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Business Bank Account / Finance


When operating as a sole trader, or as a business, it is important to arrange for an appropriate second account to keep accurate records of your incomings and outgoings. Having a separate account will also make it easier for you to reconcile your information at the end of the year.

Depending on the bank which you use, it may be possible to use a ‘standard’ bank account for the purposes of running your business. Providing that there is few direct debits may help when discussing options with your bank, however some consultants have reported that banks have encouraged or forced closure of ‘personal’ accounts which have been used for business use.

There is generally no ‘free’ business banking available to small businesses, and many come with larger charges for monthly options. It is your personal opinion as to how you maintain and operate your finances, therefore Malgra does not provide financial advice in this article, but advised of the options we use, following several years of trying other options.

Our experience

As mentioned, we do not recommend any one sole provider, but have been asked who we use for our business. We’re happy to share this information openly.

Current Account (Business)

Previously, we used a high street bank which charged £20+ per month, just to have the account! In 2018, we changed our day to day banking to Starling Business Banking.

There is no monthly or transaction charges, and the account is fully online.

A standard Mastercard (debit card) is issued for withdrawals.

Credit Card (Business)

For our business financing options, we use a provider called Capital On Tap who provide a Credit Mastercard for our purchases and operate similar to a business credit card.

The credit limit is set depending on your business, not your personal history, and at the time of writing, they do not process any personal credit checks as they base decisions and accounts on the business.

Their website is www.capitalontap.com.

Updated on May 18, 2018

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