Start-up Business Current Account
- 12 months’ free day-to-day business banking for start-ups, or 18 months’ free if you are, or become, a 1|2|3 World or Santander Select customer (see provider site for eligibility)
- 0.25% gross/AER (variable) on any credit balances
After this free period, you’ll move to Santander’s £7.50 per month tariff or, if another tariff would be more suitable, Santander will be happy to arrange a transfer. Non-standard transactions such as CHAPS payments, change-giving and foreign currency transactions will incur a charge.
To open this account:
- Your business must be in its first year of trading and this must be its first business current account with Santander
- Your business can have up to two directors, owners (shareholders) or partners
- You must be aged 18 or older and be a UK resident
- Your business must trade and be registered in the UK