If you run your business with other people, you may want to consider opening a joint business bank account.
A joint account can make it easier for you and your business partners to manage your finances. Read on for a look at some of the most popular joint bank accounts for small businesses – plus:
What is a joint account for business?
Much like a personal bank account, a joint business account allows several people to deposit and A joint business account is a bank account shared between two or more business owners. Each named account holder has access to the funds, can make payments, and can manage day-to-day banking.
This type of account is most common in partnerships or multi-director companies, where financial management needs to be collaborative.
What is a partnership business bank account?
You may also see joint accounts called partnership business accounts or joint venture accounts.
A partnership business account refers to the partnership business structure.
A business partnership is where several partners share the responsibility for a business. Read our guide to general business partnerships for more information.
Which bank has the best joint business account?
Bank
Fees
Key features
Other information
No monthly fee or bank transfer fee
Shared app access and individual cards for partners
Directors will need to be UK residents, paid options available for international businesses
No fees for the first 12 months, £9.99 after
Must have a maximum for 2 directors
Option for a business overdraft of up to £25,000
No fees for the first 12 months, £8.50 after
All account holders can manage the business finances
Access to business support from Eagle Labs
£3 monthly fee and 30p transfer fee
Integrated bookkeeping, invoicing, and tax calculation with day-to-day banking
No arranged overdraft option
From £10 a month
Accounting and HR software integration
Not a specific joint account – but you can add team members to a regular business account
Who can open a joint business account?
Eligibility varies by bank, but typically:
- business partnerships, LLPs, or limited companies with multiple directors
- freelancers or sole traders cannot open a joint business account (unless in partnership)
- all applicants usually need to pass identity and credit checks
Pros of a joint business account
Opening a joint account can offer several benefits:
- transparency – all partners can see incomings and outgoings, reducing misunderstandings
- shared responsibility – financial admin tasks can be divided
- professional image – paying suppliers or receiving payments from a business account can look more credible than using personal accounts
- simplified tax reporting – clearer separation of personal and business finances
Cons of a joint business account
- shared liability – all account holders are equally responsible for overdrafts, fees, or debts
- disagreements – differing views on spending could create conflict
- risk of misuse – if trust breaks down, funds could be withdrawn without agreement
- credit implications – late payments or poor account management can affect all owners’ credit records
How to open a joint business account
For most banks, you’ll need to follow a similar process:
- Research providers – compare fees, digital features, and customer service
- Gather documents – such as proof of ID, proof of address, and business registration documents
- Apply online or in-branch – challenger banks will likely allow you to apply online, while traditional banks may require you to visit a branch
- Set account permissions – decide whether all owners need to authorise transactions (known as ‘dual authorisation’) or whether one can act independently

Joint business account – agree your roles
When you open a joint bank account with your business partners, it can share the load of managing your business finances.
However before you start using the account, it’s important that you agree roles and responsibilities to make sure everything runs smoothly.
Some of the things you’ll need to consider are:
- choosing a main administrator for the account
- agreeing who can withdraw funds and make transfers
- having a plan in the event the business closes or a partner leaves
Alternatives to a joint business account
If you’re not sure a joint account is right for you, consider:
- separate accounts with shared bookkeeping tools
- business credit cards with spending limits for each user
- dual-signature approval features (offered by some banks for higher security)
Key takeaways – joint business accounts
- a joint business account can streamline finances and improve transparency, but also carries risks
- partnerships and multi-owner businesses should weigh the benefits of joint accounts against the potential for conflict and liability
- before deciding, comparing providers carefully and consider whether alternative solutions may be safer for your business structure
Joint business bank account FAQs
Can sole traders open a joint business bank account?
No, sole traders can only open individual business accounts unless they formally register a partnership.
What are the risks of a joint business account?
The risks of a joint business account mean that all account holders share equal liability for fees, overdrafts, and debts. Disagreements or misuse can also strain business relationships.
How do I open a joint business bank account?
You’ll need to compare banks, provide ID and business documents, complete an application, and decide on account permissions such as dual authorisation.
Are there alternatives to joint business accounts?
Yes, alternatives to joint business accounts include separate business accounts with shared bookkeeping software, business credit cards with spending limits, or accounts requiring dual signatures.
More finance guides for small businesses
- 7 of the best business loans compared
- How to find investors for a business – 3 ways to try
- What is zero-based budgeting – and can it save your business money?
- Public liability insurance vs employers liability insurance
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