How to choose your business bank account as a starter

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The bank account of a self-employed person: that's where everything begins and ends. For sole traders, opening a business bank account isn't mandatory, but we strongly recommend it. This way, you start with a head start.

On this page, we compare the different business bank accounts, so you know exactly which one suits you.

Is opening a business bank account mandatory for the self-employed?

1. You are a sole proprietor (eenmanszaak/personne physique)

For sole proprietors (natural persons), opening a professional bank account is not mandatory, but highly recommended.

• Monitor the financial health of your business at any time
  Paying for all your self-employed activities from the same account, and having all payments made to it, keeps your financial overview clear. You know exactly how much you can spend today, taking into account all the different taxes you need to pay. This brings a very important benefit: peace of mind.
  
• Maintain clarity
  In the event of a tax audit, your professional income and expenses are reviewed. If you mix professional and personal income and expenses, the tax auditor is obliged to review your personal expenses.

You can open a professional bank account in your name at a bank of your choice. If desired, you can opt for a current account with minimal services and fees. For example, for those self-employed in a secondary occupation, a current account with a bank card and the ability to perform online transactions often suffices. This also helps to reduce costs.

Although you should keep your private and business bank accounts as separate as possible, as a sole proprietor you can transfer funds between them without limits. You own the money in your business account and do not need to justify transferring money to your own account.

However, be careful not to book transfers from your private to your business account as professional income – you certainly don't want to pay taxes on this. Our app allows you to classify these types of transactions as a private transaction or transfer of capital.

2. You are a director in a limited company (BV/SRL)

For self-employed individuals in a company, having a separate business account is not only advantageous but also mandatory.

As a company director, you have no choice but to open a professional account in the name of your company. This bank account number is listed on all your invoices and is registered in the KBO register.

Therefore, you select this account – in the name of your company – from the various professional offerings available at the banks. These often include several attractive features for legal entities, such as a professional credit, for example. Generally, the banks have a basic offering to which you can add various options, such as payment terminals or a fuel card, tailored to your needs and budget.

What is the best bank to open a business account?

Finding the best bank for opening a business account doesn't have to be a complex task. Look for the bank account that best suits your professional activity and meets your needs. For instance, as a self-employed professional, you probably need fewer services than a business manager in a private limited company.

Here are some interesting criteria to consider in your search for the best business account for your company:

1. Online services

When you're looking for a new bank, you'd almost forget that we're already living in the year 2026. At many banks, you still have to visit a branch to open a professional account.

However, through these banks you can quickly and easily open your business bank account from your sofa or office chair:

• Are you already a private customer at Belfius? Then you can easily open a business account online via the app or website. Not yet a customer? Then you'll have to visit a branch. Costs vary between €3.50 and €8.32 per month.
• Hello Bank offers a free business account with debit card for natural persons. Ideal for a sole trader, but not suitable for a company.
• Besides Hello Bank's free account, BNP Paribas Fortis offers three other business packages. Prices vary from €24/year to €150/year. The first year is free for starters.
• ING offers you the choice between an account for self-employed persons or a business account. Sole traders pay €8/month for this and companies €12.50/month. However, those who have started their business in the last 18 months get one year free.
• At KBC you open a Business Pro account in just a few clicks online. It costs you €51/year, but you get a free private account with it. If you're not yet a customer, you'll have to visit your local branch later.
• With Accountable Banking, you can also open a free business account with Mastercard (physical card & Apple/Google Pay) as a sole trader. There are no management fees and the account remains free forever, even in the free version of Accountable.

Other banks such as Argenta, Beobank, Crelan, Europabank and VDK bank naturally also have professional accounts, but you have to visit a branch to open one.

2. Little to no bank fees

For self-employed persons with a sole trader business, the costs for opening a business account are usually quite reasonable.

Sometimes it's even completely free, such as with Accountable Banking or Hello Bank. Or when you're already a customer at a bank, you can sometimes open a business account at a favourable rate or get a discount on your private account.

A professional bank account for legal entities (companies), on the other hand, is generally not free. Most banks have two to three packages from which you can choose. Compare the offerings and included services carefully and determine what you need exactly.

Bank charges such as registration and administration fees are tax-deductible expenses. This means you may deduct the cost from your income to reduce your net taxable income. Connect your bank account to our app and we’ll remind you to record bank charges as a business expense.

3. Help with your start as a self-employed

If you want more information about a product or are seeking other advice, you can contact an adviser for business banking at most banks.

Some banks also offer support when starting up as a self-employed person. For example, they often work together with a social insurance fund and apply for a business number for you.

Furthermore, some banks offer starter packages with all kinds of benefits, such as one year's free business account and discounts with partners.

Are you a starting freelancer? Be sure to check out these starter packs:

• KBC - €1000 worth of benefits
• ING - €1200 worth of benefits
• Belfius - €700 worth of benefits

What is a neobank?

N26, Revolut, Qonto, Bunq, and their peers: neobanks have gained popularity in Europe in recent years, offering a 100% mobile banking experience.

Their apps are user-friendly, and their rates are attractive. However, as a self-employed individual based in Belgium, you might feel their limitations:

• At most neobanks, such as N26 and Revolut, you cannot go into overdraft or only under certain circumstances.
• You can fill in a reference, but a 'structured communication (OGM)' is not always reliably/fully supported for Belgian government payments.
• You often receive a foreign IBAN (an account number that doesn't start with 'BE'). Legally, all IBANs must be accepted by SEPA member states, but in practice this doesn't always happen.
• Many neobanks don't offer all typical Belgian payment solutions (such as Bancontact or Payconiq/Wero) and "local" flows such as direct debits and e-invoicing are not always (fully) available.

For businesses, neobanks are often not suitable as a main bank: integrations with accounting software, batch payments, multiple users with roles, approval workflows and extensive export formats are sometimes limited or completely absent. You also don't build up a relationship to potentially take out a loan later.

Examples of European neobanks

• Revolut is a large pan-European fintech with more than 65 million retail customers worldwide and ambitions towards 100 million by mid-2027. This neobank has a strong app, payment cards and extra features that go beyond "basic banking". Compliance can be strict, however; with business accounts, additional documents/checks can appear, especially with exceptional transactions or upon closure/refunds.
  
• N26 is a German mobile-first bank that focuses on quick onboarding and a simple app experience. International money transfers were a problem for a long time but these are now available in the app and are supported via Wise. However, the business functionality is more limited than at traditional banks. N26 Business doesn't support B2B payments, for example.
  
• Holvi is a Finnish business-first player (founded in 2011) focusing on entrepreneurs. The neobank combines an account and card with administrative tools aimed at self-employed persons and small teams. However, the costs are not always clear, as prices and included features differ per market and package.
  
• Qonto is a distinctly business bank account for SMEs and teams, with emphasis on processes and management. They therefore invest heavily in teamwork (roles, payment cards, administration) and integrations for entrepreneurs. This neobank is somewhat more expensive as the plans in Belgium start from €9/month excl. VAT.
  
• Finom is a business account aimed at self-employed persons and SMEs, with quick online onboarding. The neobank wants to distinguish itself with a free entry-level plan and quick access to a European IBAN (claim: within 24 hours). But as with many neobanks, exact possibilities (IBAN country, pricing, features per country) depend heavily on the local version and chosen plan.

Which business account in Belgium is the best?

Should you now opt for a local, traditional business bank or a trendy, international neobank? The choice is entirely yours.

Did you know that as a sole trader with Accountable Banking you can open a free business account that's linked to our accounting platform? This way you manage all financial matters within one app. And moreover, via Accountable Banking you can automatically set money aside in pots for your VAT, taxes and other fixed costs.

Open your free business account with Accountable Banking now

Other interesting reads:

What is Accountable Banking?
Can you use your (personal) credit card for professional expenses?
How to link your bank account to Accountable

Author - Alexis Eggermont

Alexis is co-founder at Accountable. He is passionate about leveraging data, AI, technology, and entrepreneurship.

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