Contractor banking: open an account today

If you have decided to trade using a limited company then you will need a separate account for your business in order to accept payments from agencies and clients, and also to pay business expenses incurred as a contractor.

You can now get a Business Current Account - within minutes!

Traditionally contractors have approached their personal branch to open a business bank account. However, this can be very time consuming, often taking weeks to get set up, which you may not have before starting your first contract. High street banks don't really understand the world of contracting. Your banking needs as a contractor are actually much simpler than most businesses require.

Fortunately, those time consuming hassles are now a thing of the past, with new low cost financial solutions designed specifically for contractors.

Our chosen financials services partner is Advanced Payment Solutions Ltd who have a tailored business account product designed specifically for contractors.

The Cashplus Business Account is an online solution and an ideal way for you to manage your business finances.

They offer UK based customer service together with mobile and online account access. They also have a high street presence in the UK via the Post Office®.

Apply right now and instantly get your account details

No credit checking is required for the initial application. Following application and successful verification of identity your Account Number and Sort Code are available for use straight away.*

The application only takes minutes, and account terms include the following:

  • You pay a single annual fee of £69*
  • There are no charges for inbound transfers or outbound Direct Debits
  • All your card purchases within the UK are free
  • Manage your account via telephone, online and mobile app
  • UK customer support: Mon-Fri 8am to 8pm / Sat: 8am to 4pm

Full fees and charges

Item Cost
Cash (Post Office®) 0.25% (first £1k p/m free)
Cash (Retail) 0.25% (first £1k p/m free)
Electronic Transfer Free
UK card purchase transactions (in Sterling) Free
Cash (UK ATM withdrawal) £2 per withdrawal
Cash (Post Office®) £3 per withdrawal
Electronic Transfer 3 free p/m
£0.99 per transfer thereafter
Direct Debit Free
Annual account fee £69 per year
Foreign card purchase transactions 2.99%
Foreign ATM withdrawal £3
Additional card issue fee £5.95
Rejected Direct Debit fee £15 (max £60 p/m)

* Other fees and charges apply. Please check the terms and conditions for a full fee summary.

*Other fees and charges apply. Please check the terms and conditions for a full fee summary. Subject to terms and conditions. Accounts available to applicants aged 18 years+ and businesses based in the UK. Cashplus is issued by APS Financial Ltd (AFL) pursuant to license by MasterCard International Incorporated. AFL is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002). Cards are serviced by Advanced Payment Solutions Ltd (APS) which operates the card on behalf of AFL. Credit facilities are provided by APS and are subject to approval and affordability, with account remaining in good standing and continuing to meet APS’ credit criteria. APS is authorised and regulated by the Financial Conduct Authority for consumer credit activities (Registration No. 671140), and AFL is an Introducer Appointed Representative of APS.
Debit Protect is a registered trademark of APS. AFL & APS registered address is 6th Floor, One London Wall, London EC2Y 5EB. Registered in England and Wales under company numbers 06029941 & 04947027 respectively. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. The Post Office® and Post Office symbol are registered trademarks of Post Office Ltd.

^ TopBanking guides

Contractor banking: choosing a business bank account
Contractors who have decided to trade through a limited company must apply for a separate business bank account for their contracting business.

Contractor banking – applying for and opening a business bank account
Once a contractor has decided which financial institution they plan to bank with, the next step is to work through the process of opening the account.

Contractor banking – running a business bank account
Having successfully applied for and opened a business bank account, contractors should adopt best practice when running their company’s account.

Save time and money with the Cashplus Business Account for contractors
Contractors can reduce their business banking burden with the Cashplus Business Account, says APS financial commercial director Nick Biggam.