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 from 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 free business bank account for contractors – the Business Go account.
The Business Go account is not only cost-effective but you can also apply online right away, with no hassle or the need to visit a ‘business banker’ at a local branch.
As Cashplus is a fully regulated British bank, your money is protected by the FSCS scheme.
Perhaps one of the most attractive things about the Cashplus Business Go Account is that you can have an account number and sort code almost instantly.
This is very 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.
Key benefits of the Business Go account
- Free bank account with no annual fee.
- 3 free transactions per month, thereafter 30p/transaction.
- 24/7 online & mobile banking.
- Integrates with major accountancy packages, including FreeAgent and Xero.
- Friendly UK-based customer service.
- FSCS protection – your balance is protected by the Government up to £85,000.
- Free to receive inbound transfers/card settlements.
- You can deposit cash at any Post Office.
So, how do you apply for a Business Go account?
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.
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 other leading alternative current accounts, view our bank account comparison table.