Freelancer banking apps

Business banking has changed A LOT. You can manage everything remotely, online, and in the cloud.

These banking apps are designed purely for freelancers, giving them flexibility, easy transfers, and that essential debit card. They’re full of features you’ll recognise, and a few you’ll wish you’d had access to sooner.

A Coconut account gives you a debit card, transfers, and simple online statements, as well as some fast, helpful extras.

Who’s it for?

Freelancers in need of the banking essentials.

Good bits

• The mobile app interface is simple and very user-friendly.
• Automatic tax calculations.
• Marking your expenses is easy. Coconut will tell you what you can claim for and automatically categorise them.

Not so good bits

• You can withdraw cash from any machine in the UK, but you’ll be charged £1 every time you do.

Free-o-meter

5/5

Prices: The Grow account costs £5 a month (not including VAT).

Coconut’s free app is great – you get all the core features. For 0% foreign currency fees and unlimited invoicing, it could be worth an upgrade.

A personal current account specifically for freelancers. Monese is a UK-based freelance bank account offering zero roaming charges, flexible transfers, and a smart mobile app.

Who’s it for?

Freelancers who travel a lot.

Good bits

• Your account will be set up within hours.
• If you pay for your Monese account, you can use your card anywhere in the world with no fees.
• Manage your account in 10 different languages.

Not so good bits

• Cash machine withdrawals cost £1 if you have a free account. If you pay for your account, you’re still limited to a few a month.
• Paying in physical cash carries a charge too, so it could get expensive if you do it regularly.

Free-o-meter

3/5

Prices: The two paid accounts for freelancers cost £4.95 and £14.95. There’s also a business account, costing £9.95 a month.

Monese’s free account gives you access to all the features, but there’s a charge for cash machine withdrawals, payments abroad, and you’ll even have to pay a fiver to get your card delivered!

A truly digital bank account. Tide gives you access to your account on any device, so you can easily track your expenses, schedule payments, and more.

Who’s it for?

Freelancers who are growing their business every year.

Good bits

• Manage everything quickly and easily on your phone.
• It syncs with all the big accounting tools, including FreeAgent, Xero, and Sage.
• All your transactions can be automatically marked as business or personal.

Not so good bits

• The pay-as-you-go model could become expensive if you make a lot of withdrawals and transfers.

Free-o-meter

4/5

Prices: No monthly fee.

Instead of paying a monthly fee, Tide users pay small fees for what they use. Transfers between accounts cost 20p, ATM cash withdrawals cost £1, and depositing cash at the Post Office costs £1 too.