ANNA also creates and sends invoices for you and chases payments if theyâre not on time â making it an ideal sole trader business account. With a Royal Bank of Scotland Instant Saver you can access your money via our app, online, by phone or in branch. The mobile app is simple to use and Clydesdale Bank offers direct support to a contact that understands your business, giving you specialist guidance. Before you commit though, be sure to evaluate what your business needs â no two are the same, after all â as well as any charges that you may incur, such as overdraft limits and transaction charges. Be signed in accordance with the mandate for the account (the signatures of all account holders are required) You are not able to change the entity of your business - e.g. Sole traders will be eligible for Lloyds Bank Business Current account through the category of business with up to £3m annual turnover, and would suit a business that primarily deals in electronic payments, cash withdrawals or deposits and cheques, as these are all free transactions using this account. 24/7 online and mobile banking. The best sole trader bank account depends entirely on your needs! If you are changing to an account that has a fee, the new fee will apply and be calculated from the date your account becomes active. 11. TSB Bank plc. if you are changing from a sole trader to a Limited Company you would need to open a new account… No interest paid on balances over £5,000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under … In fact, UK sole traders and freelancers spend approximately 15 days a year accounting for various company expenses in personal bank accounts, so finding the right individual business account for you could be a very smart move. Applications for a business overdraft are subject to approval. Registered in Scotland no. During the 2009 financial crisis, the Royal Bank of Scotland (RBS) received £45 billion state aid from the UK government. Vantage can also be added to existing Bank of Scotland Silver, Gold and Premier accounts. To be eligible, your business must have an annual turnover of under £2m. To apply for a Royal Bank Business credit card, you must be a UK resident aged 18 or over and maintain a business bank account in the same legal entity name with Royal Bank. Additionally, the account will have no maintenance fee is the balance remains over £5000. 6 SOLE TRADER FINAL ACCOUNTS. If you are looking to open a Start up account in order to apply for the government-backed Bounce Back Loan Scheme, please note you will only be eligible for this loan if: Please make sure your limited company has already been registered with Companies House for at least 48 hours before starting your application with us. iwoca is accredited for Coronavirus Business Interruption Loan Scheme (CBILS), provided by the Government-owned British Business Bank. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 169628. This is banking at its simplest â thereâs an account fee of £69 a year (thatâs £5.75 a month), and features free UK purchases and bank transfers. 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