Top 5 Best Banks Offering Sole Trader Bank Accounts

If you are a sole trader, you are probably looking to lower your overheads to help balance your books and one way to do that is to reduce the amount you pay to your business account.

This guide details the best deals for retailer merchant bank accounts from leading banks through to lesser-known service providers.

Top 5 Vest Banks Offering Sole Trader Bank Accounts


Some of the features and benefits of Tide’s only bank business account.

  • There are no monthly or annual account fees
  • Simple pricing with low transaction costs
  • A banking service designed for small businesses and individual merchants
  • Simple banking services designed to reduce the time you spend in banking
  • Mobile banking application
  • Use the card for free at home or abroad
  • Free money transfers to and from other Tide members
  • Use post office branches to conduct transactions (charges apply)
  • Deposit to PayPoint’s (fees apply)
  • Membership benefits

Tide is a member-based bank account service and as a member, you get benefits for working with other members as there are no transaction fees between Tide accounts. You are eligible for a Tide Sole Trader bank account if you are a UK sole trader or self-employed with a valid UK residence address and are registered with HMRC.

Tide aims to reduce the amount of time small businesses spend on their banking business, so they can focus on their business. Tide does not offer its accounts to high-risk industries such as those dealing with the trading of volatile commodities, unlicensed products or services, financial services, or gambling.

Ulster Bank

Some of the features and benefits of Ulster Bank’s only commercial bank account.

  • Small business account
  • Caters to businesses in Northern Ireland only
  • Online ordering
  • Internet banking offers online banking services at any time
  • Mobile banking application
  • Business Visa Debit Card
  • Dedicated business support team
  • Member of the current account exchange service

The switch is backed by the Checking Account Switch Guarantee which means moving banks only takes 7 business days

Ulster Bank has a Small Business Bank Account catering to sole traders and small businesses with an operating turnover of £2m. Ulster Bank is a designated Northern Ireland bank, so all business customers must reside in Northern Ireland.

Ulster Bank understands that small businesses need to focus on their work and that spending time in banking is not easy. To assist Ulster Bank in allowing new customers to apply online and giving them 24/7 access to their accounts. Switching accounts to them is easy as they are part of our current account switch service which guarantees to switch within 7 working days.

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The Cooperative Bank

Some of the features and benefits of the Co-operative Bank’s only commercial bank account.

  • Free 18-month introductory offer for new customers
  • Private bank account available to Federation of Small Business (FSB) members
  • The ability to manage your account online 24/7
  • Able to use telephone and postal banking services
  • A network of branches for counter and guidance services
  • Access to counter services at postal branches
  • Optional overdraft facilities
  • View lending options
  • Simply switch
  • Participates in ensuring the current account switch

The Co-operative Bank operated a few commercial bank accounts suitable for individual traders which included a free day-to-day banking offer for new customers, a bank account designed just for the Federation of Small Businesses (FSB), and three trade tariffs to choose from.

The Small Business Union account offers better rates and more comprehensive free transactions than their other bank accounts. They also give these customers a loyalty bonus of £25 each year if the account is still active.

The Co-operative Bank offers a flexible banking service with the ability to conduct transactions at local post office branches which is often essential for small businesses that handle cash and checks but struggle to access major banks.

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Clydesdale Bank

Some of the features and benefits of the Bank of Clydesdale’s only commercial bank account.

  • Free 25-month banking period for new clients and business start-ups
  • A bank account designed for small businesses
  • Overdraft optional agreed
  • Borrowing facilities up to £250,000
  • Internet banking service
  • mobile application
  • Member of the current account exchange service
  • Backed by the Checking Account Switch Guarantee, switching will happen within 7 business days
  • Direct contact with someone who understands your type of business
  • Special support tools and tips

Clydesdale Banking offers an attractive and long banking period of 25 months which is one of the longest banking terms in the market available to both new clients and new business start-ups. Switching to it is easy as it is part of the current account switching service which guarantees that the switch will be done within 7 working days.

They have made it easy to manage the account through online banking and mobile application to help companies bank at their convenient times and enable them to stay on top of their finances. Clydesdale Bank also provides a direct connection that understands your industry and gives you access to expert tools and guidance.

Web page link

Bank of Ireland

Some of the features and benefits of the Bank of Ireland’s only merchant bank account.

  • Individual traders can apply online
  • Simple pricing plan
  • Prefer online banking and smart payment options
  • Debit card with contactless purchases
  • Internet banking
  • Mobile banking application
  • banking phone
  • Overdraft facility agreed upon
  • Cash handling
  • Apply for a savings account and credit card in one application

The Bank of Ireland provides business banking services to customers based in Ireland who have a long history of supporting them. Bank of Ireland has tried to make transferring your account to them simple and hassle-free by setting it up in 6 simple steps and having business advisors available at every branch to assist you. Individual traders can apply for their accounts online.

Bank of Ireland offers a simple bank account pricing structure with quarterly account maintenance fees and transaction fees that encourage the use of online banking and smart payment methods, as they charge lower transaction fees.

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