Need a Business Bank Account? Fast Setup. No Stress. Built for Real Businesses.
Starting or growing a business is tough. Your bank account shouldn’t add to that challenge. Total Payments works with top business account providers. This way, you can quickly open the right account, get card settlements easily, and keep your business finances organized from the start.
Whether you are a sole trader, a limited company, or a growing merchant, we will help you select a business bank account that fits your actual working style.
Why Open a Business Bank Account with Total Payments?
Opening a business bank account is not just a formality; it influences how quickly you get paid, the clarity of your accounts, and how easy things are at the end of the year.
With Total Payments, you get:
- Partners selected for real businesses, not just stylish apps. We collaborate with providers who understand small and medium enterprises, trades, retail, hospitality, and online merchants.
- Banking that works well with card machines – our partners integrate smoothly with card machines and payment gateways, ensuring your payments arrive easily.
- Quick account setup – most accounts can be opened the same day, often within minutes, if your documents are ready.
Clear, straightforward information – we clarify the main differences between providers, helping you make a confident choice.
One relationship for many solutions – banking, card machines, online payments, and support all in one place with Total Payments.
Our Business Banking Partners
Below are our current business banking partners. Each provider offers a business account, a business debit card and strong support for card payments.
ANNA Money
A fast, flexible business account ideal for start‑ups and small businesses that want simple banking with smart tools.
Key Benefits:
- Near‑instant online account opening
- Business Mastercard included
- Smart invoicing and expense tracking
- Automatic reminders and cash‑flow insights
- Works well for freelancers, tradespeople, consultants and small limited companies
- UK‑based support via chat and phone
Quick online application – subject to eligibility and provider terms.
myPOS Business Account
A complete business banking solution built around fast card settlements and flexible card‑machine options.
Key Benefits:
- Free business account with no monthly fees
- Free myPOS business Mastercard
- Instant settlements – receive card payments within seconds
- Works with myPOS terminals – Purchased separately
- Includes online payment links, virtual terminal and online checkout options
Best For:
Retailers, hospitality venues and mobile businesses that want instant access to their takings.
Teya Business Account
Modern business banking combined with powerful card payment tools – ideal for customer‑facing businesses.
Key Benefits:
- Business account and card machine bundle
- First terminal typically included with selected plans (e.g. subscription packages)
- Daily settlements to help with cash flow
- No separate PCI compliance fees
- Transparent blended pricing structure
- Strong option for hospitality, retail, salons, cafés and service businesses
SumUp Business Account
Straightforward business banking paired with popular SumUp card readers – ideal for micro‑businesses and mobile traders.
Key Benefits:
- Free business account with no monthly fees
- Free SumUp business Mastercard
- Fast payouts from card transactions
- Works with SumUp Air, Solo and 3G readers
- Simple app for tracking income and spending
- Great for small merchants, market stalls, mobile professionals and side‑hustles
Compare Our Business Banking Partners
Choosing a business bank account isn’t just about the logo on the card. The right choice depends on how you trade, how quickly you need your money, and whether you already use (or plan to use) a particular card machine.
Use this simple comparison as a starting point. For detailed pricing and terms, please check each provider’s website.
Feature | ANNA | myPOS | Teya | SumUp |
Account Set-up | Instant / same day | Instant / same day | next day | Instant / same day |
Account Opening Fees | Free | Free | Free | Free |
Monthly account fee | From £0 (plan‑dependent) | £0 | £0 | From £0 (plan-dependent) |
Business debit card included | Yes | Yes | Yes | Yes |
Card machine included | No | No – myPOS terminals sold separately | No – Teya terminals sold separately | No – SumUp terminals sold separately |
Card Payment Settlement Speed | N/a | Instant settlements | Instant settlements (optional) | Next-day 7am |
Fund Transfer | Free | £1.50 | Free | Free |
Incomings Funds | 0.95% | Free | Free | Free |
Set up Direct Debits | Yes | No | Yes | Yes |
ATM Withdrawals | Free | 1% (min £2 – max £10) | 30 free per month, then £0.50 per withdrawal | 3 free per month, then 2% per withdrawal |
Cash Deposits | Yes | No | £2 per deposit | No |
Good for startups & sole traders | ✔ | ✔ | ✔ | ✔ |
Good for higher‑volume merchants | ✔ | ✔ | ✔ | ✔ |
Business Banking FAQs
Here are some common questions we’re asked about business bank accounts and how they work alongside card payments.
Do I legally need a business bank account?
If you run a limited company, yes – you need a separate business bank account. The company is a separate legal entity and must have its own finances.
If you’re a sole trader or partnership, it’s not a legal requirement, but it’s strongly recommended. Mixing personal and business transactions makes bookkeeping harder and can create issues with HMRC.
What documents will I need to apply?
Each provider is slightly different, in some cases we may not require any documents but typically you will need:
- Proof of ID (passport or driving licence)
- Proof of personal address
- Business details – such as company name, registered address and Companies House number (if applicable)
- A short description of what your business does
- In some cases, proof of trading address or recent bank statements
- You may have to provide a selfie
Having these ready usually speeds up the application.
How long does it take to open a business bank account?
Many of our partners can open accounts instantly or within the same day, especially if you apply online and your documents are clear.
Traditional banks may take longer if they need extra checks. As a general rule, expect anywhere from a few minutes to a few working days, depending on the provider and the nature of your business.
Will there be a credit check?
Most app‑based and e‑money providers carry out a soft check or basic identity checks rather than a full credit check, unless you’re also applying for an overdraft or borrowing.
High‑street banks are more likely to carry out a standard credit check, particularly if you require credit facilities.
Are these accounts FSCS protected?
Where a partner is a UK bank, eligible deposits are typically protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).
Where a partner is an e‑money institution, your funds are protected using safeguarding rules instead of FSCS. This means your money is held in ring‑fenced, segregated accounts with a separate bank. Always check the provider’s latest terms for details.
Can these accounts receive card payment settlements?
Yes. All partners listed are suitable for receiving business card settlements.
- myPOS, Teya and SumUp are closely tied to their own card machines and settle straight into their linked business accounts.
- ANNA can receive settlements from a wide range of merchant providers, including solutions arranged through Total Payments.
Can I have more than one business bank account?
Yes – many businesses choose to have multiple accounts. For example:
- One account for card settlements
- One account for bills and expenses
- Another account for tax or savings
Using multiple accounts can make it easier to budget and keep track of your cash flow.
Can I apply if I’m not based in the UK?
Our business banking partners are primarily aimed at UK‑based businesses with UK owners/directors. If your business or key individuals are based overseas, eligibility will depend on the specific provider’s rules. Please check their criteria before applying.
Ready to Find the Right Business Bank Account?
Choosing a business bank account is easier when you look at how you actually trade – card payments, online sales, cash flow and the tools you use day to day.
Total Payments can help you:
- Decide which provider fits your business model and transaction volumes
- Match your business bank account with the right card machine or payment gateway
- Plan for future growth – so your banking and payments don’t hold you back later
