Business bank accounts you can trust
We’ve been by the side of British businesses for over 250 years. Today, we help more than a million1 people take care of their business finances. So when you open an account with us, you know you’re in safe hands.
Why open a business bank account with us?
Our business banking app
Log in at a time that suits you using your secure login details. For extra security, use fingerprint and Face ID on compatible devices.
- Make payments of up to £250,000 per day
- Pay in cheques up to a daily limit of £10,000
- Check balances and transaction details
Apply for a business account in minutes
Download the app to apply if:
- You are over 18
- Your business turnover is under £3 million a year
- You are a sole trader or the only director of a limited company
- Only one person needs to access the account
- You are a UK resident
- Your business is based in the UK
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Payment type |
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Payment type Introductory offer |
No monthly account fee for 12 months |
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Payment type Monthly account fee |
£8.50 after 12 months |
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Payment type Electronic payments in2 |
Free |
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Payment type Electronic payments out2 |
First 100 a month is free / £0.20 each after that |
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Payment type Cash payments (in or out) |
£0.85 for every £100 at an Immediate Deposit Machine / £1.50 for every £100 over the counter |
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Payment type Cheques (in or out, any amount) |
£0.85 at an Immediate Deposit Machine / £1 over the counter |
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Payment type Credit paid in at branch or cash machine |
£0.85 |
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Payment type Credit paid in at an Immediate Deposit Machine, Automated Deposit Machine, through the app |
Free |
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Payment type BACS |
File submission: £5.50 BACS Item: £0.15 (a set up fee may apply) |
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Payment type CHAPS |
£30 |
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Payment type Sending and receiving money abroad |
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Payment type Balances below £0 (going overdrawn) |
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Payment type Other account services |
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See the full account rates and charges (PDF, 1.1MB) and product terms and conditions.
Estimate with our calculator how much your business account could cost per month after the first year.
Borrow up to £5,000 for your new business**
You could apply for up to £5,000 across a Business Overdraft or Business Credit Card, giving you financial flexibility when you need it. This could help you get your business off the ground, build your credit rating and cover any unexpected costs.
**Apply online once your new Business Account is set up and you’ll get an instant decision. Eligibility for lending will be assessed as part of a separate application, and there is no guarantee of lending being granted. All lending is subject to status.
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In-branch cash and deposit machines, for notes and cheques. Limits and charges will apply.
Other options:
- Withdraw cash, notes only, from any LINK ATM. Most don't charge a fee.
- Withdraw or deposit coins and notes at Post Offices or Banking Hubs. Limits and charges will apply.
- You can find out about your options on LINK's Cash Locator.
- Some locations charge a fee to make a withdrawal or deposit. If they do, it'll be clearly signed in store and on the machine. You'll be able to cancel the transaction if you don't want to pay the charge.
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We work with LINK to carry out assessments of places which might need better cash access services.
Concerned about access to cash in your area?
LINK may have already looked at your area and made a recommendation to make things better.
If not, you can request an access to cash assessment in your area.
Want to know how decisions are made about cash?
Find out more about LINK’s process.
Bank accounts for other types of businesses
If you don’t meet the criteria for a business account, a different business account may be better suited.
Frequently asked questions
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To set up your business account, you’ll need:
- A copy or photograph of your signature
- A UK driving licence or passport
- The name, date of birth and three-year personal address history (including month and year of moving dates), mobile number and email address for everyone connected to the account.
- Your business name, address, details of your activities and estimated annual turnover
- For limited company accounts, Companies House must be up to date before we can progress an application. Please allow three days from the date of Companies House registration before applying online or over the phone.
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Can I return to my application to continue or check the status of my application? expandable section
If you’ve already started an online application for a small business or start-up account, you can continue or check the status of your application at any time using the log in button on your welcome email.
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Using a business bank account to run your small business rather than your personal account can help you:
- Control business incomings and outgoings, including card payments.
- Organise finances for tax returns.
- Build a stronger business credit history.
With a Bank of Scotland business account, you can also access our other services to help manage your cashflow and grow your business.
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If you’re self-employed as a sole trader in the UK, you’ll typically pay tax through a self-assessment. As your tax payment comes from your business earnings, having a business account can help keep your personal and business finances separate. A small business account can also help you decide what you want to pay yourself from your business turnover.
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While it’s not a legal requirement to have public liability insurance for a small business in the UK, accidents can happen, and public liability is useful for when those moments occur. Though it’s not mandated in the UK, some associations and local authorities may ask for proof of public liability insurance before you can register with them. We offer a range of business insurances, including public liability insurance, which you can get a quote for today.
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Yes, if you are a sole trader running your own business and self-employed. You are not legally required to have a business account, however managing all your business transactions in one place can make running your business easier.
Further resources
Financial Services Compensation Scheme
Eligible deposits with Lloyds Bank plc are protected up to a total of £85,000. Due to eligibility criteria, not all business customers will be covered.
Free guidance specific to your business
KnowledgeBox is a handy resource providing tailored guidance for trades, sectors and professions. Access it for free when you have a Business Account with us.
Free Accounting Software
Business Finance Assistant is free for Bank of Scotland business account holders
Connect Business Finance Assistant to your business accounts to predict cash flow, submit digital VAT returns and much more.
Taking card payments
From card readers to online payments
We can help you accept card payments online, over the phone or face to face, no matter the size of your business.
1Lloyds Banking Group PLC – 2022 Annual Report
2Electronic payments include:
- Direct Debits
- Standing Orders
- Faster Payments Debits
- Internet/Phonebank Debits
- Internet Bulk Payments
**Apply online once your new Business Account is set up and you’ll get an instant decision. Eligibility for lending will be assessed as part of a separate application, and there is no guarantee of lending being granted. All lending is subject to status.
Independent service quality survey results
Business current accounts
Published August 2024
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 16 largest business current account providers if they would recommend their provider to other small and medium-sized enterprises (SMEs*). The results represent the view of customers who took part in the survey.
Overall service quality
We asked customers how likely they would be to recommend their business current account provider to other SMEs.
*SMEs include businesses, clubs, charities and societies with an annual turnover/income of up to £25m (exclusive of VAT and other turnover-related taxes).
Ranking
The requirement to publish the Financial Conduct Authority Service Quality Information for Business current accounts can be found here.