What is a business bank account? And do you need one?
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
A business account is an account used only for a business's money, kept separate from the owner's personal finances. It makes tax, bookkeeping and getting paid much simpler.
Do you need one?
In the UK, a limited company is a separate legal entity, so in practice it needs its own account in the company's name. Sole traders aren't required to have one, but keeping business money separate makes tax returns far easier, and some banks don't allow business use of personal accounts.
What to look for
- Monthly fees and the cost of each payment in and out.
- Ways to get paid, such as payment links, invoices and cards.
- Accounts in the currencies you trade in.
- Links to your accounting software.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
Banks, e-money accounts and platforms
Business accounts come from high street banks, digital banks and e-money institutions. E-money accounts are safeguarded rather than covered by the deposit guarantee scheme, so it pays to understand the difference.
Where SendPay fits
SendPay's Business Account Platform lets you launch business accounts under your own brand for your customers, with GBP, EUR and USD accounts, cards and payments, powered by licensed partners. SendPay tells you in writing which licences apply to your platform before you launch.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
What could my own business account platform earn?
Work out monthly profit from plans, transfer fees and currency exchange.
Business account platform calculator →Which business account is cheaper for me?
Compare the monthly and yearly cost of two accounts for your own payments and cash deposits.
Business bank account fee calculator →Will the business have enough cash each month?
Plan money in and out month by month.
Cash flow calculator →What is a multi-currency account?
An account that holds several currencies.
What is a multi-currency account? →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.