Account includes 12 months fee-free banking for startups including individuals setting up their first business bank account within the first 12 months of trading. Or do you need an account that will let you process a lot of cash and cheque transactions? For more details, read How This Site Is Financed. If you just want a personal account, read our Best Bank Accounts guide. You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer. Cash deposit/withdrawal fee: £0.70 per £100. We've linked to others' comparisons for now, but let us know in the forum if it would be useful for us to do a full comparison of high-street business accounts. For all the latest deals, guides and loopholes - join the 12m who get it. Five million of us are now self-employed, freelancing, contracting or part of the gig economy, whether that's as our main job or a side hustle. Business accounts work in a very similar way to personal accounts – you'll be able to set up payments, have people pay you and make debit card transactions. Claim £6/week tax back on extra costs, Martin Lewis: How much the Govt expects parents to give their children while at university 2020/21, Martin Lewis: I confess, I did a 'decoy effect' experiment on my Twitter and Facebook followers… and it may be why they're buying more Jaffa Cakes, Martin Lewis: Payment holidays extended – but should you take one? Mortgages, credit cards, loans, payday loans, car finance and more, 12 FREE ways to learn something new at home, Amazon Warehouse – get returned items or mildly damaged products for knock-down prices. For all the latest deals, guides and loopholes - join the 12m who get it. One element is the 'decoy effect' – where a higher-priced item is sold, to make items next to it look like bargains. You'll need some photo ID (driving licence or passport) and proof of address (usually a utility bill or mortgage statement). (3) These accounts let you set up a separate 'pot' so you can save for your tax bill. Beauty Downshift Challenge – Is it worth ditching brands for cheaper ‘dupes’ to save up to 90%? Don’t miss out, For all the latest deals, guides and loopholes - join the 12m who get it. Though there's now a new breed of digital accounts without monthly fees, most business accounts charge a monthly fee, often around £5. CON: You've two accounts, so it's twice the admin. It's worth checking what fees will be once the intro period ends, as monthly fees for these accounts can be quite hefty (though you should be able to offset these against your profits as they're a business expense). MoneySavingExpert.com is part of the MoneySuperMarket Group, but is entirely editorially independent. As a rule of thumb, if you're a basic-rate taxpayer, you should be putting around 30% of your profit aside for tax and national insurance, or around 40% if you're paying higher-rate tax (use our income tax calculator or check your tax rates). Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code. For full information, read more on the FSCS £85,000 savings protection scheme. You've set your business up as a limited company in the UK (ie, you've registered it at Companies House). Top 15+ holiday destinations from the UK – where can you still travel to? The regulator's other help schemes are also likely to be extended too, including car finance and payday loans, yet should you do it? Whatever you need it to do, there'll be an account out there to help. Won't need to pay in cash / cheques often? 3157344) is MoneySupermarket House, St. David's Park, Ewloe, Chester, CH5 3UZ. If you're a sole trader or freelancer, it's very similar to opening a personal account. So I wanted to do a little experiment to test it. All transactions occur a charge between 30p-£1.30. Duplicate links of the * links above for the sake of transparency, but this version doesn't help MoneySavingExpert.com: MoneySupermarket.com Financial Group Limited is authorised and regulated by the Financial Conduct Authority (FRN: 303190). Our TravelMoneyMax tool compares 30+ bureaux to max your holiday cash. So if the prepaid card company goes bust, the bank or building society where your money's resting will still retain your cash.