UK business account for your company

Does the company need a UK account?

In practice, yes. UK customers prefer to pay into an account with a sort code, and so do HMRC and suppliers, and the bookkeeping is simpler when company money and private money are kept apart. Running a British company through an account in your own name at home is not a good idea.

So the question is not whether, but where. And that turns almost entirely on one point: where do the directors live, and where do the people with significant control over the company, the ones on the register as PSCs, live?

What the providers require

Starling reviews every application individually but sets out clear basic requirements: all of the company's PSCs must be individuals resident in the UK, so no company as a shareholder either, and every director with access to the account must also live in the UK. For a limited company owned by a holding abroad, or with directors on the Continent, Starling is not an option.

Tide accepts applications from outside the UK if you have a UK residential address and a UK phone number and are a director of a company registered at Companies House. With Tide, check the account type: bank accounts run through ClearBank and are FSCS-protected up to £120,000, but some customers hold e-money accounts with PrePay Technologies, where the money is only kept apart through safeguarding.

The big high-street banks, Barclays and HSBC, advertise the first twelve months free; after that the Barclays business account costs £8.50 a month. Neither publishes a clear rule for directors abroad on its product pages. HSBC describes the market for personal accounts as one where many banks require UK residence; for business accounts with directors abroad we expect individual review and follow-up questions.

E-money accounts: fast, but protected differently

For companies whose directors live on the Continent, e-money institutions are often the quickest route to UK account details. Wise, for example, says it is licensed to hold customer money and keeps it separate. The difference from a bank matters, though: the FCA makes clear that money held with payment and e-money firms is not directly protected by the FSCS, and if such a firm fails there may be losses or delays.

Stricter safeguarding rules with daily reconciliations have applied since 7 May 2026. Even so: for day-to-day business an e-money account is often ideal, but for reserves, tax provisions and larger balances a bank account with FSCS cover is better, and there your company has its own limit of £120,000. More in e-money or bank.

And an account in Jersey or the Isle of Man?

For a UK limited company run from elsewhere in Europe, the island banks are usually no answer. NatWest International, for example, only opens business accounts if all owners and directors live in the Channel Islands, the Isle of Man or Gibraltar. Why that is so is explained in company accounts on the islands. For a general overview of business accounts abroad, see Freedom Banking on business accounts.

Sources: Starling Bank: Business account eligibility; Tide: Business bank account; Barclays: Business accounts; HSBC UK: Kinetic; FCA: Changes to payment safeguarding rules; FSCS: Banks and building societies