• Sole Trader

    From £10.00 per month

    A straightforward account for sole traders!

    £0.00 per ATM withdrawal *

    £0.00 per Fast Payment *

A better business account for builders

Builders need a lot of different capabilities from their business account, no matter whether you are a tradesman registered as a sole trader, or a large building company with employees of your own.

In either case, cash flow is essential to make sure you get paid promptly by customers – and can chase any unpaid invoices immediately too – while also making sure the funds paid to you are immediately available to cover the cost of more materials for future jobs, plus any employee wages.

Business bank accounts don’t always make it easy to manage your money, with lengthy processing times on some transactions and high fees that eat into your profit margin.

The Arro Business Account is different – we believe in making your money available to you in as many ways as possible, which is why we support everything from straightforward cash machine withdrawals, to contactless card payments and online transfers to other people’s accounts.

Can I be a builder with a personal account?

Plenty of sole traders use their personal account for their professional finances, especially if you are relatively new to sole trader status or you have fairly low turnover.

Your bank would probably discourage you from doing this, as they like to be able to charge you the higher transaction fees that come with a business bank account, but in principle there’s nothing to stop you from using a personal current account to trade as a builder.

If you have an Arro Personal Account, then again you can use it to manage your money as you see fit, as long as you stay within the terms and conditions of the account, including any transaction limits and fees – and we will always do our best to keep you fully aware of those.

But it might be better for you and your business if you register for an Arro Business Account, giving you an account and fee structure that is specifically designed for business use, and a dedicated Business MasterCard® to use at ATMs and when buying supplies from builders’ merchants.

Separate business accounts mean fewer headaches

The logic behind having a separate business account for builders is quite simple – it means you can always see how well you are doing in professional terms.

Especially if you have registered as a limited company or another legal structure besides sole trader status, you’ll want to keep your company funds separate from your personal account and limit your liability for any debts.

But even if you are well into the black and intend to stay there, a separate business account – especially an Arro Business Account with its bespoke online reporting platform – means you can track exactly how much money comes in through your business, making your end-of-year self-assessment tax returns much easier to fill in.

We built the Arro money management platform from the ground up especially to give you what you need from your Arro account, so if you have struggled with clunky, 1990s-style online banking in the past, try Arro and experience the 21st century alternative from an account provider who are all about electronic money management.

Builders make better lives

Builders are important. Without them, nobody would have a place to live – and according to the Home Builders Federation, two-thirds of a million people are employed in building houses in the UK.

Each year an estimated 100,000 jobs are created through house-building activity, with a quarter of a million planning permissions approved, and it’s crucial for builders to be able to manage their business finances so they are in the strongest position to deliver on job creation and property construction alike.

With an Arro Business Account, you can be paid directly into your account via online transfer, or by telephone banking or in-branch bank transfer for customers who are not online, using your sort code and account number.

There are no fees to receive money into your Arro Business Account, and as soon as the transaction clears, those funds are there available for you to spend in any of the normal ways.

Buying building materials and other costs

We don’t force you into a trade credit card that runs up company debts every time you make a purchase; we give you a professional Business MasterCard® debit card so you can make card purchases from your positive account balance.

Other ways to pay suppliers include:

  • Contactless/chip and pin debit card or magnetic stripe ‘swipe’ approval for older systems.
  • Online card payments (using the details from your physical card or sent to you via SMS on signup).
  • One-off online money transfer via Faster Payments.
  • Regular standing order or Direct Debit for suppliers who support it.
  • ATM withdrawals for petty cash.

Together these methods stack up to a versatile account that makes sure your money is there when you need it, including payments in from customers and the option to pay any of your own employees direct from your Arro Business Account too.