Business Bank accounts

Best Business Bank Accounts for UK Sole Traders in 2025 (Quick Overview)

Saim Jalees

01.12.25

Read time 5 minutes

You’re the driving force behind your sole trader business, from winning the clients to doing the actual work. But is your financial admin keeping up, or is mixing business and personal spending making Self Assessment a nightmare?

If this is the case, it sounds like you might need a business account. To help you make an informed choice, we’ve put together this quick overview of the features, pros, cons and fees associated with the most popular business bank accounts for sole traders in the UK.

We’ve also compared these accounts with Wise Business - the non-bank alternative business account that can help you streamline your finances and get paid by international clients.

Features

Account	Features
Wise Business	Hold 40+ currencies Local account details Physical and virtual cards FCA regulated Invoicing included Note: The Wise account is not a bank account but offers some similar features and your money is safeguarded.
Monzo Business	Savings pots available Integrates with most major accounting software Virtual cards Team access FSCS protected¹
Mettle	Invoicing included Auto-match invoices to payments Saving pot feature FSCS protected²
Tide	Accounting and tax tools FSCS protected Expense management (Linked debit and expense cards) Earn interest³
Starling Business	Cash and cheque deposits Saving “spaces,” allowing you to set money aside Integration with accounting software FSCS protected⁴
ANNA Money	Expense cards Local and international payments Payment links for accepting transfers Ways to pay in cash Cashback on eligible spending
Airwallex	Multi-currency (hold 23 currencies) Local and international transfers Debit and expense cards Receive customer card payments (links/plugins) For Ltd Co, LLPs, LPs, Partnerships, Sole Traders
Virgin Money (M Account for Business)	Integration with accounting software Automated spending categories In-person support⁵
Revolut Pro	Designed for freelancers and sole traders Operates within the personal Revolut app Provides a separate account with its own IBAN Dedicated Pro debit card Earn cashback on card spending (rate depends on your personal plan) Accept payments via links, QR codes, invoices, and a card reader Multi-currency payments and currency exchange In-app invoicing and expense tracking tools Tax Pockets to set aside funds
Revolut Business	For sole traders who have a registered company Hold 25+ currencies Accept online and in-person payments Integration with accounting software Virtual and physical cards⁶

Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

Pros and cons of each account

Account	Pros	Cons
Wise Business	£50 (Advanced plan) or for free (Essentials plan) Excellent for international payments Transparent and fair pricing Great integration with accounting software	Electronic money services provider (note: Wise is not a bank) Limited cheque and cash support
Monzo Business	Can automatically assign a percentage of income to a saving pot Ability to upgrade account as you scale Fast onboarding, including on the same day⁸ Mobile-first experience means it’s easy to bank anywhere	Cash handling costs can add up quickly No branch presence Limited native support for multi-currency transactions
Mettle	Free access to FreeAgent² Can automatically assign a percentage of income to a saving pot No fees for standard use	No ability to borrow money No international payment support No multi-user access No cheque deposit
Tide	Accepts international payments Easily integrates with accounting software Easy to switch to³ In-built invoicing tools	Free plans still come with transaction costs High fees for international transactions Caps and limits for free plans
Starling Business	Low or no fees Free UK transfers Can automatically assign a percentage of income to a space	International currency limitations Fees for foreign transactions No interest on business balance Limited features unless you add the Business Toolkit
Tide	Multiple plans, including a free option Invoicing and accounting tools Savings account option available	Expense cards cost £5/month on lower-tier plans Transfers in/out cost £0.20 on the free plan ATM withdrawals cost £1 on all plans
ANNA Money	Pay As You Go (PAYG) plan with no monthly fee Cashback available Can accept cash payments Payment links feature	PAYG plan has fees for most transactions (£0.20 local transfer, £1 ATM) International transfers have a fee (e.g., £5 + 1% conversion) Extra cards cost £3/month on lower plans
Airwallex	No monthly fees Strong multi-currency support Good for receiving online/card payments Competitive currency exchange (0.5% - 1%)	Variable fees for receiving card payments SWIFT payments cost £10 - £20 Fees for receiving payments via local methods (£0.20 + fixed fee)
Virgin Money (M Account for Business)	Free UK transfers \ No monthly fee and free online business banking Earn cashback Multi-user access	Turnover eligibility limitations Cash limits Fees for "premium" transactions like international payments
Revolut Pro	No monthly account fee Easy and fast setup within the main Revolut app Earn cashback on business-related card purchases Multiple, flexible methods for accepting payments Good for international payments and currency exchange Helps separate freelance finances from personal spending	Must have a Revolut Personal account to use it Not available for registered limited companies Transaction fees apply for accepting payments from clients No cash or cheque deposit options Customer support is primarily via in-app chat Not covered by the FSCS (funds are 'safeguarded' as an e-money institution)
Revolut Business	Good for international transactions Local bank details Able to grant other users permissions	Fees beyond your allotted allowances Unclear protection while it transfers to being a fully licensed bank

Account fees

Account	Fees
Wise Business	£50 (Advanced plan) or for free (Essentials plan)
Monzo Business	Lite plan is free Pro plan starts at £9/month⁸
Mettle	Free for standard, £4/month for Mettle+⁹
Tide	Free with paid plans starting at £12.49/ month³
Starling Business	Free with fees for international accounts and the Business Toolkit⁴
Tide	Free: £0/month Plus: £9.99/month Pro: £18.99/month Cashback: £49.99/month (Transaction fees vary by plan)
ANNA Money	PAYG: £0/month (Local transfers £0.20) Business: £14.90/month (50 free local transfers) Big Business: £49.90/month (Free local transfers)
Airwallex	Monthly fee: None Currency exchange: 0.5% - 1% Transfers: Local can be free; SWIFT £10-£20 Receive payments: Variable (cards) or £0.20 + fixed fee (local)
Virgin Money (M Account for Business)	Free⁵
Revolut Pro	Free
Revolut Business	Basic plan starts at £10/ month¹¹

Discover Wise Business: the no-stress business account for sole traders

Dealing with international payments through high-street banks can be a headache for sole traders looking for transparency when it comes to fees they’re being charged.

Enter Wise Business - the simple alternative to business accounts.

With Wise Business, you can send money to 140+ countries and hold 40+ currencies.

What’s more, you can exchange your hard-earned money at the mid-market exchange rate and get local account details for currencies when you’re abroad.

Be smart, Get Wise.

Sources:

Monzo, Business Banking Features
Mettle, Business Bank Account
Tide, Business Current Account
Starling, Business Account
Virgin Money, M Account for Business
Revolut, Open Business Account
Monzo, Information about Business Current Account services
Monzo, Business Banking
NatWest, Mettle Mobile Account
Revolut, Business Account Plans

Sources last checked on 21st October, 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.