Sole trader bank account: do you need a business account and which is cheapest
Updated
Contents
A good account for a sole trader is a business account with a low monthly price where transfers and e-invoices work without surprise costs. The table shows the accounts suitable for a sole trader by price.
We did not find a position from an official source, such as the Tax Administration (Verohallinto) or PRH, on whether a sole trader is required to have a separate business account. The Tax Administration's pages on bookkeeping for a new business (Finnish) do not mention bank accounts. The providers themselves say this: according to Danske Bank a business account is not mandatory for a sole trader but is recommended, according to Holvi a sole trader can handle their money through a personal account or a separate business account and according to UKKO.fi a sole trader does not by law need a business account. These are the providers' own claims. A separate account is still worth considering for clear bookkeeping, and it may be needed because of the bank's terms: for example, under Alisa Pankki's terms a personal account may not be used to run a business.
Note also that opening a bank account for businesses and sole traders currently carries no statutory right: the right to basic banking services applies only to consumers. Government proposal HE 208/2026 proposes a basic payment account for micro and small businesses, sole traders, associations and foundations, and it is intended to enter into force on 1 July 2027. It is only a proposal, which is being considered by Parliament. Source: HE 208/2026 vp (Finnish).
| Provider | Plan | Price / month | Opening fee | Company forms |
|---|---|---|---|---|
| Holvi | Holvi Flex | €0.00 (virtual card only; physical card €3.00/month, + VAT) | €0.00 | Sole trader, Limited company, Association |
| Wise Business | Wise Business (no monthly fee) | €0.00 (local IBAN requires a one-off fee of €60.00) | €60.00 | Sole trader, Limited company |
| Alisa Pankki | Yrityksen käyttötili (business current account) | €7.90 (no payment card) | €29.90 | Sole trader, Limited company, Association, Housing company |
| OP | Yrityksen palvelupaketti (business service package) | €12.90 (starting price) | €0.00 | Sole trader, Limited company, Association, Housing company |
| Nordea | Nordea Digital package | €15.70 (incl. VAT) | €0.00 | Sole trader, Limited company, Association, Housing company |
| POP Bank | Business account + business online service + POP Visa Business Debit (Suomen Osuuspankki, calculated) | €18.00 | €150.00 | Sole trader, Limited company, Association |
| Säästöpankki | Business account + online service + Visa Business Debit (Säästöpankki Optia, calculated) | €21.80 | €200.00 | Sole trader, Limited company, Association, Housing company |
| Aktia | Business account + business online bank + Aktia Business Debit (calculated) | €22.20 (VAT-exempt) | €260.00 | Sole trader, Limited company, Association, Housing company |
| Danske Bank | Danske Business | €26.00 | €0.00 | Sole trader, Limited company, Association, Housing company |
| Oma Säästöpankki | Business account + business online bank + Visa Business Debit (calculated) | €29.90 | €300.00 | Sole trader, Limited company |
| UKKO.fi | UKKO Yritystili (sole trader) | €15.00 + €24.90 (UKKO Yrittäjä service, sole trader) (starting price, + VAT, requires an add-on service) | €0.00 | Sole trader, Limited company |
Company form not available: SumUp. These are not listed in the company-form table.
Holvi: price notes: virtual card only; physical card €3.00/month, + VAT.
Wise Business: price notes: local IBAN requires a one-off fee of €60.00.
Alisa Pankki: price notes: no payment card.
OP: price notes: starting price.
Nordea: price notes: incl. VAT.
Aktia: price notes: VAT-exempt.
UKKO.fi: price notes: starting price, + VAT, requires an add-on service.
Prices are not fully comparable with regard to VAT: the labels "incl. VAT", "+ VAT" and "VAT-exempt" are shown only when the provider or its price list states it.
What should I compare on a sole trader's business account?
- The monthly price and what it includes.
- The prices of transfers and e-invoices.
- Accounting software integrations and the invoicing tool.
- How fast opening is and the requirements.
| Provider | Transfer after the allowance | E-invoice sent | E-invoice received | Currency conversion markup |
|---|---|---|---|---|
| SumUp | €0.00 | not available | not available | not available |
| Alisa Pankki | €0.00 | no e-invoices | no e-invoices | not available |
| Ålandsbanken | €0.12 | €0.31 | not available | not available |
| Revolut Business | €0.20 | not available | not available | not available |
| Nordea | €0.23 | €0.55 | €0.55 | 2.50% |
| Aktia | €0.24 | €0.30 | €0.30 | 2.75% |
| Säästöpankki | €0.25 | €0.40 | €0.40 | 2.75% |
| Holvi | €0.25 | no e-invoices | no e-invoices | 2.50% |
| POP Bank | €0.30 | €0.40 | €0.40 | 2.95% |
| Oma Säästöpankki | €0.30 | €0.30 | €0.30 | 2.50% |
| Danske Bank | not available | not available | not available | 1.95% |
| OP | not available | not available | not available | not available |
| UKKO.fi | not available | not available | not available | not available |
| Wise Business | not available | not available | not available | not available |
How is a sole trader's business account opened?
| Provider | Opening online | Duration | Credit check | More information |
|---|---|---|---|---|
| OP | Yes | about a week | not available | An online application (about 20 min) works for an adult with signing authority when the company is an active sole trader or limited company, liable to tax only in Finland and with a business ID (Y-tunnus); identification with the credentials of any Finnish bank. OP says it automatically checks the credit information of all company representatives from Suomen Asiakastieto's register, but does not say outright whether a payment default entry prevents opening. Housing companies, real estate companies, registered associations, road cooperatives, joint-ownership associations and pharmacies cannot open an account online, but by appointment at a branch. The account of a registered association is opened by a signatory who is an OP customer. |
| Nordea | Yes | a few banking days | not available | Online application (up to 10 minutes according to Nordea) for a limited company, sole trader, limited partnership or general partnership; requires a business ID (Y-tunnus), Finnish online banking credentials, signing authority, information on beneficial owners, a shareholder list or ownership chart, and up-to-date beneficial owner information in the PRH register. Nordea contacts you before opening the services. A registered association submits documents through Nordea's Omapostti, opening fee for an association €300. Housing companies have their own housing company unit. |
| Danske Bank | Yes | Contact within 2 working days | not available | Online application (up to 15 minutes according to Danske Bank); the bank contacts you within two banking days. Required: business ID (Y-tunnus), an estimate of turnover and the number of payments, a description of the business, names, personal identity numbers and ownership shares of the beneficial owners, details of the signatories, a description of the ownership structure and the latest financial statement data; finally a Tuntemistiedot (know-your-customer) document to be signed electronically. The application cannot be saved halfway. |
| Säästöpankki | No | not available | not available | A new business customer submits a contact request online, selecting the company form (Oy/Ky/Ay, sole trader, housing company, association/foundation, farm or company being established) and the branch. Säästöpankki says that the credit information of the company and the responsible persons is an important criterion for becoming a customer, but does not say outright whether a payment default entry prevents opening. Opening entirely online is not mentioned. Prices vary by local Säästöpankki. |
| POP Bank | No | not available | not available | A new business customer books an online or branch meeting; a business ID (Y-tunnus) and basic information about the company's operations are needed. A registered association can be a customer (POP Bank's FAQ deals separately with unregistered organisations). No information was found on a housing company's account. Prices vary by local POP Bank. |
| Oma Säästöpankki | No | not available | not available | For the first business account, an online meeting or a branch appointment is booked; bring a passport or ID card. Required: business ID (Y-tunnus) and a description of the business, a business plan, for a starting company the memorandum of association and the minutes of the founding meeting, for an established company the latest income statement and balance sheet, and details of the owners and beneficial owners (over 25%) and PEP information. The price list also applies to sole traders (elinkeinonharjoittaja). No separate instructions were found for the accounts of associations and housing companies. OmaSp has been part of the S-Bank group since 7 October 2026. |
| Aktia | not available | not available | not available | A new business customer fills in an electronic KYC form with attachments (a copy of the ID of the representatives and account users, and documents on the company form); the form is sent by a person with signing authority using personal online banking credentials. Aktia contacts you after processing the information, so opening does not necessarily take place entirely online. Aktia charges an opening fee. The page mentions businesses, associations and housing companies. |
| Ålandsbanken | not available | not available | not available | Online opening is not mentioned; BusinessNet is taken into use by contacting customer service or a customer adviser. The price list mentions business customers and unregistered associations and organisations. No separate information was found on the accounts of a sole trader or a housing company. |
| Holvi | Yes | a few minutes; use begins once identity and the company have been verified | not available | Opening online. Holvi asks for a trade register extract; a sole trader not entered in the trade register can submit a screenshot of a YTJ extract. Credit card offers are based on credit information. |
| Revolut Business | Yes | not available | not available | According to Revolut, the company must be fully established and active, and it cannot operate as a charity, in the public sector or as a cooperative, or be registered as a sole trader (toiminimi). The accepted company forms are shown during registration. So Revolut Business is not suitable for a sole trader or an association. |
| Wise Business | Yes | not available | not available | According to Wise, the service suits sole traders and freelancers, limited and public limited companies, and partnerships. Associations or charities are not mentioned in the list; EEA trusts are temporarily restricted. Registration is free, local account details require a one-off fee. |
| SumUp | Yes | under 10 minutes | not available | Opening online by uploading a picture of an ID document; the IBAN is available immediately after confirmation. SumUp does not say on its Finnish pages which company forms are accepted, so companyForms has been left empty. |
| UKKO.fi | Yes | even on the same day | not available | UKKO Yritystili (business account) is available only to customers of the UKKO Yrittäjä service (financial administration for sole traders and limited companies): log in to the service, register for a Swan account and identify yourself. The UKKO Kevytyrittäjä invoicing service is not a business account as such. |
| Alisa Pankki | Yes | customer relationship confirmation usually in a few days | not available | The customer relationship is opened on the website; after confirmation, the account is opened in online banking yourself. According to Alisa Pankki, a sole trader always gets a separate account, and a personal account may not be used for business activity. Associations and housing companies can also open an account. |
Also try the business account calculator with your own use.
Related guides
Frequently asked questions
Does a sole trader need their own business account?
The requirements depend on the situation. A separate account makes bookkeeping easier, and it is worth checking with the authorities and your accountant.
Can a sole trader use a personal account?
Practice varies by provider. Check the bank's terms before deciding.
Which business account is cheapest for a sole trader?
The cheapest option depends on the volume of invoicing and payments. See the table and use the business account calculator.