Learn what separates business bank accounts from personal bank accounts.
How Business Current Accounts Work
How Business Current Accounts Work: FAQs
Do I Need a Business Bank Account as a Sole Trader?
So, while this isn’t legally required, you’d absolutely be doing your business a disservice by not having one of these accounts — not least because of how helpful they are in keeping personal and business finances separate, but also because it simplifies accounting and ensures you’re managing things efficiently.
How Do I Protect My Business Funds in a Business Bank Account?
Fortunately, all the funds in your business bank account are protected (though only up to a certain limit) by the Financial Services Compensation Scheme (FSCS), which is basically a scheme that’ll safeguard all your money if your bank somehow becomes insolvent — just make sure you check the specific limit and eligibility criteria with your bank so you know your funds are always secure.
Can I Switch My Business Bank Account to a Different Bank?
Definitely, you can use the Current Account Switch Service to make it way easier for your business to switch from one bank to another, ultimately making the transition a lot smoother by automatically transferring things like your direct debits, standing orders, and balances from the old account to the new one so you can find the best business bank account for your needs.
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