Business bank accounts
Free 6-month Xero Business Edition subscription when you open a business bank account, plus a £200 Amazon gift card.
- First account with us? No account fee for a year, then £10 a month.
- Instant decisions on up to £25,000 credit.1
1Apply 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.
Get Xero free for 6 months
Open a business account and unlock:
- a free 6-month Xero Business Edition subscription of your choice
- a £200 Amazon gift card with most plans, after your first monthly payment (at month 7).
You’ll get an email from Xero after your first payment, with a link to redeem your gift card.
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 million 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?
Bank on-the-go 24/7 with 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.
- Check balances and transactions at the touch of a button.
- Pay in cheques via the app up to a daily limit of £20,000.
- Make payments of up to £250,000 per day.
Scan to download our app
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Payment type |
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Payment type Introductory offer |
No monthly account fee for 12 months if it’s your first business account with us |
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Payment type Monthly account fee |
£10 after 12 months |
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Payment type Electronic payments in2 |
Included at no extra cost |
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Payment type Electronic payments out2 |
Included at no extra cost |
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Payment type Cash payments (in or out) |
£0.85 for every £100 at an Immediate Deposit Machine / £1.60 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 / £1.20 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 |
No fee |
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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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No credit interest is payable on these accounts.
See the full account rates and charges (PDF, 208KB) 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 £25,000 for your new business1
You could apply for up to £25,000 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.
1Apply 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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Whether you're a freelancer, small business, sole trader or limited company having a dedicated business account has lots of benefits. Keeping business finances separate from your personal income and having all your business transactions in one place can make managing your finances easier.
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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. Keeping business finances separate from your personal income and having all your business transactions in one place can make managing your finances easier.
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1. About this offer
If you open a qualifying Bank of Scotland Business Account and meet Xero’s conditions set out below, Xero are offering Bank of Scotland business customers 6 months’ free access to Xero accounting software (the “Subscription Offer”, and the opportunity to receive an Amazon gift card worth £200 (the “Gift Card Offer”)(and together referred to as the “Offer”).
The Offer is available from 14 July 2026 and will end at 23:59 on 31 March 2027.
2. What is a qualifying Bank of Scotland Business Account?
The Offer is provided by Xero if you are:
- A UK business customer who is:
- a new customer opening a Business Account, including where you switch an account from another bank
- an existing customer opening a Business Account for a new business
- opening more than one Business Account for separate new businesses, in which case the Offer will apply to each eligible new account.
You can still open the following account types with us, but Xero’s Offer is not available for:
- Charity and Community Accounts
- Secondary Accounts
- Accounts for businesses with turnover over £3m.
3. What are Xero’s Offer conditions?
The Offer is brought to you by Xero, not Bank of Scotland. We are simply letting you know about it because Xero wanted to make it available to our customers. If you decide to accept Xero’s Offer, you will be entering into an agreement directly with Xero, and they will ask you to accept their own terms and conditions for the products/services they provide. This is separate from any relationship you have with us, and we are not responsible for the Offer or anything arising from it.
These are the key conditions we think you should know about before you decide to accept Xero’s Offer:
Eligibility Criteria
- You must be a new customer of Xero and also open a qualifying Bank of Scotland Business Account. The Offer is limited to one Xero offer per qualifying Bank of Scotland Business Account.
- You must be purchasing your first subscription on Xero using the link provided to you in the email you will receive when you open a qualifying Business Account. You will not be eligible for this Offer if you have previously trialled or subscribed to Xero. This includes if you have an existing or cancelled account with Xero.
- You will have until 23:59 on 31 March 2027 to purchase your first subscription through Xero.
- The Offer is not available Accountants or bookkeepers who purchase subscriptions for their clients.
Subscription Offer
- The 100% fee-free discount applies to Xero's price for its Simple, Ignite, Grow, Comprehensive and Ultimate plan subscriptions only. The 100% fee-free only applies to the subscription fee based on the subscription type you have selected and does not apply to additional charges for add-ons, usage, or payment fees. The Offer cannot be used in conjunction with any other Xero plan offer and cannot be exchanged for any other Xero offer.
- At the end of the Subscription Offer period (i.e. after the 6 month fee-free period), your subscription with Xero will be charged at Xero’s standard rates applicable at that time, for the plan you selected and will auto-renew monthly until cancelled. You can cancel your Xero subscription through Xero (Cancel a subscription – Xero Central) but please be aware that under Xero’s current terms, you must give Xero one month’s notice to cancel, but you can do so at any time. Cancelling your Xero subscription does not impact the availability of your Bank of Scotland Business Account(s).
Gift Card Offer
- Xero have separate terms and conditions relating to the Gift Card Offer
- To be eligible for the gift card, you must connect your Bank of Scotland Business Account to Xero within 7 months of subscribing.
- You are not eligible for the £200 Amazon Gift Card if you select Xero’s Simple plan or are on the Simple Plan when the promotion ends and your first paid monthly payment is collected.
- Eligible customers will receive an email from Xero within approximately 10 days of the first paid monthly payment being collected containing access to a link to redeem the £200 Amazon gift card. There is no cash alternative to the gift card.
- You must redeem the gift card within 30 days from the date of receiving the redemption email. After this time, the promotional link will expire and will not be replaced.
- Xero use a third party to provide the gift card and you may need to enter into an agreement directly with Xero’s third-party provider, and that third party provider may ask you to accept their own terms and conditions for the products/services they provide.
Other important information
- Xero reserves the right to share the information you submit as part of the Offer when subscribing with Xero with Xero’s referral partners for the purposes of promotion attribution, fulfilment, and reconciliation, in accordance with Xero's privacy notice. Further details can be found here.
- Any gift card is provided as a business account promotional incentive. The recipient is responsible for determining and accounting for any tax liability arising from receipt or use of the gift card. Neither Bank of Scotland nor Xero provides tax advice. Recipients should seek their own advice where required.
4. What else you need to know
Your Bank of Scotland Business Account is subject to the account terms and conditions. Fees and charges may apply and all our Business Accounts are subject to our usual eligibility checks and approval criteria when opening your new Business Account.
Once your qualifying Business Account is open, we’ll contact you to explain how to redeem the Xero offer and provide a dedicated link that you must use to access the Offer from Xero.
Xero’s Offer is designed for customers who open the Bank of Scotland Business Account through our online application. If something means your account ends up being opened offline after you started applying online, don't worry - you will still be eligible as long as you meet the offer conditions.
- A UK business customer who is:
Further resources
Financial Services Compensation Scheme
Eligible deposits with Lloyds Bank plc are protected up to a total of £120,000. Due to eligibility criteria, not all business customers will be covered.
Free, on-demand training
Access over 20 learning modules delivered by expert trainers to help you grow your business with confidence with Start-Up, Scale-Up by Lloyds Bank Academy.
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.
1Apply 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.
2Electronic payments include:
- Direct Debits
- Standing Orders
- Faster Payments Debits
- Internet/Phonebank Debits
- Internet Bulk Payments
Independent service quality survey results
Business current accounts
Published February 2026
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 17 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.