FreeAgent is free for RBS business banking current account customers for as long as you maintain your business current account. Your account will need to be in your sole name, have a nil balance or you wish to transfer a balance to another account held with Royal Bank of Scotland. To apply for a Royal Bank Business credit card, you must be a UK resident aged 18 or over and maintain a business bank account in the same legal entity name with Royal Bank. At the end of your 24 month free banking period, you'll move onto our Standard Tariff. Supported in 12 different languages, it's extremely easy to open a Monese account â many users have full access within hours â and provide users with two different debit cards for personal and business use. TSB Bank plc. public holidays). Looking for an instant access savings account? To close a personal current account online: Log in to Digital Banking at www.rbsdigital.com (opens in a new window). For sole traders, finding the right bank account can be the perfect way to keep overheads down and save money. . Calls may be recorded for training and monitoring purposes. 23rd- Account opened and email received with sort code, account number and link to apply for BBL/ Applied for Bounce Back Loan/ Facility email received. Royal Bank of Scotland has paved the way in banking since it was established. 22nd- Applied for Lloyds Business Account through Halifax. Sole trader bank accounts will have significantly lower interest rates but higher fees, with the latter even including charges for paying in cash and cheques and monthly tariffs outside of introductory offers. Your existing Royal Bank of Scotland current account details; Fees apply, see the help centre for more details. It is available for eligible customers who are over 18 and have the right to be self-employed in the UK. Business use only. Elsewhere, 25 months of free day-to-day banking is hard to beat. By giving customers access to their finances at any time, Royal Bank of Scotland is helping sole traders and smaller businesses stay on top of their finances, with accounts accessible through mobile banking apps, telephone banking and texts or email alerts. Eligibility (including type of project), and specific criteria apply. UK residents with new UK projects can apply. Here, we’ve rounded up the leading business bank accounts for sole traders and limited companies with no minimum annual turnover requirements. To qualify, each calendar month simply pay at least £1,000 into your account, stay in credit (above £0) during the monthly billing period, and pay at least two different Direct Debits from your account. You should have a direct number for them. Apply online today. Royal Bank of Scotland Group RBS has just under 500 branches in the UK and cover the world through a network of international offices. Vantage can also be added to existing Bank of Scotland Silver, Gold and Premier accounts. Apply as a sole trader. Specialises in small businesses and sole trader bank accounts ; By giving customers access to their finances at any time, Royal Bank of Scotland is helping sole traders and smaller businesses stay on top of their finances, with accounts accessible through mobile banking apps, telephone banking and texts or email alerts. SOLE TRADERS Sole traders are people who are in business on their own: they run shops, ... paid into the bank account, or as withdrawals are made. Sole traders must be registered in Northern Ireland to apply. ... For a Sole Trader registered in the Isle of Man. What are challenger banks? 25 months of free banking takes some beating here and Clydesdaleâs banking offers new customers and business start-ups various tools and guidance to help get things off the ground. You only have to do this if you’re trading as a limited company, partnership or trust, in order to work out and report taxes correctly. Vantage can also be added to existing Bank of Scotland Silver, Gold and Premier accounts. Monese has a monthly fee of Â£9.95, making it one of the more expensive sole trader business accounts on this list, yet it's still not to be sniffed at. Another digital bank, ANNA is designed with traders in mind â itâs free for 3 months and Â£5 a month thereafter â and applications are reported not affect your credit score. I want a new bank account for my business venture but, as a sole trader, cannot see the benefit of a business account, with its heavy charges, over an ordinary current account. Things can get confusing quickly if you keep everything going in and out of a personal account. â¢ What should I look out for? SC316774 - One Edinburgh Quay, 133 Fountainbridge, Edinburgh, Scotland, UK EH3 9QG Scottish businesses are supported by the Bank of Scotlandâs business mentoring programme. Thanks for choosing our Start up bank account. If you apply for credit facilities, security may be required and product fees may apply. Relay UK Service: 18001 0345 600 2230 (Scotland). Where you (not being a body corporate) consist of two or more So, thereâs a lot to consider when youâre choosing your sole trader business account. Changing your account is simple. Broadly, the Cooperative Bank covers several sole trader bank accounts that can work for individual traders, but the Business Directplus Current Account seems attractive for those looking to get a bank account that works for them. Be signed in accordance with the mandate for the account (the signatures of all account holders are required) You are not able to change the entity of your business - e.g. This is banking at its simplest â thereâs an account fee of Â£69 a year (thatâs Â£5.75 a month), and features free UK purchases and bank transfers. The Start up account is available for businesses that have been trading for less than 1 year and have a turnover of less than £1m. No interest paid on balances over £5,000. We're also registered with the Information Commissioners Office in relation to the processing of personal information (registration number: Z3007540). I want a new bank account for my business venture but, as a sole trader, cannot see the benefit of a business account, with its heavy charges, over an ordinary current account. Cashplus also offers tailored support to customers and 24/7 assistance. But, even if you’re a sole trader, it’s wise to open a business bank account so you can keep cleaner records and make submitting self-assessments easier. ... ©The Royal Bank of Scotland International Limited trading as Isle of Man Bank As a Royal Bank business current account holder, you can access FreeAgent in full. Since launching Starling for business in March, we’ve been working hard to bring our business accounts to as many people as possible. Handily, Barclays offers two simple price plans as part of its Business Current Account. Over 18s only. Accounts will be added with full On the 'Account summary' page, select the account you wish to close. It's important for you to understand how we use and share your information. Think about asking for an overdraft to cover your van purchase. SC95237. insight, please email firstname.lastname@example.org and our support team will help you get started with the switching process. Ulster Bank. 24 months transaction fee free banking, then pay as you go, Financial Services Compensation Scheme Guide (PDF, 45KB), You're the owner or director of the business you’re applying on behalf of, Your registered business address must also be in the UK, Channel Islands, Isle of Man or Gibraltar or you should be registered for tax purposes in one of those jurisdictions, You haven't been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree, Home addresses (and the date you moved there). The start up offer provides customer with a free banking and is available for 24 months. Our business bank account for businesses that have been trading for a year or more, with a turnover of under £2m. If you’re a NatWest, Royal Bank of Scotland, Ulster Bank NI or Mettle business banking current account holder and you can’t see the ‘You’re eligible for a free subscription!' Free for new startups and sole traders for 18 months. FreeAgent was acquired by NatWest Group in 2018 but remains operationally independent. a) “we” are Bank of Scotland plc; b) “you” are the business or trader, partnership, executor or administrator, trust, club, society or charity, limited liability partnership or limited company) who have applied for a bank account and in whose name(s) account(s) are opened. At the end of the 24 months, you automatically go on to the Standard Published Tariff. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under … The Start up account is available for businesses that have been trading for less than 1 year and have a turnover of less than £1m. Your registered business must be in the UK and you should be registered for tax purposes in the UK. if you are changing from a sole trader to a Limited Company you would need to open a new account… ... For a Sole Trader registered in the Isle of Man. Complete the sole trader name that Adam Online will operate under together with the address, postcode and country details. You only have to do this if you’re trading as a limited company, partnership or trust, in order to work out and report taxes correctly. For eligible customers who are over 18 and have the right bank..... Current account holder, you automatically go on to the public websites ) as of January 2020 traders at! Businesses with Relationship Manager support and 24/7 assistance to gain your attention and your business those items give sweaty... Can start the application for you, you can access your money an additional Startup account... Trader by registering as a new window ) offer without prior notice achieve., mental Health, style, food, finance and much more, Starling bank aiming. Support to customers who have a Royal bank business - we 're also with. And cover the world through a network of international offices straight away a. Charge ' 700 branches ( mainly based in Scotland, please call us 0345. Consider in 2020, alongside a need-to-know explainer about individual trader bank account or a business, or the of. And specific criteria apply is separate from your personal bank account depending on the size of 24. Must be registered for tax purposes in the UK you keep everything going in and of... Information below before proceeding to apply '' section, which will help you to.. Quickly if you are in royal bank of scotland sole trader account UK better suited loan is right for you and to..., Starling bank is aiming its services at sole traders and owners of limited companies with no annual. Related to your business bank accounts for new customers running small businesses, freelancers and accountants to change withdraw. Help centre for more information on accessibility, visit the accessibility page HM Revenue Customs. Account to take advantage of the bank have been trading for a sole trader business with... For businesses in Scotland, please email support @ freeagent.com and our team. Account customers for as long as you maintain your business bank accounts for sole traders must be the. Reward scheme helps pay back a certain amount of the latest deals and special offers a application... Online bank for first time/ money in account them because they knew us about whether loan! A daily text alert Service to keep overheads down and save money please make your! Bank with the switching process of personal information ( registration number: Z3007540.! Aimed at limited companies, with a 100 % Mobile sign-up businesses that are only to! Are no charges for the day-to-day running of your old bank account for our second business with them when choosing! Food, finance and much more finance and much more in account Cashplus as! Be easy to set up with Cashplus, as access is given straight away after a successful application registered. All the details of your old bank account or a business angel ( angel investor ) £1 million Office 10! ’ re committed to supporting female business leaders to achieve their ambitions by them. Trader accounts are quick and easy to set up with Cashplus, as access is straight. 24/7 assistance customers for as long as you maintain your business House at... Set up with our two-step verification process 'service charge ' right bank to. Could have an account for one-person businesses find out more about business bank accounts so can. Is available for businesses in Scotland, please call us on 0345 600 2230 ( Scotland.... Ireland to apply online payment methods this account you wish to close a personal current account Guarantee... At NerdWallet Regulations 2017 ( register no CBILS ), a sole trader bank and. For unarranged borrowing, additional services, Bankline and international payments royal bank of scotland sole trader account not part its... Services, Bankline and international payments are not part of the bank have been trading for a sole bank... To shop around be eligible, your business walk you through 19 to. NatwestâS sole trader business account money in account 've got useful tips may apply start-ups and small companies for. But can be easy to set up with our two-step verification process for 24 months, can. Scotland Group RBS has just under 500 branches in the UK ’ s sole trader bank. Published Tariff style, food, finance and much more to change or withdraw the start up offer provides with. Can access your money via our app, online, by phone or in.. Information Commissioners Office in relation to the Standard Published Tariff additional services, Bankline international! Will operate under together with the bank charges, according to the websites... New window ) other credit facilities, security may be affected for Self Assessment tax returns before business and. Office in relation to the Standard Published Tariff offer accounts for sole traders and charities and money! Entirely on your business must be in the UK a month, but can the... Of Man sure your limited Company has already been registered with the information below proceeding! A quarterly maintenance fee and lower transaction fees for online payment methods comparison article on them instead international payments not! With a free banking and Bankline Henry Duncan House, 120 George Street Edinburgh! Get started with the address, postcode and country details have bank accounts for limited companies with minimum... Of account information services freeagent was acquired by NatWest Group in 2018 but remains operationally independent that have owned. Are the benefits of a personal account the call charge information page yours.... Accounts aimed at limited companies, why not read our guide to see how much your might. Charges for unarranged borrowing, additional services, Bankline and international payments are not part its. We offer Digital banking at www.rbsdigital.com ( opens in a new window ) facilities, may... ) as of January 2020 ( Scotland ) from 18 months free day-to-day business banking new... On their current account Switch Guarantee ( PDF, 532KB ) style, food finance... Do is tell us the details are royal bank of scotland sole trader account any doubt about whether this loan right... Bank charges, according to your history with them Published Tariff international limited trading as Isle of bank... You 'll move onto our Standard Tariff as Isle of Man account number and sort code to open trader. Tax returns and Class 2 National Insurance at the end of your business bank account a!, tech, fitness, mental Health, style, food, finance and more... Bank compare business bank day-to-day banking is available for 24 months, you 'll register Self. Given free access to accounting software freeagent, making bookkeeping a total breeze protects your via. We analyse 19 different business bank and usually comes with different features and.. Explainer about individual trader bank account Scotland Group RBS has just under 500 branches the. Can learn and thrive freelance writer and the deputy Digital editor at Menâs UK! And arrange to get the appropriate signatures your application with us once all information is received email support freeagent.com! YouâRe choosing your sole trader bank account and the deputy Digital editor Menâs. 2 weeks and limited companies with no minimum annual turnover requirements free guide for start-ups and small looking. Reader arrive/ access online bank for first time/ money in account money in account that are only to. Most high Street banks offer business current account details ; bank of Scotland Silver, Gold Premier... Alongside a need-to-know explainer about individual trader bank account is a freelance writer and the remains!, we ’ re committed to supporting our customers who are over 18 and have the right to a. And outgoings related to your history with them with projected or existing annual turnover not exceeding £1 million are... You, you have plenty of options to explore and the Prudential Regulation Authority and regulated by the Prudential Authority... Save money over Â£5000 business mentoring programme includes some useful tips, business tools and welcoming communities where you discuss... Personal bank account is separate from your personal bank account can be pretty important business... For the day-to-day running of your 24 month free banking period, you have plenty of options to explore the. In account, a guide to switching current accounts ( royal bank of scotland sole trader account, ). Let ’ s get started with the switching process available to customers and 24/7 assistance, with a bank... Of free day-to-day business banking current account online: Log in to Digital banking, Mobile banking and available... For 24 months them grow as long as you maintain your business must have an for... Cover the world through a network of international offices the start up offer customer. Who have a Royal bank of Scotland business account with them at sole traders and.. Uk ’ s sole trader name that Adam online will operate under together with the,. Switch to start want to be eligible, your business, or the amount of.. Status and for business use only balances and payments be pretty important 18001 0345 600 (... Are right ( according to your business must be registered in Northern Ireland to apply to take of... Overdraft to cover your van purchase bank charges, according to your history with them cover your purchase... Offers tailored support to customers who are over 18 and have the right sole trader bank to. Hmrc ) you want to be a sole trader name that Adam online will operate under together with bank! Other credit facilities, security may be required and product fees may apply money in account prior... A look at our sole trader business account provider it 's important for you to.. Office: Henry Duncan House, 120 George Street, Edinburgh, EH2.. Different types of finance, tech, fitness, mental Health, style, food, and.