Free day-to-day banking for 12 months

Bank online, with our mobile app, in branch, or over the phone.

Key fees and charges:

  • You will be charged if your balance goes below zero
  • Fees apply if you send and receive money from abroad
  • After 12 months you'll pay £7 per month plus our ongoing fees and transaction charges

Is this account right for you?

You must:

  • Be at least 18 years old
  • Be a sole trader, partner or company director
  • Be applying for your first bank account with us
  • Have an annual turnover of less than £3m

Apply now for a Business Current Account

Apply now for a Business Current Account

Apply now for a Business Current Account

Apply now

No monthly account fees

No monthly account fees

Free cash deposits, withdrawals and electronic payments

Free cash deposits, withdrawals and electronic payments

Borrow up to £5,000*

Borrow up to £5,000*

Simple ongoing fees and transaction charges

Payment type

First 12 months

After 12 months

Payment type

Monthly account fee

First 12 months

Free1

After 12 months

£7.00

Payment type

Electronic payments2 (in or out)

First 12 months

Free

After 12 months

Free

Payment type

Cash payments (in or out)

First 12 months

Free

After 12 months

The first £1,500 per month - £1.00 per £100

Anything over £1,500 per month - £0.90 per £100

Payment type

Cheques (in or out, any amount)

First 12 months

Free

After 12 months

£0.85

Payment type

Counter payments and other deposit services (credit in)

First 12 months

Free

After 12 months

£0.85

Payment type

Sending and receiving money abroad

First 12 months

Fees and charges apply.
See our International services tariff (PDF, 3.7MB)

After 12 months

Fees and charges apply.
See our International services tariff (PDF, 3.7MB)

Payment type

Balances below £0 (going overdrawn)

First 12 months

Fees and charges apply.
See our unauthorised borrowing charges (PDF, 302KB)

After 12 months

Fees and charges apply.
See our unauthorised borrowing charges (PDF, 302KB)

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.

UK Finance business account opening guide

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 to give you financial flexibility when it matters.  It could help you kickstart your business, build your credit rating and be ready for any unexpected costs.

*Apply online once your new Business Current 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. 

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

More about the app

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:

Bank accounts for other types of businesses

Bank accounts for other types of businesses

If you don’t meet the criteria for a small business account, a large business account may be better suited. Find out more about the different business accounts we offer.

See all business bank accounts

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. 

  • 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

  • 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.

  • 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.

  • 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

FSCS Logo

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.

More about FSCS

Grow your digital skills online

Our free resources will help you and your business grow in a digital world.

View resources

Other products you might be interested in

Accounting software – Business Finance Assistant

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.

Business Finance Assistant

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.

Lloyds Bank Cardnet ®

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 February 2024

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

Business current accounts Overall service quality survey results. Ranking 1st place monzo 84%, 2nd place Starling Bank 83%, equal 3rd place Tide 74%, equal 3rd place Handelsbanken 74%, 5th place Metro Bank 65%, 9th place Bank of Scotland 54%

View the full set of results

The requirement to publish the Financial Conduct Authority Service Quality Information for Business current accounts can be found here.

Making sure you get a fair deal

We want you to find a product that’s right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what’s expected of us, the lender, and you, the borrower.