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Business accounts for contractors
Our Partners
We Compare business bank accounts with the top providers
Revolut
Business Account
Free banking duration
On going
Monthly fee
0
Interest
0% AER
Credit facility
Not available
Simple 5 minute application
Tide Banking
Cashback
Free banking duration
Not applicable
Monthly fee
£49.99
Interest
0% AER
Credit facility
Various credit options available
0.5% cashback on everything you spend on your Tide card
150 free transfers per month
Tide Banking
Business Current Account
Free banking duration
Ongoing
Monthly fee
No monthly fees
Interest
0% AER
Credit facility
Various credit options available
Award-winning business account and no monthly fees
**OFFER** 6 month free bank transfers*
Cashplus
Business Bank Account
Free banking duration
Ongoing
Monthly fee
No monthly fees
Interest
0% AER
Credit facility
Business overdraft available upon invitation
Simple online 5 minute application
How we've helped others find the best contractor business bank accounts
As a contractor, it’s important that you choose the right bank account.
- We help contractors across the UK switch
- We work hard to negotiate the best deals
- We help contractors to compare with ease
Contractor business bank accounts
Business accounts for contractors are very simple and straightforward, they are designed for individuals who are classed as contractors, self-employed or sole traders. Those who fit into these professions will generally use their business accounts for a much smaller amount of transactions, they will usually have smaller balances on their accounts – compared to larger businesses. A high street bank may not be required in this case.
Accounts for contractors can also have less restrictions than those for larger companies, this includes the fact that no minimum balance is required and that the application process is much simpler. A less complicated application process can be a huge help when it comes to setting up a contracting business it can also save you some time during the set up – as your own time is very precious!
Even though contractor accounts are created to have a simpler application process than standard accounts, they will still offer you the same benefits, such as direct debits, potential overdraft options and online account management.
Benefits of contractor current accounts
No minimum balance required
As contractors generally have lower levels of transactions than large businesses, most contractors accounts have no minimum balance requirement.
Control your account online
Many business bank accounts include the option to manage your account and payments online, giving you greater control of your finances.
Free banking periods
Business bank accounts, including contractor accounts, can include free banking for periods of up to 26 months when you sign up for a new account.
Low monthly fees
After any free banking period, the fees for contractor accounts are generally lower than standard a business account, as contractors generally have less transactions and lower balances than a large business account.
