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Business Bank Account for Limited Companies

Business Banking for UK Residents

To help new companies get started, we offer, alongside your company formation, a fast-track bank account referral service. We usually provide a choice of business accounts across as many as eight banks and payment institutions, each of which has an easy online application process.

You will see the banks and payment institutions offering these accounts toward the end of your online application process to register your new company. The list of banks and institutions varies, depending upon your company’s field of business and structure and the current marketing policy of each bank or institution.

Most of our banking partners offer their business accounts for free and have straightforward pricing plans. You may find more details on their websites: Follow the link to the relevant terms and conditions shown on each bank’s or institution’s banner at the end of your application to register your company.

How a bank gets your details and what happens next:

  1. Once you have completed your online application to register your company, we will automatically send your details via a secure channel to one or a few banks according to which ones you have chosen.
  2. Having received your details (generally within 48 hours), the bank will call you for a phone interview or arrange a time to meet your bank business manager and open your account.
  3. Some of our payment partners have a simpler procedure: you can apply for your account instantly online, with the Account Number and Sort Code available at the end of the application process for successfully verified customers.

Currently available through our system:

Barclays business bank account
Revolut business account
Mettle business banking
Tide - Smart Business Account
Cashplus current account for your business
ContingUp bank account
Anna free business banking for your business

Business account opening is not guaranteed and is subject to terms and conditions. Our bank refererral services are free of charge. Fees of bank or payment institution may apply.

Business Banking for Non-UK Residents

The information provided on this page is valid only for companies with directors and shareholders who all reside within the UK. Non-residents of the UK should check instead the options available within our Packages for Non-Residents.

See also: How to Open a Business Bank Account for Non-UK Resident

Frequently Asked Questions

Does my company need a business bank account?

Legally, there is no requirement for a limited company to open a business bank account. For example, your company may be dormant for its first few months or years, so no transactions will occur.

However, practically speaking, running an actively trading company without a bank account is almost impossible. Your business will need to receive money from customers, pay suppliers, and manage its finances. All of this requires a business bank account.

It is also important to remember that the company’s bank account should be kept separate from its owners’ personal accounts, both financially and legally. This will help ensure the company remains compliant with all relevant regulations.

A business bank account also helps build trust with customers, suppliers, and third parties. For these reasons, it is highly recommended that limited companies open a business bank account as soon as possible. Doing so not only creates a better impression but also allows the company to manage its finances efficiently and accurately.

Can I use a personal bank account for my business?

No, you should not use a personal bank account for your business and vice-versa. As a limited company is distinct from its owners, you must separate your personal and business affairs.

You should not use a personal bank account for business funds and transactions. If you do, it will not be easy to track expenses and income accurately and keep your accounts up to date. This could lead to legal issues and penalties from HMRC.

It is important to remember that both your personal and business finances should be kept separate, including bank accounts. This will ensure all financial transactions are traceable and comply with regulations.

How to Open a Business Bank Account?

For an existing company

If you are an existing customer who formed your company through Uniwide Formations then you should sign in your account. If you are a new customer then you will first need to create an account on our website and then import your company.

What to do next:

  1. Log in to our online portal or Register if you are a new customer. 
  2. Import a company using your company number and authentication code, or choose a specific company from your list of companies if you have already registered them through us, and open that company’s details. 
  3. For Address Services, go to the "Services" tab.
    For Bank Accounts, go to the "Getting Started" tab.
    For Other services, go to the “Shop” tab.
  4. Choose any other products that are relevant or desired and add them to your cart.
  5. Click “View Cart” and proceed with payment. If applicable, we will notify Companies House of the changes.

For a new company

Add this to your formation package.

Once you have chosen your company name and package you will be presented with a list of available services, including address services, bank accounts and other products.

Simply select the options needed and proceed to the checkout.