A business bank account is more effective at keeping your business and personal payments and expenses separate, which is ideal when you are putting together your tax return for the HMRC.

You will need to visit a bank manager and provide proof of identity and address. Digital banks can be completed fully online.

The exact documents needed will be dependent on the type of business you run. For example, if you run a limited liability partnership or a private limited company, then you will need additional documents such as the date of incorporation and the company registration number.

Certain banks will offer free business bank accounts for a set period of time, for example the first one or two years. Otherwise, most business accounts will be charged on an annual or monthly basis.

Yes, but this will depend on the bank you have opened a business bank account with. Fees that you could be charged include the following:

• Receiving card payments
• Using the overdraft facility
• Withdrawing cash
• Sending money through a bank transfer
• Paying money in

Many are similar to personal current accounts, such as online banking, an overdraft facility, a debit card, cheque book and the potential to earn interest when the account has a positive balance.

It could take a matter of minutes if you are applying online or in a local branch, but may take a few days or a week if additional checks need to be carried out prior to approving your application.

Yes, this is usually stipulated by your bank.

There are a variety of reasons why a business bank account is worth considering, including:

• Business banking manager support
• The ability to separate business expenses more easily
• Paying invoices directly into the account
• Building your firm’s credit history

Yes, your credit rating is not considered when applying, since you are paying money into the account, not borrowing money from it. However, having bad credit could limit your overdraft facility.

We include business current accounts from our panel of UK banks, building societies and new platform based online banking companies. All partners listed on our current account comparison are regulated by the Financial Conduct Authority (FCA).

Whilst our website is completely free for you to use, we are a business and we need to pay our bills, our staff and hopefully make a little on top as a reward for creating and providing a great site that does the job for you and our partners. As is the case with most comparison sites we receive an income from most of the companies listed on our site. The payment we get from our partners will never change the amount you pay for your home, money or insurance product.