Finding the best freelancer bank account – Top 10 freelance accounts compared and reviewed

Updated on 14 December 2023

Looking for a freelancer bank account? In today’s flexible job market, more and more individuals are choosing the freelancer lifestyle, embracing the benefits of setting their own hours and choosing their projects.

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One of the essential aspects of successfully managing a freelancing career is financial management, and at the centre of this is choosing the right bank account.

This article will walk you through the top 10 freelancer bank accounts available in the UK, comparing and reviewing their key features.

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Video: Choosing a business bank account

Business banking alternatives

✓ Multi-Currency Account With Local Details
✓ International Transfer At Interbank Rates
✓ Borderless Cards & Expense Management
Pricing Trial period Contact

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

What is the best freelancer bank account?

BankMonthly FeeTransaction FeeKey Features
Starling Bank£0£0Free electronic payments, mobile cheque deposits, integration with accounting software
Monzo Business Lite£0£0Budgeting tools, integration with accounting software
Revolut BusinessFrom £7£0Multi-currency accounts, automated payments, instant notifications
Tide£020p for transfersInstant invoicing, direct invoice payment, financial management tools
Metro BankVaries based on transactionsVaries based on transactionsPhysical branches, free digital transactions, accounting software integration
CoconutFrom £3.60£0Automated tax estimates, expense categorisation, invoice management
CashplusFrom £69 annually£0.99 for ATM withdrawalsFast online application, no credit checks, credit building feature
CountingupFrom £4.95£0Automated tax calculations, invoice generation, expense categorisation
ANNA MoneyFrom £5£0Invoice creation, reminders, chasing late payments
Barclays BusinessFrom £6Varies based on transactionsAccess to business support, workshops, and dedicated team
Best bank accounts for freelancers compared

1. Starling Bank Business Account

Starling Bank offers a compelling business account tailored for freelancers. There are no monthly fees, and the account includes benefits such as free electronic payments, mobile cheque deposits, and integration with popular accounting software like Xero and QuickBooks. Its easy-to-use app and 24/7 customer service offer a good overall user experience.

2. Monzo Business Lite

Monzo Business Lite account is free and comes with budgeting features that make it easy for freelancers to manage their finances. The account also includes handy integrations with accounting tools and software such as FreeAgent and Xero.

3. Revolut Business

Revolut Business provides multi-currency accounts, ideal for freelancers working with international clients. Features such as automated payments, instant notifications, and seamless integration with accounting software make it a good choice for freelancers.

4. Tide Business Banking

Tide’s business account is designed with the needs of freelancers in mind. It offers competitive transaction fees, instant invoicing, and tools to help you manage your financial records efficiently. The ability to create and pay invoices directly from the account is a definite plus for busy freelancers.

5. Metro Bank Business Current Account

Metro Bank provides an excellent business current account with physical branches if in-person banking is your preference. The bank offers competitive charges, free digital transactions, and integration with most major accounting software.

6. Coconut

Coconut is a banking service designed specifically for freelancers, offering automated tax estimates, expense categorisation, and invoice management. The ability to see an estimate of your tax bill in real-time can be a great help come tax return time.

7. Cashplus Business Account

The Cashplus business account is designed for freelancers who value simplicity and convenience. It offers fast online application, no credit checks, and a straightforward fee structure. One unique feature is the ability to build a credit score through the account.

8. Countingup

Countingup is a business current account combined with accounting software. This makes it extremely useful for freelancers who wish to minimise the time they spend on bookkeeping. The account offers automated tax calculations, invoice generation, and expense categorisation.

9. ANNA Money

ANNA (Absolutely No-Nonsense Admin) Money is designed for creative freelancers who wish to minimise administrative hassle. It offers features like invoice creation, reminders, and even chasing late payments. The account comes with a monthly fee, but the array of features might well justify the cost.

10. Barclays Business Account

A Barclays business account provides freelancers with a trusted banking brand and a comprehensive digital banking service. The account has a monthly fee, but this includes access to Barclays’ extensive business support, including workshops and a dedicated Barclays Business Direct team.

Freelancer bank account – Verdict

It’s important to remember that the best freelancer bank account for you depends on your unique needs.

Factors such as whether you work with overseas clients, how much administrative support you need, and whether you prefer digital or in-person banking will all play a part in your decision.

Make sure to review the options and consider which features are most important to you before making your choice.

Freelancer bank accounts FAQ

Why should I get a freelancer bank account instead of using a personal one?

Having a separate bank account for your freelance business can make it easier to manage your finances. It can simplify tax returns, help track expenses, provide a clear separation between personal and business income, and offer specific features tailored to the needs of freelancers.

Can I get a freelancer bank account if I have a poor credit score?

Yes, some banks offer freelancer bank accounts with no credit check, such as the Cashplus business account. However, the features and fees may vary compared to accounts that do perform credit checks.

Can I hold multiple currencies in my freelancer bank account?

Yes, some freelancer bank accounts, like Revolut Business, offer multi-currency holding capabilities. This is a great feature if you work with international clients and receive payments in different currencies.

How do freelancer bank accounts help with accounting and taxes?

Many freelancer bank accounts offer features to simplify accounting tasks, such as automated expense categorisation, invoice generation, tax calculations, and integration with popular accounting software.

What should I consider when choosing a freelancer bank account?

Key considerations should include monthly and transaction fees, ease of use, the availability of accounting and invoicing features, the potential to hold multiple currencies, and whether the bank is digital-only or has physical branches.

Reviewed by , Managing Director

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