Business accounts for start-ups and small businesses
In 2022 we helped 95,000 sole traders, start-ups and small businesses** get off to a flying start.
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What you need to apply
- We’ll ask some questions about you, your address history and tax status.
- We’ll ask what your business does, with who and where.
- We’ll ask you to upload your ID e.g. UK driving licence or passport, a photo of your face, your signature and possibly some other documents.
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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 are 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 ATM |
£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 business1
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.
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.
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 about opening a new business bank account
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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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Yes, if you are a sole trader running your own business and self-employed. While you’re not legally required to have a business account, keeping all your business transactions in one place can make managing your finances easier.
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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 can be there 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.
**Lloyds Banking Group PLC – 2022 Annual Report
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 2025
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.
Important legal information
Bank of Scotland plc Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 169628.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
Lloyds Banking Group is a financial services group that incorporates a number of brands including Bank of Scotland. More information on Lloyds Banking Group can be found at lloydsbankinggroup.com.
© Bank of Scotland plc 2023. All rights reserved