The Best Joint Business Bank Accounts in 2024

As an award-winning, fully-digital challenger bank, Starling offers a competitive joint business bank account that can be accessed by directors.

With shared access to the APP and individual bank cards, it’s the perfect way to make use of one of the top challenger banks in the UK via a multiple-owner account.

Their account has no monthly fees, seamless integration with popular accounting software, and a well-designed APP.

Their 24/7 customer support, real-time transaction alerts, and robust security features make Starling Bank a standout choice if you’re looking for low fees and reliability.

Bear in mind; directors will need to be residents of the UK.

• All directors with access to the account must be at least 16 years old and UK residents.
• All Persons of Significant Control must be UK residents and natural persons.
• You must be either a sole trader or the director of a limited company or LLP registered with Companies House.
• The business must not be a holding company, dissolved, or in liquidation.
• Businesses operating from outside the UK are excluded.
• Charities/trusts and high-risk businesses are not eligible.

Formerly known as Cashplus, Zempler Bank has earned its reputation as a leading business bank account for small businesses and entrepreneurs with weak credit histories or working towards building their credit.

The application process for their joint business account doesn’t require a credit check.

On top of being easy to access, Zempler Bank offers features aimed at helping businesses enhance their credit score, like the Creditbuilder tool. This unique tool lets account holders prove their responsible fiscal habits by consistently making payments, thereby gradually boosting their credit rating.

Zempler Bank also provides fundamental banking services such as speedy payments, direct debits, a contactless Mastercard, and committed customer support.

• You must be at least 18 years old and have a UK residential address.
• You must be a sole trader, director of a limited company, a charity or a partnership based in the UK.
• Sole traders cannot be registered at UK Companies House. Limited companies must have no more than 4 PSCs registered with Companies House.
• High-risk organisations are not eligible.
• Businesses operating from outside the UK are excluded.

Card One Money operates under the trading style of Spectrum Payment Services Limited (SPS), which also manages Acorn Bank. As an FCA Authorised Payment Institution, Card One Money ensures that the Financial Services Compensation Scheme does not protect your funds.

Nevertheless, they take measures to safeguard your funds by holding them in a separate account at a UK bank, providing an added layer of security.

Card One Money provides two account options for businesses: the ‘Business’ account caters to those with a turnover below £2 million, while the ‘Corporate’ account is designed for businesses generating £2 million or more in turnover. Card One Money is a challenger bank that prioritises convenience and control and specifically targets applicants who may not meet the requirements of traditional credit check accounts.

With over 80,000 customer accounts, Card One Money prides itself on its swift account opening process, taking only 3 hours. Additionally, businesses using Card One Money Business can enjoy the benefits of a prepaid Corporate Mastercard, which is eligible for Card One Money’s cashback rewards program.

Through this program, businesses can earn cash rewards of up to 3.5% at over 35 popular retailers on the high street.

The account type choice and the cashback program make it a great option if you’re a small business expecting to develop and grow your partnership and ready to go past the initial fee and the monthly charge.

• You must be at least 18 years of age.
• You must reside within the UK.
• Your business must be registered within the UK.
• Businesses operating outside the UK are excluded.
• Companies that are listed as directors are not eligible.

CountingUp provides a business’s current account and accounting software in one place, specifically for small businesses in the United Kingdom. This platform’s main value proposition is simplifying bookkeeping, invoicing, and tax calculation by integrating these capabilities with day-to-day banking, which makes it an ideal option for small businesses.

The platform automatically categorises transactions, helping to simplify the accounting process. This means businesses can potentially save time and resources that would otherwise be spent on manual bookkeeping.

The CountingUp app can provide real-time estimates of tax owed based on the business’s income and expenditure, which helps in tax planning.

Businesses can create, send, and manage professional invoices directly from the app.

Users have the ability to generate profit and loss reports, which are essential for understanding the financial health of a business.

CountingUp lets users capture and store receipts digitally, which can be crucial for tax reporting and audit purposes.

CountingUp can be integrated with other software to complete their offer, expanding its functionality and making it even more useful for small businesses that don’t have dedicated departments.

• You must be at least 18 years old.
• You must be either a sole trader or the director of a limited company.
• You must be a UK resident.
• Other business types are not eligible.
• Businesses operating outside the UK are excluded.

The HSBC Kinetic Account is suitable for small or medium businesses that require easy digital app management and a dedicated Relationship Manager.

For the first 12 months, you won’t pay the monthly account fee or standard electronic charges, making it a cost-effective option for those who primarily process payments online.

Alternatively, the Small Business Banking Account may be more suitable if you have simpler borrowing needs.

The HSBC mobile app significantly enhances user experience by providing easy access to your accounts whenever necessary. It lets you pay your bills, check your balances, make payments, etc. Features such as fund transfer and deposit capabilities, among others, are available at your fingertips.

HSBC also provides text alerts to inform you of potential overdrafts, helping you plan better and avoid any unforeseen financial surprises.

• You must be at least 18 years of age and reside within the UK.
• You must be a sole trader or the sole director of a limited company operating within the UK.
• You must have an annual income of no more than £6.5m.
• Businesses operating from outside of the UK, within the Isle of Mann or the Channel Islands, are not eligible.

The Santander Business Current is ideal for those looking for a flexible joint business account. Joint account owners can open checking, savings, or a combination of both accounts and manage them from a single platform.

With Santander, you can tailor your banking experience to suit your needs and enjoy features such as cheques, debit cards, and online access. This makes the account easily accessible and simple to manage for all users.

Santander offers another type of account called the 123 Current Account. This upgrade pays a small amount of interest, which is always a perk, especially if your business has a healthy cash reserve.

However, as of August 2024, Santander only accepts applications from existing customers, which could be an issue if you don’t already hold an account.

• As of 23rd August 2024, Santander only accepts applications from existing Santander customers who want to open new business accounts.
• All directors, owners (shareholders) or partners are aged 18 or over and UK residents.
• Up to 2 directors, owners (shareholders) or partners
• You intend to use the account for business purposes only
• Your business is registered in the UK
• You’re either a sole trader or your business is a partnership, limited liability partnership or a private limited company.

Barclays offers two current accounts, one for startups and one for established businesses that have been trading for over 12 months.

Customers can access free invoicing and MTD-compliant accounting software from FreshBooks for as long as they hold their account, helping the reduce time spent on bookkeeping.

Another standout feature of both of these accounts is the number of ways in which holders can access and manage their accounts. Digital options include online banking and the user-friendly mobile Apple, available on both the Apple App Store and Google Play Store.

More traditional options are also offered, like telephone banking and in-branch services. You can also pay cash and cheques into your account at UK Post Offices or arrange for them to be conveniently collected for an additional fee using the Barclays Collect service.

• You are at least 18 years old.
• You have the right to live in the UK permanently.
• As of August 2024, Barclays only accepts applications for current accounts from sole traders and limited companies.
• You have been trading for less than 12 months.
• You have at least 12 months of UK address history.
• If your business is a limited company, it can’t have more than 10 (including you) directors, shareholders or company secretaries.

Yes, a sole trader can technically use a joint bank account, particularly if there’s a need to include another individual as an authorised signatory for business transactions. However, it’s generally not recommended due to potential complications in financial management and the risk of personal disputes with the other account holder.

The ability to open a joint business bank account with a non-UK resident can vary by bank. Some banks may allow it while others may require all account holders to be UK residents. It’s best to check with the specific bank for their policy.

If a partnership dissolves, the partners will need to decide how to handle the joint business bank account. This may involve closing the account, or one partner may take over the account, subject to the bank’s approval.

The process for adding or removing a partner from a joint business bank account will depend on the specific bank’s policies. Typically, it will involve providing the bank with appropriate documentation and may require the agreement of all current account holders.

Typically, yes. All partners usually have the ability to see all transactions, which can enhance transparency but also requires trust and responsibility from all partners.