What is a business bank account? And do you need one?
By SendPay Business · · 2 min read
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.
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 pay.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →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
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. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.