Do I need a business bank account?
Short answer
With a sole proprietorship, a business account is not a legal requirement, but it is strongly recommended: keeping business and private finances separate makes your bookkeeping clearer and prevents mistakes. A BV is a separate legal entity and always needs its own account.
Updated on · Reviewed by the tax advisers at Boekhoudvriend
Many banks don't allow business use of a private account under their terms and conditions. A separate account also means your bank feed only brings in business transactions, which makes processing faster and cheaper.
What to look for
- A link with your accounting software (PSD2)
- The costs per month and per transaction
- A separate savings account for VAT and tax
- A card terminal or payment requests if you use them
Sources
This answer is general information, not personal advice. Your own situation may work out differently, so feel free to ask our team.