Account for start-up and small businesses
The account that will help your business thrive from day one.
|
Payment type |
First 12 months |
After 12 months |
|---|---|---|
Payment typeMonthly account fee |
First 12 monthsFree1 |
After 12 months£7.00 |
Payment typeElectronic payments2 (in or out) |
First 12 monthsFree |
After 12 monthsFree |
Payment typeCash payments (in or out) |
First 12 monthsFree |
After 12 monthsThe first £1,500 per month - £1.00 per £100 Anything over £1,500 per month - £0.90 per £100 |
Payment typeCheques (in or out, any amount) |
First 12 monthsFree |
After 12 months£0.85 |
Payment typeCounter payments and other deposit services (credit in) |
First 12 monthsFree |
After 12 months£0.85 |
Payment typeSending and receiving money abroad |
First 12 monthsFees and charges apply. |
After 12 monthsFees and charges apply. |
Payment typeBalances below £0 (going overdrawn) |
First 12 monthsFees and charges apply. |
After 12 monthsFees and charges apply. |
See the full account rates and charges (PDF, 302KB) and product terms and conditions.
Estimate with our calculator how much your business account could cost per month after the first year.
Our business banking app
Easy and convenient banking
Log in at a time that suits you using your secure login details. For extra security, use fingerprint and Face ID on compatible devices3.
- 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 £3m 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
Available on:
Frequently asked questions
-
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 3 days from the date of Companies House registration before applying online or over the phone.
-
If you’ve already started an online application for a small business or start-up account, you are able to check the status of your application at any time. Simply use the log in button which you can find in your welcome email.
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If you use a business bank account, you are able to:
- Control business incomings and outgoings, including payments made on card.
- Keep on top of finances for tax returns.
- Build a better business credit history.
With a Bank of Scotland business account, you can also access our other services to help organise your cash flow and expand your operations.
-
Yes, it is easy to change to a Bank of Scotland Bank account. Our team will do everything for you, you can learn more here.
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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 are protected up to a total of £85,000. Due to eligibility criteria, not all business customers will be covered.
Grow your digital skills online
Our free resources will help you and your business grow in a digital world.
Other products you might be interested in
Accounting software
Try it free for 3 months
Connect Business Finance Assistant to your business accounts to predict cash flow, submit digital VAT returns and much more.
Accepting card payments
From card readers to online payments
Regardless of the size of your business, we can help you accept card payments online, by phone or in person.
1Applies to small businesses, including individuals setting up their first business bank account.
All we ask is that you operate your account in credit or within agreed limits.
2Free electronic payments include:
- UK sterling direct debits
- standing orders
- debit card transactions
- Bank of Scotland/Other Bank ATM Withdrawals as indicated
- Internet/Phonebank Debits/Credits
- Faster Payments debits and credits
- internet bulk payments
- automated credits.
Cardnet® is a registered trademark of Lloyds Bank plc.
Independent service quality survey results
Business current accounts
Published August 2023
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 15 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.
