Business accounts for self-employed – quick and easy

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Here are some hassle-free business accounts which you can get trading with if you are self employed.

Here are a list of quick and easy to open business bank accounts.

1. Cashplus Bank

Cashplus enables you to open an account instantly.

charges

There is a free account available.

Benefits

  • For easier account keeping integrate your bank account with accounting software like Xero and Quickbooks.
  • Carry out transactions and set up payment schedules.
  • Manage your account online as well as with an app.
  • There is a opportunity for you to apply for ‘cash advance’, to help you if you need it.
  • You can get up to 20 business cards for staff members. You can also put spending restrictions on the cards.
  • You can deposit money into your account from any UK Post Office.
  • UK’s FSCS scheme protected, up to £85, 000. And, regulated by the Financial Conduct Authority (FCA).

What to consider

  • For electronic payments and transfers, after 3 months that is free, you have to pay £0.99p each time.
  • Incoming payments from abroad has a charge of £15 each.
  • When you deposit cash at the Post Office, you pay 0.3%.

Get Cashplus Business account, here: Cashplus business account.

2. ANNA

It takes 10 minutes to open an ANNA account.

Charges

There is a free account available with ANNA.

Benefits

  • ANNA provides you with a virtual card so you can get on with your business tractions so you don’t have to wait till your ANNA card arrives.
  • You can get your business account and sort codes as quickly as 3 minutes.
  • Get debit cards for colleagues and set spending limits.
  • Get 1% cashback when you spend your ANNA debit card on a range of things.

What to consider

  • ANNA charges for any foreign transactions.
  • ANNA is not a traditional bank or building society. This means if they go bankrupt, your money is not protected by UK’s FSCS scheme. However, they are regulated by the Financial Conduct Authority (FCA).

Sign up with an ANNA business account, here: ANNA business account.

3. Revolut

You can use Revolut for carrying business transactions globally.

Charges

There is a free account available. Revolut has two types of accounts, these are: company and freelancer.

Benefits

  • If your business involves doing business internationally, then with Revolut you can receive and hold money in more than 30 currencies.
  • Use your debit card worldwide.
  • Payment Gateway integration.
  • You are able to get virtual cards for your team.
  • Woocommerce plugin available.

What to consider

  • Revolut is not protected by UK’s FSCS scheme. However, they are regulated by the Financial Conduct Authority (FCA).
  • You are not able to deposit cash into your account.

Sign up with a Revolut business account, here: Revolut business account.

4. Card One Money

Open a Card One account within 4 hours. .

Charges

Minimum monthly charge of £12.50 and an additional application charge of £55.

Benefits

  • They do not carry out checks on your credit.
  • Pay your invoices, bills and wages from you bank account.
  • You can pay in checks at Barclays Bank. And pay in cash at the Post Office.
  • You can carry out international transactions.

What to consider

  • They do not offer any loans or overdraft.
  • UK ATM charge £1.50.

Sign up with a Card One business account, here: Card One business account.

5. Tide

More than 350, 000 business owners who use Tide for their business account.

charges

There is a free account available.

Benefits

  • You can open up to 5 separate business accounts for multi-businesses.
  • Integrate your account with QuickBooks and Xero.
  • Upload and store your receipts.
  • Manage your account on the app.
  • Get expense cards for your team members.

What to consider

  • They do not offer any telephone support on the free account.
  • Cash deposit with PayPoint is 3% of the transaction.

Sign up with a Tide business account, here: Tide business account.

Do you need a bank account

6. Starling Bank

You can start trading by opening a business account by using an app on your phone.

Charges

They offer a free account.

Benefits

  • They offer a multi-currency account for global trading.
  • You are able to make international money transfers.
  • UK’s FSCS scheme protected, up to £85, 000.
  • You are able to integrate your account with QuickBooks and Xero.
  • Capture receipts.
  • Free ATM withdrawal.
  • They offer business overdraft facilities.

What to consider

  • You can only make deposits at branches of the Post Office.

Sign up with a Starling business account, here: Starling business account.

7. Monzo Bank

Open a Monzo Bank account and start trading.

charges

There is a free option available.

Benefits

  • Monzo is a full UK current account.
  • Integrate with Xero and QuickBooks.
  • Loan facility available.
  • You can pay in cheques and cash at PayPoint locations.
  • Create and send invoices.

What to consider

  • There is a pound charge on cash deposits.

Sign up with a Starling business account, here: Monzo business account.

Do I need a business account?

You will definitely need a business bank account, if you are a limited company. This is a legal requirement. But, if you are self-employed or a freelancer, you can use your own personal bank account.

However, even if you are self-employed or a freelancer, having a separate account, will make it easier for you to manage your business and personal money. You would be able to clearly see the two different spending from two accounts rather than all from your personal account.

Additional Information

Find out more about insurance regulations, here: Financial Conduct Authority (FCA).

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