The exact requirements vary between providers, but in general, you’ll need to prove your business is legitimate and supply identification for both yourself and the business.
Here’s what you’ll typically need to provide when opening a business savings account in the UK:
For all businesses:
Proof of ID and address for all named individuals on the account (e.g. passport, driving licence, utility bill)
Proof of business address
Business bank account details (some providers only accept applications from existing business current account holders)
Details about the nature of your business and its activity
For sole traders and freelancers:
Proof of trading status (e.g. HMRC registration or UTR (Unique Taxpayer Reference))
Business name (if trading under a different name)
Estimated annual turnover (some accounts have a minimum or maximum turnover requirement)
For limited companies and partnerships:
Certificate of incorporation (Ltd companies only)
Companies House registration number
Details of all directors, partners, or shareholders
Partnership agreement (if applicable)
Other potential requirements:
A minimum deposit. Some providers require an initial deposit of £1,000 or more
Your expected annual turnover
Tax residency status for all named individuals (for regulatory checks)
Before you apply, it’s worth checking the provider’s eligibility criteria carefully to make sure your business qualifies.