Could Amaiz be the Answer to Business Banking for Sole Traders?

If you’re looking for a personal bank account then there are dozens to choose from, and businesses that want a dedicated business account also have plenty of options on the table. But traditionally there have been very few banks catering to the middle market: sole traders who want a dedicated account to suit their unique needs.

As more and more people look to freelancing and contracting as ways to take control of their working life, a business bank tailored to sole traders seems essential. Amaiz are offering exactly that, with a range of features to make life easier for the world’s entrepreneurs and hustlers.

Why do I need a dedicated business account?

For sole traders and contractors in particular, it can be tempting to try and run everything through your regular bank account. This is not a great idea, for a couple of key reasons.

Firstly, it can stop you from getting a clear picture of how much your business is making each month. When your business spending is all lumped together with your household expenses, it can be difficult to understand how much money you’re making or where that money is going.

In turn, this can complicate things when it comes to paying your tax – a business bank account makes it so much easier to report the correct numbers and ensure that you get the right deductions.

Who are Amaiz?

Amaiz are a small UK team specialising in business banking. Although they don’t exclusively serve sole traders and independent contractors, this has been a key area of focus and the bank accounts on offer have been designed accordingly.

Using a VPN app

Like many of the most exciting modern financial enterprises, Amaiz have built an app-based product that makes banking a lot less faff. Let’s dive right in and look at why Amaiz is a strong option for contractors and sole traders.

Cheap, simple pricing with a free trial

Some sole traders are put off from opening a business bank account when they realise that it’s going to cost money. Amaiz put this problem to bed by offering a completely free starter account which offers plenty to get you going. For those who want to benefit from all of the bells and whistles, the more advanced account comes in at a reasonable £9.99 per month, with a free trial to ensure that you’re happy with what’s on offer.

Those opting for the free account can expect to pay a small fee when making bank transfers, currently set to £0.20. This is in line with what other business bank accounts charge – but the key thing here is transparency. Amaiz are not only clear about their charges but will also let you compare them against a wide range of other banks in their pricing comparison table.

A calculator and pen

A range of tools to understand your spending

If this is your first time operating a business, you might not have a strong grip on business finances yet. That’s okay, but it means that you need a simple way to view and understand the numbers. This is where app-based banking comes in: Amaiz gives you access to a range of digital tools, available from your mobile. Some of our favourite features include:

  • A range of graphs and charts to visualise your money. For instance, the profits and loss graph lets you see your business income and outgoings side-by-side. This helps you understand how your income fluctuates and plan accordingly.
  • Simple card management tools. If your debit card goes missing, then you can freeze it in the app while you hunt for it. You can also get a secure pin reminder for those times when you’re trying to hold too much in your brain.
  • In-app invoicing. As far as we’re concerned, this is the one that cinches the deal. Invoicing is one of the least fun things about working for yourself, so a business account that includes it as part of the package seems like a no-brainer. You can customise the template and send it to your clients, all straight from the app.

There are loads more features to play with – those are just some of the things that we think will appeal particularly to sole traders. Business banking is important, even if the only employee in your company is you. So take the time to download the app and try out a free account. We don’t think you’ll regret it.

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