If you’re thinking of setting up a limited company, or have just incorporated, you will need to set up a separate business account before you can start trading.
A low-cost alternative to typical business banking
As a limited company is a separate legal entity to its directors, you have to set up a separate bank account for your new business. You can’t use your personal account.
You may have found that many regular business accounts charge high monthly fees, and charge for routine transactions, or take weeks to set up. Or, even worse, you have to attend a ‘meeting’ with a business bank adviser, who has no idea what a ‘contractor’ is, and asks you for a business plan before you can open an account.
To make this step a little easier for our visitors, we’ve partnered with Cashplus Bank to offer a business bank account which not only is cost-effective but can be applied for online right away, with no hassle or the need to visit a ‘business banker’ at your local branch.
Perhaps one of the most attractive things about the Cashplus Business Business Account is that you can have an account number and sort code almost instantly – handy if your client or agency requires these details and you’ve not had the chance to set up an account with a High Street bank.
You will not need to undergo a credit check, and the sign-up process takes mere minutes.
All additional fees and charges are transparent – we’ve included these in a table at the bottom of this page.
- 24/7 online & mobile banking
- Integrated with major accountancy packages
- Friendly UK-based customer service
- FSCS protection
- Free to receive inbound transfers/card settlements
- Deposit cash at any Post Office
- Earn up to £100 per month in cashback!
- No Annual Fee (usually £69) for ITContracting.com visitors!
So, how do you apply?
You can apply by simply clicking on the button below. You will be tracked as an IT Contracting client, which will ensure that your application is processed as smoothly as possible.
Select ‘pay later’ when asked to pay the first year’s £69 fee and you will not be charged anything for the first year.
As long as your ID and address are verified during the online application process, you will receive your Account Number and Sort Code instantly.
Alternatively, you might be asked to provide paper documents prior to your account details being provided.
Banking – Further Reading
If you’d like to compare Cashplus with another leading alternative current account, view our bank account comparison table.
*Other fees and charges apply. Please check the terms and conditions for a full fee summary. Subject to terms and conditions. Accounts available to applicants aged 18+ years and being resident in the UK and, if relevant, businesses being based in the UK. Features and services are only available to customers who have been fully identified and verified. Advanced Payment Solutions Limited (APS), trading as Cashplus Bank, is registered in England and Wales at 6th Floor, One London Wall, London EC2Y 5EB (No.04947027). APS is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA under Firm Reference Number (FRN) 671140. APS provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria. APS is authorised by the PRA and regulated by the FCA and the PRA. Our FRN is 671140.