Business bank accounts
Get a £200 headstart when you open a business bank account online.
- First account with us? No account fee for a year then £8.50 a month.
- Instant decision on up to £25,000 credit.1
Terms and conditions of the £200 offer
Why open a business bank account with us?
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.
£200 to kick things off
Open a Business Account with us online and get £200. How’s that for a helping hand?
Three steps to lock in your £200 business boost.
- Apply between 2 March and 31 March.
- Spend £100 on your business debit card.*
- Set up 2 direct debits.*
*Within 2 months of opening your account.
Terms and conditions of the £200 offer
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.
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 |
£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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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 business**
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.
**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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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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£200 new business account offer – Terms and Conditions
These Terms and Conditions explain how this offer works, including who can take part, and what you need to do to receive the payment.
In these terms and conditions “we”, “us” or “our” means Bank of Scotland plc.
1. About this offer
This offer is available to new business customers who apply online for a Business, Charity or Community Account between 2 March 2026 and 31 March 2026, subject to the eligibility requirements below.
This offer is also available to customers who switch an existing current account held with another bank to us, using the Current Account Switching Service (CASS), once their new account with us is open.
The Business, Charity or Community Account, and any transactions made on the account, will be subject to the terms and conditions for the account. Fees and charges may apply.
2. Who can take part
You can take part, if all the following apply:
- You submit an online application for a new Business, Charity or Community Account with us between 2 March 2026 and 31 March 2026. Saved or incomplete applications won’t be eligible.
- We complete all our standard checks on your Business, Charity or Community Account application, and we open it (see below for what we mean by this) by 15 April 2026.
- You do not already hold a Business, Charity or Community Account with us or Lloyds Bank plc.
3. What do we mean by ‘open’?
Your Business, Charity or Community Account is opened on the date we send you your sort code and account number. This will be after you applied online.
4. What you need to do to receive the £200
You’ll qualify for the £200 payment if, within two calendar months of when we open your Business, Charity or Community Account, you:
- Spend at least £100 using your Visa debit card on eligible purchases.
- Set up two direct debits from your new account.
Make sure there’s enough money in your account, or that you have an authorised overdraft in place (if available on your account) before you spend on your debit card or your direct debits are taken. If you don’t, your account may go into an unauthorised overdraft, and you may be charged fees and interest as set out in your account terms and conditions.
Eligible debit card spending
Debit card spending means purchases of goods or services using your Visa debit card.
Excluded transactions
The following do not count towards the £100 spend requirement:
- Cash withdrawals
- Bank transfers made with or without your debit card
- Debt repayments
- Direct debits and standing orders
- Transactions classified as gambling
- Financial services transactions (money transmission orders, purchases of foreign currency or travellers’ cheques and purchases of financial services such as insurance or investments.)
- Cryptocurrency transactions
- Refunds and chargebacks
- Bank charges, fees, interest, and any other non-purchase transactions
- Fraudulent transactions
Direct Debits
Direct debits must be set up with the organisations you’re paying.
If you’re switching to us using the Current Account Switch Service (CASS), any active direct debits moved to your new account as part of the switch will count towards the requirement to set up two direct debits from your account.
5. When we’ll pay you
If you meet the eligibility requirements above, we’ll pay £200 into your new Business, Charity or Community Account during the week starting 6 July 2026. We’ll email you before we make the payment to let you know when to expect it.
Your Business, Charity or Community Account must be open and able to receive payments at the time we try to make the payment.
We can’t pay the £200 into any other account or by cash or cheque.
The £200 payment is made gross, and you’re responsible for paying any tax due on the payment you receive.
We won’t contact you if your Business, Charity or Community Account doesn’t meet the offer requirements.
6. Other important information
- Only one £200 payment is available per customer. If you open more than one account with us, including accounts with Lloyds Bank or Bank of Scotland, we’ll only check the first account you open to see if it meets the offer requirements.
- Only Business, Charity or Community Accounts are eligible for this offer. All other account types are not eligible.
- Existing customers already holding a Business, Charity or Community Account are not eligible for this offer.
· This offer isn’t transferable, and we may change, pause or withdraw it at any time. If you’ve already opened your Business, Charity or Community Account when we make a change, or pause or withdraw the offer, it won’t affect you, as long as you meet the offer requirements.
- We won’t cover any fees or interest you incur if your account goes into an unauthorised overdraft as a result of making payments using your Visa debit card or direct debits.
- The £200 payment cannot be exchanged for any other benefits.
- Our decision on eligibility and payment is final.
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.
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 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.