9 Best Business Accounts for Sole Traders in the UK

Managing your business finances separately can make it easier to track income, expenses and tax as a sole trader. But choosing an account isn’t always as straightforward as it sounds.

The best business account for a sole trader will depend on how you run your business. Maybe you mainly need simple UK banking. Maybe you need accounting tools, accept payments from overseas customers, or regularly pay suppliers in other currencies.

To help you decide, we’ve compared 9 business accounts available to sole traders in the UK, looking at their fees, features, international payment options, currency support and more. We’ll also look at the WorldFirst World Account and how it can be used to manage business payments across currencies.

Open a World Account as a sole trader to see how you can manage international business payments across currencies.

Key takeaways

• Sole traders don’t generally need a separate business account, but keeping business and personal finances separate can make bookkeeping and tax admin easier.
• Choosing a business account for a sole trader depends on how you use it, so compare monthly fees, transaction charges, cash handling, accounting tools, cards, international payments and FX.
• International activity can make certain features more important, particularly multi-currency support, international transfer fees and FX rates.
• Business admin features can also make a difference, with invoicing, receipt tracking, tax tools and accounting integrations helping reduce manual work.
• WorldFirst can be a strong option for internationally focused sole traders, bringing multi-currency management, international payments, marketplace collections, business spending and FX tools together in one account.

What is a sole trader business account?

A sole trader business account helps you manage the money you earn and spend through your business separately from your personal finances. Depending on the provider, it can offer features such as business payment details, debit cards, expense tracking, invoicing, and accounting integrations.

Unlike a limited company, a sole trader and their business are not separate legal entities. So, you may not always need a dedicated business account. However, some banks and account providers require you to use a business account if you’re using their services for business transactions.

Do I Need a Business Account as a Sole Trader?

No, not as a general legal requirement. Sole traders and their businesses are legally treated as the same entity, so you can usually operate without a dedicated business bank account. The important part is whether your bank or account provider allows business activity on a personal account.

Opening a separate account can still be worthwhile. It gives you a cleaner way to:

• See what your business is earning and spending: You won’t need to work through personal transactions to identify business activity.
• Make bookkeeping simpler: Having business transactions in one place can save time when updating your records or preparing your tax return.
• Keep business money separate: A dedicated account makes it easier to monitor how much money is available for business costs and tax.
• Make and receive overseas payments: If your business deals internationally, look for features such as multi-currency accounts, international transfers and competitive FX.

Before using a personal account for your business, check your provider’s terms. Some personal accounts don’t allow regular business transactions, even though the law doesn’t require sole traders to have a separate account.

So, while you don’t automatically need one, a dedicated business account can be a practical choice as your sole trader business grows.

How to choose a business account as a sole trader

If you need a business account as a sole trader, think beyond the headline price. The account should fit the way money moves through your business, from getting paid and covering expenses to handling payments overseas. Here are the main things worth checking before you make your choice:

• Account fees: Check whether there’s a monthly or annual charge and what you get for it. A free account may look appealing, but make sure the features you need aren’t charged separately.
• Transaction fees: Check the costs for everyday activity, such as transfers, card payments, cash deposits and withdrawals. Even small charges can add up over time.
• International payments: If you work with customers, suppliers or marketplaces overseas, check which countries and currencies the account supports. Also look at transfer fees and how long international payments typically take.
• FX rates and fees: If you exchange currencies regularly, the exchange rate can make a noticeable difference to your costs. Compare the provider’s rates, conversion fees, and any additional charges.
• Multi-currency support: If you receive or hold money in different currencies, check which currencies are supported and whether you can pay directly from your balances.
• Accounting integrations: If you use accounting software such as Xero, QuickBooks or FreeAgent, check whether the account can connect to it. Automatic transaction syncing can save time on bookkeeping.
• Cash deposits: If your business handles cash, check whether deposits are supported, along with any fees, limits or restrictions.
• Cards and spending: Look at the cards available, their costs, and any useful spending features, such as virtual cards or spending controls.
• Business tools: Check for useful features such as invoicing, receipt scanning, expense tracking, payment links, and pots or spaces for setting aside money for expenses such as your tax bill.
• Customer support: Look at the available ways to get help and when each support channel is open. Phone, live chat and in-app support can all be useful when you need help quickly.

How we chose these accounts

We looked at business accounts that UK sole traders can open today, from high-street banks to app-based providers and multi-currency accounts. Each one has been checked against the provider’s own pricing and product pages, rather than third-party reviews.

We compared them on what matters most to sole traders:

• Cost: monthly fees, everyday transaction charges and what’s included on free plans
• International payments: which currencies you can send, receive and hold, and what you pay for transfers and currency conversion
• Admin tools: invoicing, tax pots, Making Tax Digital support and accounting integrations
• Cash handling: whether you can pay in cash or cheques, and what it costs
• Support: how you get help, and when

WorldFirst is our own product and we’ve included it because it’s built for sole traders who trade across borders. Each option suits a different way of working, so use the “best for” column in the table to narrow down your shortlist.

Fees and features are correct as of 20 October 2026. Providers change their pricing regularly, so please always double-check the latest terms before you apply.

9 Best Business Accounts for Sole Traders at a Glance

Every sole trader has different banking needs, so there’s no single account that works for everyone. Here’s a quick comparison of nine popular options, including their monthly fees, standout features and what each account may be best suited to:

1. WorldFirst World Account

The WorldFirst World Account is a multi-currency account designed for businesses that operate across borders. It lets businesses hold and manage multiple currencies, receive international payments and send money to overseas suppliers and other business contacts.

For sole traders, this can be particularly relevant if you’re selling through international marketplaces, working with customers abroad, or sourcing products from overseas. Rather than focusing on traditional branch-based banking, the account is built around managing international business finances.

Key Features of WorldFirst

• Multi-currency account: Hold and manage 20+ currencies in one account, making it easier to keep funds in the currency you receive them in or use them for international payments.
• Marketplace integrations: Connect with 130+ supported marketplaces and payment platforms to receive ecommerce revenue directly into your World Account.
• International payments: Send payments in 100+ currencies to 210+ countries and territories, including payments to overseas suppliers and business partners.
• FX management: Use tools such as Firm Orders to target a specific exchange rate and Forward Contracts to lock in a rate for a future payment. This gives you more control over when and how you exchange currencies. A locked rate gives you certainty, but you won’t benefit if the market moves in your favour.
• World Card: Use the World Card for eligible business purchases and earn up to 1.2% uncapped cashback on eligible purchases.
• Accounting integrations: Connect your World Account with supported accounting software to keep transaction data in sync and reduce manual bookkeeping.

Open a World Account as a sole trader and manage your international business payments in one place.

WorldFirst pricing and fees

Learn more: how to open a World Account as a sole trader

2. Starling Sole Trader Account

The Starling Sole Trader Account is a dedicated business current account with no monthly fee. It is designed for UK-based sole traders and includes everyday banking alongside tools for managing business finances.

The account goes beyond basic banking with built-in invoicing, Spaces for setting money aside, and Spending Insights to track where your money goes. Starling also includes its Accounting Essentials software, with a Making Tax Digital tool that can categorise expenses and submit updates to HMRC directly from the account.

Key Features of Starling Sole Trader Account

• Business banking: Keep business income and spending separate from your personal finances through a dedicated sole trader account.
• Spaces: Set money aside in separate Spaces, including funds for your tax bill, without moving money to another account.
• Free invoicing: Create and send invoices directly from the account at no extra cost.
• Accounting tools: Starling Accounting Essentials is included with the sole trader account. Its Making Tax Digital tool can categorise expenses and submit updates to HMRC.
• Accounting integrations: Connect with Xero, QuickBooks or FreeAgent, as well as supported business tools such as SumUp and Penfold.
• Spending Insights: Track income and outgoings to get a clearer picture of where your business money is going.
• Cash and cheque deposits: Deposit cash through the Post Office, with a £5,000 daily and £20,000 annual cash deposit limit. Deposits are charged at £3 or 0.7% of the deposit, whichever is higher.
• 24/7 UK support: Get help through live chat or by phone at any time.

Starling pricing and fees

3. Wise Business

Wise Business is a multi-currency account for businesses that send, receive and manage money internationally. It can suit sole traders who work with overseas customers, suppliers or marketplaces and need to handle different currencies.

You can hold 40+ currencies, receive money in 22 currencies using local account details, and make international transfers. Wise also offers business cards, invoicing, and payment tools to help manage business finances.

Key Features of Wise Business

• Multi-currency account: Hold and manage 40+ currencies in one account, so you can receive, hold, and convert funds without opening separate accounts for each currency.
• Local account details: Get local account details for supported currencies, making it easier to receive payments from customers and businesses overseas.
• International transfers: Send money internationally in supported currencies, with fees based on the currency and transfer route.
• Business cards: Use physical and virtual Wise Business cards for business spending.
• Invoicing: Create and send invoices to request payment from customers.
• Payment links: Accept payments through payment links, giving customers another way to pay your business.
• Accounting integrations: Connect Wise Business with supported accounting software to help manage and reconcile transactions.

Wise Business pricing and fees

Learn more: Wise Business Review

4. Tide Business

Tide Business offers a sole trader bank account alongside business accounts for other UK businesses. Its entry-level plan has no monthly fee, with paid plans available if you need more transfers, support or additional business tools.

The account combines everyday banking with tools for managing business admin. Depending on the plan, you can use invoicing, payment links, accounting integrations, Making Tax Digital tools, expense cards, and business savings features.

Key Features of Tide Business

• Free business account: Open a Tide account with no monthly plan fee and pay for the transactions and services you use.
• Invoicing: Create and send up to three invoices per month on the Free plan, with higher allowances available on paid plans.
• Accounting integrations: Connect your account with third-party accounting software. Xero Connector is available on paid plans.
• Making Tax Digital tools: Use Tide’s free Making Tax Digital tools to help keep digital records and manage tax updates.
• Payment links: Create payment links so customers can pay your business without needing your bank details.
• Expense management: Use virtual and expense cards to manage business spending and separate expenses where needed.
• Cash and cheque deposits: Deposit cash and cheques, with charges depending on the payment method and plan.
• Savings: Tide also offers an Instant Saver account and a Tax Saver for setting money aside.

Tide pricing and fees

Learn more: Tide Business Review

5. HSBC Small Business Bank Account

The HSBC Small Business Bank Account is a business current account for UK startups and small businesses, including sole traders. It has no monthly account fee and includes free standard UK digital banking, with support available from HSBC business specialists.

The account combines everyday business banking with access to borrowing solutions of up to £100,000. Eligible sole traders can also access HSBC’s My Business Finances, which provides accounting and Making Tax Digital tools through the business account.

Key Features of HSBC Small Business Bank Account

• Business banking: Manage business payments through HSBC’s online and mobile banking services, with standard UK digital transactions included at no extra cost.
• Business support: Get access to HSBC business specialists virtually or in person for help with your banking needs.
• Making Tax Digital tools: Eligible non-VAT-registered sole traders can use My Business Finances, powered by Sage, to categorise transactions, estimate tax and submit MTD updates to HMRC.
• Cash and cheque deposits: Deposit cash through branches and the Post Office, as well as cheques through branches or the HSBC UK Business Banking app.
• Borrowing: Access borrowing solutions of up to £100,000, subject to eligibility, affordability and credit checks.
• Business cards: HSBC offers commercial card options for managing business spending, subject to eligibility.

HSBC pricing and fees

Learn more: HSBC Business Banking Account Review

6. Revolut Pro

Revolut Pro is a business account for sole traders, freelancers and other self-employed individuals, available within the Revolut app. It gives you a separate IBAN and debit card for business transactions without requiring a separate business banking app.

It combines everyday business money management with tools for accepting customer payments, tracking cash flow, and setting money aside for tax. There are no monthly fees for Revolut Pro, although charges apply when you use its payment processing services.

Key Features of Revolut Pro

• Separate business account: Keep business income and spending separate with a dedicated IBAN and Pro debit card within the Revolut app.
• Payment acceptance: Accept payments online and in person through payment links, Revolut Reader, Tap to Pay on iPhone, and Shopify.
• Payment links and invoicing: Create payment links and professional invoices to give customers different ways to pay.
• Tax Pockets: Set aside a percentage of your earnings in a separate Pocket to help prepare for your tax bill.
• Cash-flow analytics: Track earnings, sales, spending, and overall cash flow from the app.
• Cashback:Earn 0.4% to 1% cashback depending on your personal Revolut plan, with boosts of up to 1% extra when you hit monthly Pro sales targets.

Revolut Pro pricing and fees

7. Monzo Business

Monzo Business is a UK business current account that sole traders can use to keep their business income and expenses separate from personal spending. Sole traders can apply if they meet Monzo’s eligibility requirements and are based in the UK.

For sole traders, Monzo offers a free Lite plan, while Pro costs £9 a month and Team costs from £25 a month. Depending on the plan, you can access tools for invoicing, setting money aside for tax, bookkeeping, and managing cash flow.

Key Features of Monzo Business

• Business current account: Keep business payments separate from your personal finances with a dedicated business account.
• Tax Pots: Set money aside for your tax bill and keep it separate from your available spending balance.
• Invoicing: Create and send invoices from Monzo Business. This feature is available on the Pro plan.
• Accounting integrations: Connect your account with Xero and other supported accounting software to manage your bookkeeping more easily.
• Making Tax Digital: Monzo’s business plans include tools for keeping digital records and preparing for Making Tax Digital.
• Digital receipts: Store digital receipts alongside your transactions to make expense tracking easier.
• Cash and cheque deposits: Deposit cash and cheques through supported services, with availability depending on your plan.
• 24/7 support: Get help through Monzo’s in-app support at any time.

Monzo Business pricing and fees

Learn more: Monzo Alternatives

8. Mettle

Mettle is a business account for sole traders from NatWest. It combines everyday business banking with tools for managing invoicing, bookkeeping and tax.

The account has no monthly fee and includes features such as invoicing, FreeAgent accounting software, and Pots for setting money aside. You can manage your account through the Mettle app, giving you a simple way to keep your business finances organised.

Key Features of Mettle

• Business banking: Manage business income and expenses through the Mettle app.
• Invoicing: Create and send invoices, then track payments from customers.
• FreeAgent: Get FreeAgent accounting software included when you make at least one transaction each month.
• Tax calculation: Use FreeAgent to estimate your tax liability and keep track of what you may owe.
• Tax Pot: Automatically set aside money for your tax bill within your Mettle account.
• Savings Pots: Create separate Pots for business costs, tax or future spending.
• Cash deposits: Deposit cash through the Post Office, subject to Mettle’s limits and fees.
• International payments: Receive certain international payments into your Mettle account, with applicable fees depending on the payment.

Mettle pricing and fees

9. ANNA Business Account

ANNA is a business account for sole traders and small businesses in the UK. It combines everyday business banking with tools for invoicing, expense management and tax administration.

For sole traders, ANNA can handle more of the routine admin around running a business. You can create invoices, scan and categorise receipts, set money aside in Pots and use its tax tools to calculate and file Self Assessment. ANNA also supports international payments and gives eligible accounts access to a range of business payment features.

Key Features of ANNA Business Account

• Invoicing: Create and send professional invoices, with QuickPay functionality and automatic payment reminders for overdue invoices.
• Receipt scanning: Photograph receipts and let ANNA digitise and categorise them against your transactions.
• Tax tools: Calculate and file Self Assessment, with tools designed for sole traders.
• Money Pots: Set money aside for tax, future spending or unexpected costs. You can also automate top-ups.
• Payment links: Create a personalised payment page with a link and QR code for customers to pay you.
• International payments: Send and receive international business payments across supported currencies.
• Business cards: Get a physical Mastercard debit card and a virtual card for online spending.
• Accounting integrations: Connect ANNA with supported accounting software such as Xero and give your accountant access to your financial data.

ANNA Business Account pricing and fees

Why consider WorldFirst as a business account for sole traders?

If you’re a sole trader with international customers, suppliers or marketplace sales, the right account needs to do more than handle everyday payments. WorldFirst brings multi-currency management, international payments, marketplace collections, business spending and FX tools together in one account.

You can hold and manage 20+ currencies, send payments in 100+ currencies, receive funds from supported marketplaces and use the World Card for eligible business spending. This makes WorldFirst a relevant option for sole traders whose business regularly crosses borders.

Ultimately, the right business account depends on how you receive, spend and manage your money. Compare the fees, features and services that match your day-to-day needs, particularly if you expect your business to grow or take on more international activity.

Ready to manage your international business finances in one place? Open a World Account as a sole trader.

WorldFirst isn’t a bank. World First UK Limited is authorised by the FCA as an Electronic Money Institution under firm reference number 900508. Electronic money isn’t covered by the FSCS, and customer funds are safeguarded in accordance with regulatory requirements.

FAQs

1. Do I need a business account as a sole trader?

No, there is no general legal requirement for a sole trader to have a separate business bank account. However, keeping business and personal finances separate can make bookkeeping and tax administration easier. You should also check your provider’s terms, as some personal accounts don’t allow business transactions.

2. What should a sole trader look for in a business account?

Consider the account fees, transaction charges, cash deposit options, cards, accounting integrations, business tools and customer support. If you work internationally, also check multi-currency support, international payment fees and FX rates.

3. Which is the best business account for a sole trader working internationally?

There’s no single best account for every sole trader. If you regularly receive or send money internationally, look for multi-currency support, international payments and competitive FX. WorldFirst can be a suitable option for sole traders working across borders, with features for holding multiple currencies, receiving marketplace payments and paying overseas suppliers.

4. Can a sole trader have a business account and a personal account?

Yes. A sole trader can have separate accounts for personal and business finances. Using separate accounts gives you a clearer view of your business finances and spending, helps you maintain records, and prepare your tax return. Just make sure each account is used in line with the provider’s terms.

Sources:

1. https://www.worldfirst.com/uk/
2. https://www.worldfirst.com/uk/pricing/
3. https://www.worldfirst.com/uk/product/
4. https://www.starlingbank.com/sole-trader-bank-account/
5. https://wise.com/gb/business/
6. https://wise.com/gb/pricing/business
7. https://www.tide.co/business-current-account/sole-trader-bank-account/
8. https://www.tide.co/support/joining/what-is-tide/how-much-does-tide-cost/
9. https://www.business.hsbc.uk/en-gb/products/small-business-bank-account
10. https://www.business.hsbc.uk/en-gb/products/accounting
11. https://www.revolut.com/revolut-pro/
12. https://www.revolut.com/legal/fee-information-document-revolut-pro/
13. https://help.revolut.com/help/more/revolut-pro/features-available-with-revpro/
14. https://monzo.com/help/business-accounts-signup/eligible-businesses
15. https://monzo.com/business-banking/plans-pricing
16. https://www.mettle.co.uk/
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18. https://anna.money/business-account/sole-trader-self-employed/
19. https://anna.money/pricing/