As a contractor, finding the best business bank account in the UK is essential to manage your finances effectively. A good business bank account can help you save money, streamline your accounting process, and provide you with peace of mind knowing that your finances are well-organized. In this article, we’ll explore some of the best business bank accounts for contractors in the UK.
1. Tide
Tide is a popular choice for self-employed professionals, including contractors. This bank account is designed to be user-friendly, with easy-to-use online and mobile banking services. Tide offers a range of features tailored for small business owners, such as invoicing, expense management, and tax calculators. There are no monthly fees, and transactions are free up to a certain limit.
2. Starling Bank
Starling Bank is another popular option for contractors, offering a range of business banking services, including a business account, overdrafts, and loans. With Starling Bank, you can easily manage your business finances on the go, with a mobile app that lets you check your balance, pay suppliers, and monitor your transactions. Starling Bank offers free transactions and no monthly fees.
3. Cashplus
Cashplus is a digital bank that provides a range of services, including business accounts, prepaid cards, and loans. Cashplus offers a fast account opening process, with no credit checks required. This bank account comes with a range of features, such as invoicing, payment scheduling, and expense management. There are also no monthly fees, and you can make unlimited free transactions.
4. HSBC
HSBC is one of the largest banks in the UK and offers a range of business banking services, including business accounts, overdrafts, and loans. HSBC’s business account offers a range of features, including online banking, mobile banking, and access to a business specialist. HSBC has a range of pricing plans, with free banking available for 18 months for new businesses.
5. Barclays
Barclays is another bank that offers a range of business banking services, including business accounts, overdrafts, and loans. Barclays’ business account comes with a range of features, including online and mobile banking, payment processing, and access to a business specialist. Barclays offers free banking for the first 12 months for new businesses, with a range of pricing plans available thereafter.
In conclusion, choosing the best business bank account for contractors in the UK can depend on a range of factors, such as features, pricing, and ease of use. However, with so many options available, it’s important to do your research and choose a bank account that meets your specific needs. Consider the features that are most important to you, such as payment processing, invoicing, and expense management, and compare different pricing plans to find the best option for your business.