Best Joint Business Bank Accounts

Explore the best joint business bank accounts for UK companies.

Updated: January 17, 2024
Matt Crabtree

Written By

Matt Crabtree

|
Rebecca Goodman

Edited By

Rebecca Goodman

 

Do you have a limited liability partnership business? If you're making money, you and your business partner will need a way to manage your funds, make transfers, and access the cash.

If you open a joint business bank accounts, it can take away a lot of the hassle and admin of managing your joint finances with someone else.

If you're interested in this type of account, in this article we talk about how business joint accounts work, their pros and cons and their main features. We've also reviewed some of the best joint business accounts on the market.

ServiceScoreRegister
1. Virgin M Bank Business Account★★★★★Click Here
2. TSB Business Plus★★★★★Click Here
3. Cashplus Bank Business Go★★★★★Click Here
4. Cashplus Bank Business Extra★★★★Click Here
5. Card One Money Business Account★★★★Click Here
6. Card One Money Corporate Account★★★★Click Here
7. Santander Business Account★★★★★Click Here
8. HSBC Joint Business Account★★★★★Click Here

What are joint business bank accounts?

Joint business bank accounts work in a similar way to business accounts taken out by one person, although they allow multiple people to withdraw money and deposit funds.

With these accounts, you can usually choose the level of access account holders have, and you can also use them to monitor the company's finances.

Legally, you will need a business bank account if you are one of a limited or limited liability partnerships. If you are a limited liability partnership, a joint bank account for businesses is worth considering for many reasons, as we discuss below.

What are the main features of joint business bank accounts?

Here are some of the main features included in these accounts:

  • Visibility over account activity: all account holders will see the activity of the account
  • Expense monitoring: with regular account statements and a history of transactions, they make it easy for expense monitoring to track the company's finances
  • Savings account access: you can access savings accounts as a company and put funds for future projects
  • Online banking access: you can view and access accounts online to manage your account
  • International payments: with codes for all your international payments, you can pay offshore companies easily

Joint business account: pros and cons

Joint business accounts come with several pros and cons:

Pros

✔️ The Financial Services Compensation Scheme (FSCS) protects many accounts: this protects up to £85,000 of your money held with financial firm

✔️ Easy tax reporting: with digital receipt storage, some of these accounts make tax reporting easy. You can create profit and loss reports, and bank statement reports, which are ideal if your company needs to go through an audit.

✔️ Fast and easy transfers: it's easy and quick to transfer money between accounts

Cons

❌️ Switching accounts can take a long time: if you want to switch your joint account, you will need authorisation from all account holders

❌️ Equal access can be a problem: all account holders can withdraw money and may not require your permission to do so

❌️ Damage to credit score: a joint account means you are financially bound to other business partners and if they have a poor credit score it can damage your own

Best joint business bank accounts

We've looked at the pros and cons of some popular joint business accounts here.

 

1. Virgin M business bank account

The Virgin M business bank account is for limited liability partnerships and partnerships. It's only for those with a combined turnover of less than £1m.

With this account, you can make bank transfers in the UK for free, receive instant notifications for payments, and there's no monthly fee.

Your businesses could earn 0.25% cashback with some of the debit card purchases made with this account.

It also includes business tools such as an insights platform to review cash flow and identify opportunities to optimise business performance.

2. TSB Business Plus

The TSB Business Plus account offers many features and to apply for it you'll need to show a partnership agreement and details about partners. As with other business accounts, you'll also need to provide proof of your business addresses and names.

Although there is no monthly fee for the first 30 months, it then charges £5 per month. There are no fees for debit card transactions or for transferring funds between TSB accounts.

3. Cashplus Bank Business Go

With Cashplus Bank's Business Go account, there's no fee for receiving transfers or payments but there is a fee for sending them, it's 30p per transaction after the first three months. 

There are also some fees for ATM withdrawals in the UK, foreign exchange transactions and additional cards. Each ATM withdrawal within the UK costs £2. Each ATM withdrawal abroad costs £3, and for additional cards, it's £5.95.

What we liked about Cashplus Bank Business Go was the accounting tools which are included and the ability to create invoices if needed.

4. Cashplus Bank Business Extra

This account offers more services than the basic Go account. It has free UK ATM withdrawals, free ATM withdrawals abroad, 0% foreign exchange transaction fees and even 0.5% cashback with eligible business spending.

There is also a credit builder feature which can help businesses to boost their credit scores.

The Business Extra account comes with in-app messaging features so customers can contact the provider if they need to.

The application process is online, new customers need to submit information about their business and show identification documents.

5. Card One Money Business Account

Card One Money offers several features that can be used by a partnership business. From additional cards and instant domestic payments to mobile, online banking and international payments, the account's services are wide-ranging.

If your annual turnover exceeds £2m, we recommend the Card One Money corporate account.

Regarding additional cards, up to four are available and it also allows international payments in a range of currencies.

There are a few useful business tools included, such as the option to export financial statements and receive text messages once payments are accepted.

However, the Financial Services Compensation Scheme does not cover the account.

6. Card One Money corporate account

The Card One Money corporate account provides account holders with all the features of the Business account and more.

This includes a dedicated business account manager, multi-level approvals for payments, and access to an account online at any time of the day.

Up to five accounts can be issues and the maximum level of cashback available is 3.5%.

However, as with the basic account above, it isn't covered by the Financial Services Compensation Scheme.

7. Santander business account

The Santander business account has a monthly fee of £7.50 but start-up businesses can get 18 months of free banking.

Accounts are available online or through the bank's app and up to £500 can be withdrawn per day. It is covered by the FSCS scheme which means up to £85,000 is protected.

8. HSBC joint business account

The HSBC joint account is easy to set up and it's straightforward to add other members.

There is no fee for the first year but after then it's £10 a month. The card automatically comes with a debit card and credit cards are available too. For each commercial credit card there is a fee of £32.

It has mobile and app banking, which makes it easy to view transactions, make payments, check standing orders and block and unblock credit cards if required.

One other handy feature of this account is its compatibility with Sage. This allows customers to use the account with the accounting software to gain better insights into business spending.

Best joint business accounts: the verdict

Whether you are a limited company or a limited liability partnership, a joint business bank account can offer many advantages. Your business and its partners can work more efficiently with a joint account and many include extra benefits to help.

Before choosing one, check the features in detail including fees, and make sure you shop around and compare accounts. It's also worth remembering that a joint account links you to any other account holders – and this can impact your credit score if they have a poor or bad history.

Related Guides:

Best Joint Business Bank Account Options for UK Companies: FAQs

Which Documents Do I Need to Open a Joint Bank Account for My Business?

How Can I Choose the Best Joint Account for Businesses?

Do I Need a Joint Account for My Business as a Sole Trader?

What Is the Difference Between a Joint Account and a Business Account?

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