Michael Rose

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How do I open a Limited Company bank account?

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If you decide to set up your own limited company then you’ll need a business bank account to separate your personal and business finances . It may sound like a lot of hassle but our quick guide shows you what you need to do.

Opening a Limited Company bank account is easy:

  • Shop around for your bank account – don’t just take the convenient route and go with the your current bank as this may not be the best deal.
  • Look for banks with a strong reputation to ensure that your money is safe.
  • Pay attention to account interest rates as these can hugely vary.
  • Go for a bank that has a specialised small business unit. The set up process is likely to be simpler and more informative.
  • Check to see if your bank has online banking and if it’s easy to use.
  • Set up a business account.

You will need:

  1. Your Certificate of Incorporation with limited company name and number.
  2. Your passport and/or driving license to prove your identity
  3. Recent utility bills and bank statements

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  • http://twitter.com/darrenfell darrenfell

    It's simple, call a Bank's appointment setting line and they will book you in to see a Business Manager at your local branch.

    I can't recommend any one particular Bank however as an example Lloyds TSB have a free phone number: 0800-022 4389 and I understand they are very quick and efficient!

  • http://twitter.com/neilabenson Neil Benson

    I have had business bank accounts with Abbey (now Santander) for years. They offer a very good, completely free service. They provided debit cards for directors, good online banking system, reasonable overdraft. But there's no relationship manager, no branch-based service — that's why it's free and has decent interest rates.

    Recently opened an account with HSBC for a new business. Switched to HSBC because they integrate with Xero, whereas Santander didn't. Service is OK so far, but battling to get a debit card.