Business bank accounts

Most high street banks offer business bank accounts. Your business should research what type of accounts different banks offer.

The bank account your business chooses can depend on:

• the needs of your business
• whether you're a sole trader

Types of account

Your business should research the type of accounts different banks offer, including their:

• services
• fees
• interest rates
• charges

Most business bank accounts have monthly account fees, as well as individual transaction fees. And the type of account your business chooses will depend on your business's needs.

Terms and conditions

Your business should review the terms and conditions of their account on a regular basis.

These terms and conditions might no longer work for your business as it grows.

Your business might want to consider switching to a different account, or negotiate changes to the terms and conditions of your existing account.

You can find more advice on business bank accounts on the Moneyfacts website.

Sole traders

If you're a sole trader, you might be able to choose between using a personal bank account or a business bank account.

Personal bank accounts

You can find out if you can use a personal account by checking the account's terms and conditions.

Some banks don't allow this.

Business bank accounts

Sole traders can also choose to set up a business bank account.

You might prefer having a business bank account if you're:

• dealing with a large number of transactions
• putting cash in the bank on a regular basis

Keeping your business and personal spending separate can make keeping records easier.

You can find more advice on business bank accounts on the Moneyfacts website.

Online and mobile banking

Online and mobile banking are useful tools for your business.

But it's important to keep your business safe online and protect against online threats such as phishing and viruses.

Safe online or mobile banking

There's no single way of protecting your business when using online or mobile banking. But common advice includes:

• using strong passwords and PINs
• training staff about online threats
• using firewalls and security software
• installing software updates
• using secure Wi-Fi connections

You can find more advice about banking safely online on the Get Safe Online website.

What to do if your bank account has been hacked

If your business's online or mobile bank account has been hacked, you should:

• change passwords and PINs immediately
• contact your bank
• report this to the police through the Action Fraud website