The bank account that's in tune with your business
Update – Opening a Business Account for sole traders
Sorry, at the moment we cannot accept online business account applications from sole traders. Please visit a store to open an account.
We're still open for business
Personal service
Your Local Business Manager can help support your business. Visit them in person, send them an email or give them a call.
No monthly fee
Keep your balance at £5,000 or more for the whole month and we'll waive your monthly fee. More about account fees.
Apply online
Get your account up and running in 15 minutes. Applying is easy and works great on your mobile phone.
Apply online now
It only takes about 15 minutes
Fees and charges
We like to be upfront with you. See all the fees we charge when you have a business bank account with us.
Account fees:
| Your daily balance | Monthly bank fee | UK transaction fees |
|---|---|---|
| £5000 or more | Zero | 50 free per month, then £0.30 each |
| Under £5000 | £5.00 | £0.30 each |
No minimum balance
Using your debit card abroad
| Location | Card purchase | Cash withdrawal |
|---|---|---|
| Within Europe | FREE | FREE |
| Outside Europe | 2.99% | 2.99% + £1.50 |
Where can I use my card for free in Europe?
If you use your card abroad, any foreign currency transaction will be converted into sterling on the day it’s taken out of your account. The exchange rate is set by MasterCard®.
MasterCard® is a registered trademark of MasterCard International Incorporated.
If you don’t have enough in your account
If your account balance and agreed overdraft aren’t enough to cover a payment, we may give you an unarranged overdraft. Unarranged overdrafts have a typical interest rate of 25% EAR (variable).
EAR stands for equivalent annual rate. It shows the rate you’d pay if you remained overdrawn for a year. It takes into account the interest rate you’re charged when you go overdrawn, how often it’s charged and the effect of compounding – charging interest on interest – on your debt.
‘Variable’ means we may change these rates and charges from time to time, or introduce new charges. If this means you’ll pay more, we’ll let you know beforehand.
Interest will be calculated daily on your account and applied monthly. The amount of interest payable and when it will be charged will be shown on your monthly statement.
We may also make other charges:
- £25 charge for an unpaid item (when you don’t have funds to cover a cheque, direct debit or standing order payment and we have to return it unpaid)
- £15 charge for a paid item (when a cheque, direct debit or standing order is deducted from your account and creates an unarranged overdraft)
Fees and charges
There’s no monthly charge for this account as long as the balance remains above £5000 every day within the month, otherwise you will pay the monthly fee of £5.
We will charge for some transactions and services such as international payments, CHAPS payments and an Auditor's Certificate of Balance. You can find all the details of our transaction and service charges in the downloadable PDF below.
All the particulars
Download our PDF to read when you like – it contains all the ins and outs about your business bank account.
Business Bank Account Details (PDF) (275KB)
Our Service Relationship with Business Customers (PDF) (1.1MB)
Apply for an account in store
If your business has more complex needs, we can help you in store. View our latest opening hours.
Give us a call
Speak to our business specialist team on:
0345 0808 508
Monday to Friday, 8-6pm
FAQs
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How can I reduce my bank charges?
You can reduce your bank charges with our Monthly Balance Reward. If your account balance stays above £5,000 for any whole month, for that month we’ll waive the monthly maintenance fee – and give you 50 free transactions.
If your balance falls below £5,000 at the close of business on any day, you’ll pay the usual fees that month. The £5,000 balance needs to be cleared funds within the account – ask your Local Business Manager for more details.
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Can I open a business account at the weekend?
Yes, you can. All our stores are open 7 days a week. Just pop in and see us.
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So when can I apply for an account online as a sole trader?
We don’t know yet when we will be able to open online business account applications to sole traders. In the meantime, you can pop into a store and apply for an account there. We’re sorry for any inconvenience this may cause.
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Can I get an overdraft or credit card with my business account?
You can apply for an overdraft with your Business Account – just talk to your Local Business Manager.
Find out more about Business Overdrafts
You can also apply for our Business Credit Card. It’s a no-fee card with a simple low rate.
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How do I connect my account to Xero accounting software?
Don’t worry – we’ve got you covered. Read the simple instructions for connecting your account to Xero
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Can I access my transaction history for closed accounts?
Yes. If you choose to close your account, we will offer you the option to receive up to 5 years’ worth of prior transaction history at the point of account closure. We retain your transaction history for at least 5 years after you closed your account, so you can also request up to 5 years’ worth of prior transaction history from the date of the request. To make a request, you can visit us in store or call us on 0345 08 08 508.
We will provide a printed version of your transaction history via post, normally within 7 working days. You can also download your transaction history via online banking before you close your account.
Accounts which have been closed due to fraud or other unlawful activity, impairment, bankruptcy, insolvency, liquidation or which have had no activity in the past 5 years will not be eligible to receive transaction history.
Your ways to bank
Online
Check balances, make payments, see transactions and open new accounts any time - all with online banking.
Mobile
Control your money on the move. Check balances, move money, make payments and more with our handy mobile app.
In-store
A friendly face and a quick answer. And all the usual payment services too. We're open 362 days a year
By phone
Talk to a real person in our always-open UK contact centre, 24 hours a day, 7 days a week, 365 days a year.
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Get help when you need it, with a fixed rate for arranged overdrafts of less than £25,000 and no hidden fees.