The boring stuff, sorted
Business banking
A limited company legally needs its own account. A sole trader does not, but wants one anyway. The right account depends almost entirely on how money physically reaches you.
Best fit for you
These are the things that actually decide it. Find the line that sounds like you.
- Mostly online, low volume An app-based account is usually free or close to it. Check whether the free tier limits transfers or charges for anything you actually do.
- You handle cash This narrows it fast. Ask what a cash deposit costs and where you physically do it before anything else.
- You get paid from abroad Look at the exchange rate margin rather than the headline transfer fee — that is where the cost usually is.
- You want a person to talk to A branch relationship costs a monthly fee and is worth it to some people and not to others. That is a real preference, not a wrong answer.
What catches people out
- Introductory free periods end. Diarise the date the fee starts.
- Check it connects to whatever you keep your books in. Re-typing bank transactions is a tax on your evenings.
- Some accounts are not covered by FSCS protection. If you will hold meaningful balances, check.
Your pal saysNo provider is named on this page on purpose. CompanyPal has no commercial deals yet, and a “best buy” we haven’t actually checked would be worth less than nothing to you. We’ll tell you when real ones land.
Is this one of yours?
The plan builder works out which of these apply to what you’re actually starting, and which you can ignore.