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As a contractor, having the right business bank account is crucial. This will ensure that you can access your money on the go and support will never be far away if you need it.
To help make the process simple and stress-free, we’ve partnered with Metro Bank, who specialises in banking for businesses. Metro Bank can provide all of the tools the self-employed need to get started and specialist support throughout.
The funds from your limited company will need to be distinguishable and completely separate from your personal funds. So you must open a separate bank account for your company.
When you sign up with Metro Bank, you can enjoy access to the following perks:
All applications will be open within 2-3 working days – Metro bank has a dedicated team who will guarantee that all business bank account applications will be opened within 2-3 working days (once all documents are received). Missing information/documents will delay account opening.
200 free transactions per month – we appreciate that on average a contractor will make around 30 transactions per month, however, when using a direct debit this can quickly escalate.
No minimum balance required to open the account.
Free online banking – free online banking for the first 12 months, and free after 12 months provided a minimum balance of £2,000 is maintained in the bank account. A £15 admin fee will be incurred after 12 months if the balance is below £2,000.
Free business banking app for complete flexibility when on the go.
Full chequebook and banking facilities – everything you’d expect from your bank; bill payments, standing orders and direct debits.
Funds may be held in sterling, euro or US dollar – no charge for foreign transfers, Euros and US dollars. No charge for using the debit card within the EU. However, there are charges for external foreign transfers.
A true debit card – cards that are called ‘deferred debit cards’ can incur additional charges when being used, similar to that of a credit card. Metro bank provides all clients with a debit card with no annual fee.
Competitive tiered rates of interest – so the larger the balance the greater the return. No interest on current account.
In-store access 7 days a week – this account can be used at all Metro branches – a business banking representative can help in any store 7 days a week open early until late.
To find out more about our services and how we can help you with your business bank account, take a look at our business bank account guide.