A sole trader bank account is a bank account that is used solely for business purposes. Self-employed individuals or small businesses typically use this kind of account.
Sole trader bank accounts typically offer many features and benefits designed to meet businesses’ needs. For example, many accounts offer interest-free overdrafts to help manage cash flow.
In addition, many accounts offer exclusive discounts and offer for business customers. As a result, a sole trader bank account can be a valuable tool for managing finances and growing a business. A sole trader business account is a regular bank account for one-person firms.
Most commercial banks provide a business account for their customers. However, increasingly more expert banks, including Tide, ANNA, and Mettle, are beginning to be geared entirely toward enterprise owners.
Sole trader company accounts function similarly to regular current accounts, including debit and credit card use, online, smartphone, phone banking, and overdraft alternatives.