Skip to main content

Get more bang for no buck

Sole trader or self-employed? Enjoy stress-free banking from an account with big benefits.

£0 a month

Pay no monthly account fee – and get free day-to-day app and online banking 1

Unlimited 0.25% cashback

Get 0.25% cashback on your debit card spending with no cap on how much you earn 2

Xero free for 6 months

Manage your money for less with our special offer of Xero free for your first 6 months 3

£120,000 FSCS protection

Enjoy peace of mind with full FSCS protection on up to £120,000 of your eligible deposits

View M Account for Business

Award-winning business banking

We don't like to brag. But in May 2026, our Business Current Account and M Account for Business were awarded Five-Star Ratings by Moneyfacts. Again!

And at the Business Moneyfacts Awards 2026, we won Best Service from a Business Bank for the second year in a row, and Best Business Current Account Provider!

View our business current accounts
hand holding virgin money debit card

Construction trades special offer

Builders, painters, plumbers, electricians... Open an M Account for Business to get a truckload of discounts and benefits.

  • £4 Costa Coffee voucher every month for a year.
  • 0.5% unlimited cashback on trade supplies.
  • 10% off Green Flag business breakdown cover with 24/7 roadside assistance.
  • 10% off Superscript business insurance with van cover, tool insurance and public liability insurance.
See offer details

Terms and conditions apply.

Benefits of a business account for sole traders

See how a business bank account can help you thrive, whether you’re self-employed or a sole trader.

1. Control your business finances

With a separate business bank account, you can stay on top of your bills, expenses and income – and clearly see how you’re doing as a business.

For added flexibility, and to help you plan for the future, you can pair your account with a savings account.

 

2. Pay fast – and get cashback

Our business debit and credit cards are ready to go with Apple Pay and Google Pay: letting you make fast, flexible payments anytime, anywhere.

And you can get up to 1% cashback1 and extra rewards on business spending with our debit cards and Business Credit Card.4

 

3. Enjoy safe, simple, supported banking

You get full FSCS protection up to £120,000 on your eligible deposits with our business accounts. And we’ll help you stay safe from scammers with our business fraud help.

You can apply for your account online in minutes, then manage it securely with 24/7 app and online banking.

 

4. Integrate your business tools

Our online bank accounts work seamlessly with business and accounting software like Xero, Shopify and QuickBooks. This can save you time and effort on your business admin.

And you get added control of your business admin and finances with our free insights platform, M-Track.

 

5. Simplify your tax returns

Syncing your bank account and accounting tools sets you up for Making Tax Digital. This is HMRC’s scheme making it compulsory for you to keep and submit taxes digitally.

To help you with this, when you open one of our business current accounts, you can get Xero free for 6 months.3

 

6. Improve your credit rating

Having a well-managed business bank account is a great way to improve your business credit rating – helping you to plan and borrow for growth.

So, whether you want an overdraft, a credit card or are looking for a loan, check out our business finance options.4

 

Earn cashback and rewards on your business spending

Use business debit and credit cards to help control your cashflow – and earn cashback.

Open an M Account for Business or Business Current Account, then use your debit or credit cards on business purchases to get cashback. The money you earn is paid straight into your account each month: no forms, no hassle!

And you get extra rewards with Mastercard Business Savings – with money back on software, hotels, dining and much more.

Find out about cashback and rewards

Terms and exclusions apply.

Special offer

Xero free for 6 months

Get everything you need for Making Tax Digital with our free business accounting software offer.

Fancy free Xero business accounting software for your first 6 months? You can choose from different packages, including Xero’s Simple plan for sole traders.

Using software like Xero can save you time and effort on your business admin. You can even take photos of receipts to instantly manage your expenses.

Just open one of our business current accounts to claim your special offer.

Terms and conditions apply.

View Xero offer

Who can open an account?

  • Sole traders

    If you’re registered with HMRC as a sole trader.

  • Self-employed

    If you freelance, work as a contractor, work for yourself, or work through your own limited company.

  • Partners

    If you’re a partner in a business partnership.

  • Limited companies

    If you’re registered as a limited company with Companies House.

View M Account for Business

Let’s get down to business

Check if you’re eligible to open our account for sole traders – M Account for Business.

18 or over

You or an account signatory must be aged 18 or over

UK-based

Operate in the UK (not Isle of Man, Channel Islands or Northern Ireland)

Turnover under £1m

Annual turnover, or expected turnover, under £1m

What you need to open an account as a sole trader

You can apply online in minutes. You’ll need your mobile and email when you apply.

You’ll need to tell us about:

  • you and your business
  • your address history
  • any countries you trade with
  • your business finances, including turnover

You may also have to provide ID and a live selfie to our verification partner, Mitek.

You can find out more about what you need to open a business bank account on the UK Finance website.

Good to know

Link opens in a new window/tab
a hand holding two cards

What you'll need to open an account

Together with other UK banks and UK Finance, we've established a basic set of information required to open a new business bank account online.

A guide to the information you need
image of a calendar

Switch your current account

Switching to us is straightforward with the Current Account Switch Service. You choose the date you'd like to switch and we'll do the rest.

Find out how to switch
piggy bank with the FSCS logo in the top corner

Protecting your money

Sleep easy with protection on eligible deposits up to £120,000 per business. Provided through the Financial Services Compensation Scheme (FSCS).

Read the FSCS guide

Sole trader banking FAQs

If you’re self-employed or a sole trader, you don’t legally need a business bank account, unless you’re registered as a limited company. But having a dedicated business account is still a good idea.

A business bank account can help you:

  • see how well your business is doing
  • separate your personal and business finances
  • save time on admin, accounting and doing your taxes
  • boost your business credit rating

Also, some banks don’t let you use personal accounts for business transactions. You can check this in your account’s terms and conditions.

View M Account for Business

Yes. You can’t open an account if you’re currently bankrupt or have ever been disqualified as a company director.

You also can’t open an account if you or your business are linked to countries outside Virgin Money’s risk appetite – or the business is in an industry outside our appetite.

Yes. It’s easy to switch your business account to us.

When you apply for your new account, just tell us the details of your old account. Then we’ll take care of everything else for you.

Find out about switching business bank accounts

The legal bits

1 Terms and conditions apply



2 Terms and exclusions apply



3 Terms and conditions apply



4 Credit subject to status


Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.


Google and Google Pay are trademarks of Google LLC.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.