The world of work is becoming more flexible. People are increasingly choosing to work for themselves as freelancers or consultants. Meanwhile, it’s estimated nearly one in six working adults now work in the gig economy at least once a week.
However, legacy banks have been slow to develop services to meet the evolving needs of the modern, flexible worker. Often, they need more sophisticated services than retail or consumer accounts but can't afford or don’t need the complexity of a full business account. Choosing the right account can make all the difference. Here are some top tips on what to look for.
Top tips for freelancers
Opt for flexibility
Prioritise accounts with favourable fees and avoid lock-in contracts to safeguard your finances and flexibility. As a freelancer, your needs can change rapidly, so staying agile is crucial. Watch out for hidden costs like maintenance fees and transaction charges that can eat into your earnings.
Get set up, and go
Time is money. Opt for an account that's hassle-free and ready to use within minutes. Make sure to check out the eligibility criteria and whether you need to be a registered entity.
Simplify your finances with everything in one place
Choose an account that makes managing finances simple and can accept and process payments, saving you time and effort.
Supercharge your efficiency
Having a separate business account not only saves time but also provides a clearer overview of your financial health, helping you make better-informed decisions.
Enjoy the perks
Look for extra perks that can enhance your operations and help you save money in the long run, such as cashback on expenses and competitive currency exchange rates.
By selecting a bank account that caters specifically to your needs as a freelancer, you can ensure that your financial management is as flexible and dynamic as your work life.
Revolut offer for Malt freelancers
At Malt, we're excited to work with Revolut to bring you Revolut Pro, a simple professional account for freelancers to manage your income, earn cashback on expenses, take payments, and make payments from anywhere. And it starts with zero monthly fees. T&Cs apply.
It lives in the Revolut app, so you can spend, send, and save smarter — managing your business and everyday finances side by side.
Plus as your part of Malt, you’ll get a £20 signup bonus. T&Cs apply.