As a sole trader, or self-employed person, you’re not legally obliged to have a business bank account. Your business and personal income are treated in the same way by the tax office, so you can use your personal bank account for business transactions. Partnerships, which are effectively two or more sole traders, may also choose to operate through a joint personal account. However, many sole traders and partnerships prefer to keep their business finances separate by opening a business bank account. Advantages can include being able to deposit money under your trading name and having access to more detailed transactional data.