Being a business owner involves building relationships with many professionals – not just your accountant.
Your bank and insurance provider can help you manage and protect your business.
But distinguishing between different business bank accounts or insurance policies isn’t always obvious.
That’s why we have have put together a list of services specially designed for contractors.
These aren’t your only options and we are happy to work with you if you already have your banking and insurance sorted.
who we work with
Starling & Tide
Cashplus & Cater Allen
As a limited company, you’ll need a business bank account to separate your business and personal finances.
Things to consider when choosing a business bank account:
- interest rates
- facilities, such as overdrafts
- monthly fees
- how much support you want
Safeguarding your business against risk is important because although disputes are rare, they can be expensive.
The following types of insurance are vital for limited company contractors:
- Professional indemnity insurance will protect you if an error or omission in your services causes third-party financial losses.
- Public liability insurance protects you if clients or members of the public suffer personal injury or property damage because of your business.
Banks we work with
We have teamed up with a number of banks – all of which can get you set up in a few minutes with little paperwork.
Starling is the UK’s first mobile bank offering super-fast setup, beautifully simple money management and 24/7 support, all with no monthly fees. From small businesses with big ambitions to freelancers figuring out tax returns, Starling’s award-winning business bank account is designed to make entrepreneurial life a little easier.
Benefits of using Starling:
- No monthly account fees
- Speedy setup – Apply in minutes, with no three week waits.
- 24/7 UK customer support
- Stay in the know – With real time payment alerts and categorised transactions for spending insights.
- Easy deposits – Deposit money at over 11,500 Post Office branches*. Send cheques via freepost, too.
- FSCS protection – Starling is fully registered bank and the FSCS protects any money you keep with them up to £85,000 for eligible customers.**
* Deposits of up to £1000: £3. Deposits of £1000 and above: 0.3% of the amount deposited. If you withdraw cash using the Post Office Counter Service, we will charge you £0.50 per withdrawal.
** The small business threshold for FSCS is an annual turnover of less than £1m. FSCS does not apply to all business types, please check the FSCS website for eligibility.
Although they may not be a household name (yet), the Tide tribe is swelling – 1 in 12 business current accounts are with the online-only bank.
Benefits of using Tide:
- No subscription fees
- Free card usage
- Free transfers between Tide accounts
- 20p/transfer for non-Tide accounts
- £1 for cash withdrawals
- Your first 100 transactions are free for WIS clients
Use our promo code: WISACCOUNTS
Find out more
The award-winning business current account from Cashplus is tailored to limited company contractors and Small Business Owners.
If you want to get something back when buying stock, materials, or when just paying any other bills and expenses, we can help.
We’ve teamed up with leading Business Bank Cashplus, to give WIS Accountancy customers 1% cashback on their card purchases*
Simply open a Business Bank Account with Cashplus and earn cashback whenever you spend on the card.
Advantages of using Cashplus:
- Manage your account on any device 24/7
- Integrated with major accountancy packages
- 1% cashback on qualifying card spend (paid monthly)
- You’re not charged the first year’s account fee of £69
- No Credit checks to open a bank account
- Either use Cashplus as your main account, or just as a spend card – No need to switch Banks
Whether you just want to use your Cashplus Bank Account for occasional expenses and purchases, or if you want to use it as your main Business Bank Account, it’s a great way to earn something back. Cashplus are a regulated bank and have been providing financial services for over 15 years, with over 150,000 small businesses already benefiting from their hassle-free approach to Business Accounts, with FSCS protection and smart banking tools to keep your money safe.
* Cashback cannot be earned on cash advances, quasi-cash transactions, gambling, Government payments (including HMRC), ATM withdrawals, balance transfers, interest, fees and charges, non-member payment service provider payments, and non card payments. The 1% Cashback is limited to the first £100,000 of eligible card purchases each calendar month.
As a subsidiary of Santander, Cater Allen has extensive experience in providing specialised accounts for contractors.
Reasons for using Cater Allen:
- No opening balance is required when setting up with WIS
- Free banking
- Higher interest rates if you deposit funds for longer
Revolut Ltd is a UK financial technology company that offers banking services including a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments. The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app
Advantages of Using Revolut
- 6 Months Free
- Promo Code: WIS_ACC
insurers we work with
We partner with various providers to offer you a flexible range of insurance.
Qdos specialise in insurance for contractors, freelancers and SME Business owners. As well as professional indemnity and public liability insurance, Qdos also offers tax enquiry and sickness cover.
The Kingsbridge insurance package is custom-made to meet the demands of contractors and freelancers.
The policy offers 5 insurance products in the same package for a competitive price.
Maximise how much
you can borrow using
your company profits
Accountancy & Tax
You’re a business owner, not a tax specialist so we take away the hassle.
Pensions & Investments
Build your wealth
and save for
Tax-efficient Life Insurance and Critical Illness Insurance for business owners