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 account, 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 I'll explain how business joint bank accounts work, their pros and cons and their main features.
I've also reviewed some of the best joint business accounts on the market. Through my research, I have compared the fees, functionality, customer service and interest rates.
| Account Name | Score | Details |
|---|---|---|
| 1. Revolut Business Account | ★★★★★ | Learn more |
| 2. Virgin M Bank Business Account | ★★★★★ | Learn more |
| 3. TSB Business Plus | ★★★★★ | Learn more |
| 4. Zempler Bank Business Go | ★★★★★ | Learn more |
| 5. Zempler Bank Business Extra | ★★★★★ | Learn more |
| 6. Card One Money Business Account | ★★★★★ | Learn more |
| 7. Card One Money Corporate Account | ★★★★★ | Learn more |
| 8. Santander Business Account | ★★★★★ | Learn more |
| 9. HSBC Business Account | ★★★★★ | Learn more |
| 10. Lloyds Bank Business Account | ★★★★★ | Learn more |
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 | Cons |
|---|---|
| ✔️ The Financial Services Compensation Scheme (FSCS) protects many accounts: this protects up to £85,000 of your money held with a financial firm. | ❌️ Switching accounts can take a long time: if you want to switch your joint account, you will need authorisation from all account holders. |
| ✔️ 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. | ❌️ Equal access can be a problem: all account holders can withdraw money and may not require your permission to do so. |
| ✔️ Fast and easy transfers: it's easy and quick to transfer money between accounts. | ❌️ 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
Below, we've analysed 10 of the best joint business bank accounts, paying special attention to their costs and unique selling points.
| Bank Account | Monthly Cost | Standout Feature |
|---|---|---|
| Revolut Business Account | From £0 a month for basic to £79 a month for maximum features | Supports transactions in over 25 currencies across 100+ countries. Includes innovative features like Tap to Pay on iPhone. |
| Virgin M Business Bank Account | No monthly fee | 0.25% cashback on some debit card purchases and free UK bank transfers. |
| TSB Business Plus | £5 after 30 months free | No fee for debit card transactions or transferring funds between TSB accounts. |
| Zempler Bank Business Go | 30p per transaction after first three months | Includes accounting tools and invoice creation capabilities. |
| Zempler Bank Business Extra | £0 a month for basic or £9 a month for premium | Offers 0.5% cashback with eligible spending and 0% foreign exchange fees. |
| Card One Money Business Account | £12 a month with a £55 one-off application fee | Offers additional cards and allows international payments in various currencies. |
| Card One Money Corporate Account | ‘Custom' | Dedicated business account manager and multi-level approvals for payments. |
| Santander Business Account | £7.50 after 18 months free | Covered by the FSCS, protecting deposits up to £85,000. |
| HSBC Business Account | £10 after 1 year free | Compatibility with Sage for integrated accounting. |
| Lloyds Bank Business Account | £8.50 after 12 months free | No account fees for the first 12 months and includes practical business tools. |
1. Revolut Business Account
The Revolut Business bank account is a comprehensive solution for enterprises ready to expand globally. It supports transactions in over 25 currencies and provides smart spending tools across more than 100 countries.
With this account, you can make international transfers easily, benefit from multi-currency accounts, and enjoy fast access to your funds. There is no need to worry about high fees or long delays.
Your business can optimise its financial operations with features like Payout Links, Revtags, and more. Plus, every transaction is secure, giving you peace of mind.
It also includes innovative business tools such as expense management, analytics for financial control, and integration capabilities with popular accounting software like Xero and QuickBooks.
Revolut recently added a Tap to Pay feature that allows business owners to accept contactless card payments with just a mobile phone. One major drawback is that this nifty feature only works if you have an iPhone.
There's a Basic package for small businesses that comes with no monthly fee attached, as well as an option to pay either £19 or £79 a month to get a greater currency exchange allowance and even a higher AER on savings.
2. 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, and 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.
3. 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.
4. Zempler Bank Business Go
With Zempler 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 Zempler Bank Business Go was the accounting tools which are included and the ability to create invoices if needed.
5. Zempler 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.
There's a £0 a month plan with reduced features, as well as the option to pay £9 a month, with benefits of this premium option including 0.5% cashback on your card spend, in-app messaging with customer support, and 20 fee-free transactions per month.
6. 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.
The business account costs £12 a month with a £55 one-off application fee.
7. 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.
The company's site says the pricing for this account is ‘Custom', meaning it likely varies with the clients' use. You'll need to get in touch with the company and tell them about your business needs to find out how much it would cost.
8. 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.
9. HSBC Business Account
The HSBC business bank 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.
10. Lloyds Bank Business Account
The Lloyds Bank Business bank account comes with no account fees for the first 12 months, providing an affordable option for new businesses. After this period, a monthly fee of £8.50 applies. Note that some fees and transaction charges are applicable from the opening of the account. This promotional offer is only available for your business's first current account.
The account includes dedicated support from Lloyds' UK-based business management team and offers convenient access via their mobile app. Additional resources provided include practical business tools aimed at helping you manage and grow your business efficiently.
My 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.
