A business bank account is where you deposit payments, pay suppliers and staff, draw out petty cash and complete all of the other fundamental financial transactions involved in running a business.

If you’re a sole trader, it will keep your personal finances separate from the business accounts and, whatever type of business you run, it will be essential for calculating tax. A business bank account can also give your business credibility and, in some cases, it can open up access to finance, support and advice.

So the question isn’t whether you need a business bank account, but who should provide it? On the surface, it may seem that there isn’t really a lot of choice, with the top four banks holding over 80% of small-business bank accounts in the UK.