What is the best bank account for freelancers? Top options in November 2024

As a freelancer, having the right bank account can make all the difference in managing your finances efficiently. Traditional business accounts may not always cater to the unique requirements of freelancers.

Flexibility, low costs, invoicing services, and support for multiple currencies are just a few of the features freelancers need. So, let’s delve into some of the best bank accounts available for freelancers in the UK.

Top 10 featured bank accounts for freelancers

1. Starling Bank – Business Account

Features: Starling Bank provides an award-winning business account that comes with a range of features. These include real-time notifications for payments, the ability to set aside tax and other expenses in separate “spaces”, and integration with popular accounting software like Xero.

Fees: The account is free for sole traders and limited companies with no monthly fees. Foreign currency transfers do attract a small fee.

Pros: The mobile-first approach makes banking convenient. No monthly fees make it an economical choice.

Cons: Physical banking services are limited due to its online-only nature. Also, its accounting integrations are not as extensive as some competitors.

2. Revolut Business

Features: Revolut offers a multi-currency account that’s great for freelancers dealing with international clients. You can hold, receive, and exchange 28 different currencies. It also offers integrations with accounting tools, advanced payment approval workflows, and subscription-based extras like discounted device insurance.

Fees: There are different pricing plans based on your needs, starting from £25/month. Foreign exchange transactions come with a slight markup during the weekends.

Pros: The multi-currency feature is highly beneficial for those with international clients. The flexibility to choose pricing plans based on usage is a plus.

Cons: A base monthly fee is applicable, unlike some other accounts. The weekend markup on currency exchange can add unexpected costs.

3. Tide Business Account

Features: Tide offers a business account that comes with a suite of tools specifically tailored for freelancers and small businesses. These include invoicing tools, automatic categorisation of expenses, and direct integration with accounting software.

Fees: There are no monthly fees, but charges are applicable for cash withdrawals and deposits.

Pros: The strong suite of tools makes managing business finances easier. Also, no monthly fees make it an affordable option.

Cons: Fees for cash transactions can add up, and some users have reported customer service issues.

4. Monzo Business

Features: Monzo provides a business account with budgeting tools, instant spending notifications, and tax pots to set aside money for tax. It also offers integration with popular accounting software like FreeAgent and Xero.

Fees: Monzo offers a free Lite account or a Pro account for £5/month with additional features.

Pros: The budgeting tools and tax pots are great for financial management. Also, the free Lite option can be great for those starting.

Cons: The Pro account, with more features, comes with a monthly fee. Monzo is also a digital-only bank, which may not suit those requiring physical banking services.

Best freelancer bank accounts

Bank	Lowest monthly fee	Offers current account	Offers savings account	Overdraft available
Acorn Account	£12.50	Yes	No	No
Aldermore	Free	No	Yes	No
Allied Irish Bank	£2.50	Yes	Yes	Yes
Amaiz	£9.99	Yes	No	No
Anna Bank	£14.90	Yes	No	No
Bank of Scotland	Free	Yes	Yes	Yes
Barclays	£8.50	Yes	No	No
Bunq	€ 4.99	Yes	No	No
Cambridge Building Society	Free	No	Yes	No
CardOneMoney	£12.50	Yes	No	No
Cashplus	Free	Yes	No	No
Co-operative Bank	£7	Yes	Yes	Yes
Countingup	Free	Yes	No	No
Cumberland Building Society	Free	Yes	Yes	Yes
Cynergy Bank	£5	Yes	Yes	Yes
Fair Everywhere	£12.50	Yes	No	No
Holvi	€ 9	Yes	No	No
HSBC	£6.50	Yes	Yes	Yes
Lloyds Bank	Free	Yes	Yes	Yes
Masthaven	Free	No	Yes	No
Metro Bank	£6	Yes	Yes	Yes
Mettle	Free	Yes	No	No
Monese	£9.95	Yes	No	No
Monzo	Ask	Yes	Yes	No
Nationwide	Free	No	Yes	No
NatWest	Free	Yes	Yes	Yes
Redwood Bank	Free	No	Yes	No
Revolut Business	£7	Yes	No	No
Royal Bank of Scotland	Free	Yes	Yes	Yes
Santander	£7.50	Yes	Yes	Yes
Shawbrook Bank	Free	No	Yes	No
Starling Bank	Free	Yes	No	No
Tide	£9.99	Yes	No	No
TSB	£5	Yes	Yes	Yes
Ulster Bank	£2.67	Yes	Yes	Yes
Virgin Money	£6.50	No	Yes	No
Wise	Free	Yes	No	No

Conclusion

The “best” account will depend largely on your unique needs as a freelancer. If your business operates primarily online and you work with international clients, then Revolut could be a great choice. If you prefer a free option with strong budgeting and tax tools, Starling or Monzo might be more suitable. Meanwhile, Tide provides a great suite of tools tailored for freelancers and small businesses.

Remember, the key is to carefully consider the features that are most important to you, taking into account fees, customer service, and any extra perks that can make your freelancing life more convenient. These could range from ease of integration with accounting software to support for multiple currencies, and even the ability to separate your business and personal finances.

Choosing the right bank account is an important step towards financial control and business success as a freelancer. Don’t forget to read user reviews and check the latest updates from these banks, as features and fee structures may change over time. The choice you make now isn’t set in stone, but finding the best fit from the start can save a lot of time and effort down the line.

Remember, while the cost is important, the value you get from the account in terms of convenience, time saved, and better financial management can far outweigh the monetary cost. In the end, it’s about finding a bank account that helps your freelance business thrive.

FAQ