If you are looking for the best deal on your business bank account, then keep reading to see what the top UK banks are offering businesses and how they compare. We examine the leading high street banks through to the lesser known challenger providers.
Some of the features and benefits of Tide‘s business bank account.
- No monthly or annual fees
- Free card usage both at home and abroad
- Free transfers to Tide members
- Fast set up of bank accounts
- Designed with growing businesses and freelancers in mind
- Instant credit
- Manage your cards on the Tide app
- Interactive banking with your accounting software
- Create and pay invoices through the app
Tide promote themselves as not being a bank and that they offer a modern approach to business banking through their easy to access business banking app and speedy setup.
Tide’s business bank accounts have very straightforward pricing with no fees for account maintenance and no charges for card usage. They charge for transfers from or to non-Tide accounts, cash withdrawals and cash deposits.
Tide offers a range of additional value-added services that include giving businesses instant credit for up to £15,000. Their business banking app allows businesses to control their bank account wherever they are which includes managing their bank cards, invoicing and general banking.
Website: Tide business bank account website
The table below gives a quick price comparison of the top UK business bank account providers.
|Bank||Monthly Fee*||Electronic Payment Fee*|
|Cashplus||Free||3 Free per month|
|Metro Bank||£5 or free if balance stays over £5,000||£0.30 each or 50 transactions free if balance stays over £5,000|
|Bank of Scotland||£6.50||Free|
|Barclays||£6 (Mixed) or £6.50 (e-Payments)||£0.35 (Mixed) or free (e-Payments)|
|HSBC||£5.50||£0.23 (Small Business) or free (Electronic Banking)|
|TSB||£5 minimum||Varies - free to £0.20|
|Santander||£7.50-40||Free within limits|
|Royal Bank of Scotland||No charge||£0.35|
|Cooperative Bank||£10||£0.10 - 0.20|
|Bank of Ireland||€15||€0.10|
|Allied Irish Bank||£8.33 (monthly equivalent)||£0.55|
|Handelsbanken||Not stated||Not stated|
|Card One Banking||£12.50||£0.30|
|State Bank of India||Free or £6.67 depending on the balance||60p|
|The Cumberland||Free for 12 months||Free or 35p|
|Triodos Bank||No monthly fee||From 10p|
|3S Money||$300||Outgoing £0.60, incoming free|
* The prices included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider charges different fees for different transactions and some offer free banking for an introductory period which is not reflected in the above pricing. Monthly fees may also be based on annual fees. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies accounts and features in a bit more detail.
Note companies are ranked based on how many searches there are for them online but this no way indicates one solution is better than another.
1. Cashplus Go
Some of the features and benefits of Cashplus‘ business current account. The Award-winning alternative to High Street Banks.
- Monthly fee: Free
- Card issue fee: £9.95 Initial card set up fee
- Card purchases: Free
- Access: Online/App
- 5 minute application with instant decision
- Manage your account 24×7 via our mobile app and online banking, with additional UK based customer services phone support
- Funds are FSCS protected
- Available to UK registered companies with at least one UK resident director or UK based sole traders and self-employed
- Applicants must be aged 18+ and have a valid UK phone number and residential address
2. Revolut Business
Some of the features and benefits of Revolut‘s business account.
- Hold, receive and exchange 24 currencies without any ridiculous bank charges
- Instant money transfers
- Prepaid Business Cards
- Sync transactions into your favorite accounting platform
- Open API for Business
- Spend in over 150 currencies at the interbank exchange rate
- Multicurrency cards
- Virtual cards: manage payments for Amazon, Google and Facebook ads
- Priority support: dedicated team, 7AM to 10PM GMT
- First 14 days free!
Revolut Business’s main focus is on fast, international payments. It may be ideal if you send or receive payments in multiple currencies each month since they do not charge foreign exchange fees (high street banks can easily charge 2-3%).
However, it’s online only and they do not accept cash or cheque deposits. Therefore, it can be a good choice for businesses run primarily online, but may lack the features required by offline businesses.
3. Starling Bank
Some of the features and benefits of Starling Bank‘s business account.
- No monthly fees for small businesses
- Deposit money at over 11,500 Post Office branches nationwide
- All eligible deposits are protected by the FSCS up to £85,000
- Manage your cash-flow with real-time
- Categorised transactions
- Share your transactions with your accountant or accounting software
- Switch from business to personal in app with a tap.
- Apply in under 10 minutes with 100% mobile signup
- 24/7 customer support
- Open Banking Marketplace
- Which? Banking Brand of The Year in 2023
Starling Bank is one the UK’s leading alternative banks and unlike other some other business accounts above offers FSCS deposit protection. They have authorised by the Prudential Regulation Authority since July 2016.
What really sets them apart is the Starling Marketplace of third-party apps with integrations with services like Xero, PensionBee and Wealthify. They also have no monthly maintenance fee and don’t charge fees to send or receive money via Faster Payments, Direct Debits, and Standing Orders.
Therefore, Starling might be a good choice if you don’t need in-branch services most of time and are happy to bank primarily via app or online.
4. Lloyds Bank
Some of the features and benefits of Lloyds’ business bank account.
- Simple pricing
- Free electronic payments
- Free cash machine withdraws
- Free payments by Debit Card
- Dedicated support from UK based business management team
- Access to financial and digital tools
- 18 months free day-to-day business banking for new businesses
- Mobile business banking app
- Regularly updated guides and tools for running your business
- Online bank account cost calculator
- 61% service quality score based on a 2019 report from Competition and Markets Authority
Lloyds Bank is part of one of the largest banking providers in the UK, Lloyds Banking Group, and the group is formed of Bank of Scotland, Halifax, TSB, and Scottish Widows. Lloyds Bank’s roots can be traced back to 1765 when the bank was first established.
Lloyds Bank builds their business bank accounts around the turnover of the business and tailors their services to the size of business. Their business groupings are based on turnover under £3 million, between £3 million and £25 million, and over £25 million.
Their business banking proposition is suitable for new and established businesses as their bank accounts are designed to be flexible to support businesses to grow and develop with dedicated business support whenever it is needed.
5. Metro Bank
Some of the features and benefits of Metro Bank’s business bank account.
- Local Business Managers
- 24/7 Customer Support team
- Clear fees and charges
- If the balance stays above £5,000 for the whole month they will waive the monthly account fee
- Receive 50 free transactions per month if your balance stays over £5,000
- Open 7 days a week
- No appointments needed in their stores
- Online banking and mobile app
- 71% service quality score based on a 2019 report from Competition and Markets Authority
Metro Bank may not be one of the most well-known banks in the UK or the most established, but they offer a different style of service catering for the modern-day business. They offer bank accounts to businesses that have no monthly fee and 50 free transactions per month if you keep a minimum balance of £5,000.
To be eligible for a Metro Bank account you will need to be over 18 and have an annual turnover or balance sheet of up to £2 million. At least 50% of the shares of your business will need to be owned by UK residents and at least 50% of the business’ directors or beneficial owners need to be UK residents too.
Metro Bank offers flexible banking allowing you to access your bank account and services online, over the phone or on move through providing both online banking and mobile app. Metro Bank also has a network of Local Business Managers who are based in the Metro Bank stores that are available for support and advice.
6. Bank of Scotland
Some of the features and benefits of the Bank of Scotland’s business bank account.
- Simple pricing
- Free electronic payments
- Business support by phone, in branch, or online guides
- Access to banking facilities through the internet, telephone, mobile, and in branch as well as offering text alerts
- 6 months free day-to-day banking when you switch to them
- Switch within 7 days
- Dedicated switch team
- No ATM cash withdrawals
- Access to their Business KnowledgeBox
- A range of other business products including loans, overdrafts, charge cards, insurance, card payments and international services
- 54% service quality score based on a 2019 report from Competition and Markets Authority
Bank of Scotland is part of a larger group of banks under the Lloyds Banking Group. They were first established in 1695 are one of the UK’s oldest banking establishments.
Bank of Scotland offers a competitive and flexible banking account product that enables businesses to access their accounts through a variety of methods. They also offer a range of other business products including loans, overdrafts, charge cards, insurance, card payments and international services.
Bank of Scotland offers a business current account calculator to help you assess the anticipated costs of banking with them. They also have created a repository of online guides and reports that support businesses that they have named the Business KnowledgeBox. This has information on topics such as financial planning, legal issues and understanding your customers.
Some of the features and benefits of Barclays’ business bank account.
- Top rated online banking and mobile services for SMEs based on report from Competition and Markets Authority
- Two simple price plans to choose from
- Free electronic payments on the Payment Plan tariff
- Price Plan Guarantee which does an annual review to check you are on the best plan
- Offers a loyalty reward to get a proportion of the account fees back
- The account is available to businesses with a turnover of up to £6.5 million
- Special criteria for sectors such as agriculture and social housing
- Fully managed switching service
- A range of supporting business services such as loans and cash flow finance
- Business Insurance services provided by Allianz
- Service Guarantee which gives promises on handling complaints
- 61% service quality score based on a 2019 report from Competition and Markets Authority
Barclays offer two price plans for customers to choose from these are a Mixed Payments Plan and a Payments Plan. Mixed Payments Plan caters for businesses that use cash, cheques and a range of other methods to both make and receive payments. Payments Plan caters for businesses that receive and make electronic payments predominantly through online banking and debit cards.
Barclays reward their customers for loyalty which gives them a proportion of the monthly charges back. This is calculated based on the length of time banking with them and the annual credit turnover. The loyalty benefit varies between 5% and 50% of the charges applied to the account on a monthly basis.
8. Yorkshire Bank
Some of the features and benefits of Yorkshire Bank’s business bank account.
- Choice of two accounts Business Current Account and Business Choice Account
- Free day-to-day banking for 25 months for start-ups and switchers
- Agreed overdrafts
- Unlimited deposits and withdraws although fees may apply
- Dedicated business banking support
- Choice of statement frequency
- Online banking services
- Simple switching service through the Current Account Switch Service
- A network of local branches
- Eligible to businesses with a turnover of under £2 million
- 57% service quality score based on a 2019 report from Competition and Markets Authority
Yorkshire Bank is the trading name of Clydesdale Bank and it was established in 1859 in Halifax, West Yorkshire. They have strong business banking experience and capability with a wide UK branch network.
Yorkshire Bank has design their business bank account for everyday business banking with basic management that offers all the services businesses require. It also offers the added benefit of an optional agreed overdraft.
They offer two business bank accounts that offer slightly different offerings. The Business Current Account offers an introductory free day-to-day banking for 25 months for both new business start-ups and new customers. The Business Choice Account is a flexible bank account that features credit interest linked to the Bank of England base rate.
Some of the features and benefits of HSBC’s business bank account.
- Free introductory banking for 12 months for new customers and 18 months for new businesses
- Best Tariff Promise for businesses with a turnover of up to £2 million
- 12 months fixed price banking post-introductory offer
- Two tariff options
- Finance and borrowing options
- A network of Business Specialists in branches across the UK
- Face-to-face business reviews available
- International trading expertise to support overseas expansion
- A large network of branches and facilities at Post Offices
- Banking available through internet, telephone, mobile, branches and Post Offices
- 52% service quality score based on a 2019 report from Competition and Markets Authority
HSBC is one of world’s largest banking and financial services organisations and one of the UK’s most well-known banking brands.
HSBC offers a tiered banking service for businesses that join their banking service with an introductory banking offer that gives 12 months free banking services to new customers and 18 months for new business start-ups. After the introductory period, customers will be moved on to a fixed price period which offers some free transactions with a standard monthly account maintenance fee.
After this 12-month period, businesses have a choice of two business bank accounts. A Small Business Tariff which offers lower rates on cash transaction and higher rates on electronic transactions. Electronic Banking Tariff which offers free electronic transactions but higher rates on cash transactions. Both accounts have the same account maintenance fee.
Website: HSBC business bank account website
Some of the features and benefits of TSB’s business bank account.
- Free day-to-day banking for 18 months for new business and new customers
- Dedicated switching team
- Choice of tariffs when the free period ends
- Flexible account management online, by phone or in branch
- 550 high street branches
- Speak to Business Advisors over the phone
- Account updates via text alerts
- Offers other complimentary services
- Export statements into your finance package
- Access to Faster Payments
- 42% service quality score based on a 2019 report from Competition and Markets Authority
TSB is part of a larger banking group called Lloyds Banking Group. TSB was first established in 1810 and has a long history in the banking sector.
At the end of the free banking period, you can choose which banking tariff you want to move on to. Fixed Fee Account has tiered levels with fixed allowances for transactions which have a different fixed monthly fee. Business Extra Tariff has no monthly fee instead you pay for each transaction. Electronic Business Tariff caters for businesses that predominantly make electronic or automated banking transactions which are charged per transaction and not a fixed monthly fee.
If you are switching to TSB they promise an easy switch service which is managed by a dedicated team of staff who will support businesses through the process and ensure a smooth move.
Website: TSB business bank account website
Some of the features and benefits of Santander’s business bank account.
- Simple fee structure with one fixed monthly fee which has usage limits
- Monthly interest on credit balances at 0.10% gross/AER variable
- Online and mobile banking
- Banking at participating Post Office branches
- Contactless payments
- Awarded Best Business Current Account Provider for the last 16 years
- Access to prearranged overdrafts
- Online business account calculator to assess the cost of their accounts
- Member of the Current Account Switch Service
- 67% service quality score based on a 2019 report from Competition and Markets Authority
Santander is a large UK retail and commercial bank and is a wholly owned subsidiary of Banco Santander who is a major global bank.
Santander’s business bank accounts have a simple structure where you pay a monthly account fee from £7.50 to £40 and each has a monthly cash deposit limit between £1,000 to £10,000. All other transactions such as cheques, withdrawals, payments, BACs are free although some limits may apply. Non-standard transactions such as change giving, CHAPS payments and foreign currency transactions are at an additional charge.
Santander has won many awards for their business bank accounts which makes the bank more desirable for its services.
Some of the features and benefits of NatWest’s business bank account.
- Access to various benefits and services such as FreeAgent and Business Boost
- Own Relationship Manager (eligibility criteria apply)
- Online and phone banking 24/7
- Award-winning mobile app
- A dedicated business planning team
- Pay only for the transactions you make when over £5 per month
- Service hub allowing access to manage accounts, loans, credit cards and other services
- Access to Business Growth Enablers
- 53% service quality score based on a 2019 report from Competition and Markets Authority
NatWest was founded in 1970 and is part of the RBS group of businesses. They serve customers in England and Wales and specialise in business sectors such as manufacturing and technology.
NatWest business accounts are open to businesses that have been trading for over a year and have a turnover of under £2 million. They have a separate bank account for start-up businesses who have been operating for less than a year.
NatWest business banking account customers can use their award-winning Mobile Banking app which received “Best Banking App” at the 2018 British Banking Awards.
NatWest offers a business support programme to help businesses grow called Boost. This includes their Business Growth Enablers which gives their customers access to workshops and events. Pitch is another programme used through an app to help customers to hone their pitches.
13. Royal Bank of Scotland
Some of the features and benefits of Royal Bank of Scotland’s business bank account.
- Payment structure where you pay only for the transactions you make unless they are under £5
- Access to your account online and over the phone 24/7
- Use of their mobile app to manage your account
- Service hub designed to access all banking products and services
- Access to Relationship Manager
- A specialist business planning team
- Customers can access their FreeAgent and Business Boost programmes
- Customers can receive support to grow their business through Business Growth Enablers
- 46% service quality score based on a 2019 report from Competition and Markets Authority
Royal Bank of Scotland is a long-standing UK bank that was founded in Edinburgh in 1727 and is one of the biggest banks in Scotland. They are one of many banking and investment businesses that are owned by RBS which include NatWest and Ulster Bank.
Royal Bank of Scotland offers bank accounts to new and more established businesses with a turnover of up to £2 million. They have a separate offering for new businesses and community or not-for-profit accounts.
Royal Bank of Scotland has dedicated support for their business customers to help them grow and develop their business. Their Boost programme aims to help businesses by providing a range of events and support tools.
14. Ulster Bank
Some of the features and benefits of Ulster Bank’s business bank account.
- Bank account designed for Northern Ireland businesses
- An extensive and competitive range of services
- A low quarterly fee of £8
- Access to banking services through Post Office counters
- Complimentary access to Relationship Managers
- Free statements
- Pre-arranged overdrafts
- Immediate withdrawal of any cash or Ulster Bank cheque deposited
- Anytime banking through integrated online, telephone and mobile banking
Ulster Bank is part of the RBS group of businesses which include Royal Bank of Scotland and NatWest along with other financial services businesses.
To be eligible for a bank account with Ulster Bank you must have a business address in Northern Ireland and have a maximum turnover of £2 million for the small business bank account. Business owners can reside in the UK or Ireland.
Ulster Bank offers a low account maintenance fee but charges for all transactions at a minimum of 40p per transaction. They offer a wide range of other banking and financial services including loan facilities, deposit accounts, commercial mortgages and cards.
15. Cooperative Bank
Some of the features and benefits of Cooperative Bank’s business bank account.
- They offer a free banking period for new customers for 30 months
- Variety of bank accounts tailoring for different needs
- The Business Current Account Cash Tariff offers one of the lowest cash deposit fees in the market
- The Business Current Account Standard account offers no transaction limits and charges remain constant regardless of balance
- Access via the internet, telephone, postal banking service, and branches
- Access banking services through Post Offices
- Easy switch and current account switch guarantee
- Ethical bank
- 50% service quality score based on a 2019 report from Competition and Markets Authority
Cooperative Bank is an ethical bank whose policies are customer-led which influences how they run their business and who can be their customers.
To be eligible for Cooperative Bank’s business banking account all key parties must be 18 or over, be a UK resident with a UK address. All key parties must be free from CCJs, bankruptcy, IVAs and missed personal payments over the last 6 years.
They offer a range of business bank accounts that are designed and cater for small businesses and charities. The accounts include an exclusive account for the Federation of Small Businesses members, standard business accounts, cash tariff accounts, new customer offers, and community accounts.
Cooperative Bank has received awards for their customer service team twice in 2017 and 2018 as “Best Service from a Business Bank” by Business Moneyfacts.
16. Clydesdale Bank
Some of the features and benefits of Clydesdale Bank’s business bank account.
- Free day-to-day banking for 25 months for new customers or new businesses
- Access to personal support
- A range of financial management solutions to choose from
- Specialist support through tools and guidance
- Access to online training tools
- Access to other banking facilities
- Flexible payment options
- International services
- Simple switching service
- Optional overdraft
- 50% service quality score based on a 2019 report from Competition and Markets Authority
Clydesdale Bank has roots that extend back to 1838 and has an extensive history of supporting Scottish businesses and communities. Clydesdale Bank only has branches in Scotland.
Clydesdale Bank offers one of the longest periods of free day-to-day banking in the market with 25 months available for new customers and new business start-ups. At the end of the free banking period, they move businesses on to their business banking tariff.
Clydesdale Bank has designed their current accounts for businesses who require basic management of their everyday business banking activities. Their current account offers an optional agreed overdraft facility.
They offer a range of business accounts that are tailored to different types of businesses including charities and professional firms that manage clients’ money. Clydesdale Bank also offers a range of business support tools including online training, business guides and health check.
17. Bank of Ireland
Some of the features and benefits of Bank of Ireland’s business bank account.
- Free banking for 24 months for new businesses
- Debit card with contactless technology
- Simple pricing plan
- Flexible banking through online, telephone and mobile banking
- Optional agreed overdraft
- Cash handling service
- Other financial services including savings account and credit cards which can be all applied for through one application
- Branches in key locations in Ireland
- Easy switching process
Bank of Ireland is part of the Bank of Ireland Group who have a diverse range of financial services businesses that date back to 1783. Bank of Ireland provides business banking services to businesses in Ireland.
Bank of Ireland has designed their business current account to help business manage their everyday banking in a simple and manageable way. Their current account has a simple pricing structure that encourages the use of online banking and smart payment options to reduce overheads and charges.
They aim to make switching to them or setting up a first business bank account simple through either the switching service or through a direct application which allows businesses to apply for a current account, savings account and credit card all on one application.
18. Allied Irish Bank
Some of the features and benefits of Allied Irish Bank‘s business bank account.
- Internet Business Banking service (iBB)
- Variable rates of interest available
- Accounts include a Visa Debit card
- Overdraft facility is available
- Fees are changed quarterly rather than monthly
- 50% service quality score based on a 2019 report from Competition and Markets Authority
Allied Irish Bank is focused primarily on business banking. Their business current account offers a range of features you’d expect from a business bank account. They also offer additional services such as business credit cards, business savings accounts, business loans and merchant services.
If you’re looking for in-branch banking you should make sure they have a business centre near you, as they are located primarily in large cities and towns across the UK. However, they have a range of online services and also allow payments at some Post Office locations.
Their industry focus is on hotels, franchises, healthcare, manufacturing and professional practices.
Some of the features and benefits of Handelsbanken‘s business bank account.
- 85% overall service quality score based on a 2019 report from Competition and Markets Authority
- Top rated for SME Overdraft and Loan services, relationship/account management and in-branch service
- Offers both business VISA debit card and multi-pay card
- Has an Apple and Android banking app
- Can view current exchange rates online
- Can easily view information about the Interest you are paying and receiving
- Offers extra lending and finance solutions including asset finance, invoice discounting and working capital loans.
Handelsbanken is a Swedish bank which has been operating in the UK since 1982 and now has over 200 branches across the country. While their website is a bit spartan on information about their business banking services, they are the top rated bank for overall customer service and sanctification according to a 2019 report from the Competition and Markets Authority.
They offer businesses a range of standard business current account and banking services including online and mobile banking. In addition, they also offer currency exchange functions as well as range of bespoke loan and lending products.
Therefore, while perhaps not the most well-known name, they are another bank to take a look at.
Some of the features and benefits of Anna‘s business account.
- Same-day set up
- 24/7 UK-based support
- Smart invoicing and chase outstanding payments
- Free UK ATM withdrawals and no transaction fees
- Free subscription for three months
- Secure transactions with real-time updates in the app
- Ability to freeze your ANNA Mastercard® in the app
- Monthly plans from £11
- Bespoke pricing plans for businesses with a monthly income over £1,000,000
- Personalised reports
ANNA stands for Absolutely No Nonsense Admin and is one of the new breed of mobile business accounts you access primarily via an app. However just be aware that: “ANNA is a business current account and digital admin assistant, not a bank.” Their business Mastercard is issued by Wirecard Card Solutions Ltd.
If you don’t need in-branch service it can be a good alternative to a high-street bank, but if you need more advanced banking services you may still be going with a legacy bank.
21. Card One Banking
Some of the features and benefits of Card One Banking‘s business account.
- Most accounts opened within 3 hours
- No Credit Checks
- Online, phone and SMS Account Access
- Direct Debits with enhanced security
- UK call centre
- Export statements to cloud accounting network
- Free text alerts each time money is paid in and confirming bills are paid
- Administration access to enable/control of employee expenditure
- Receive up to 4 cardonebanking Prepaid Corporate MasterCards®
- Can Pay in at Barclays Bank
Founded in 2007, Card One Banking is one of the oldest alternative business accounts. However, be aware that they are not a bank but an “Authorised Payment Institution (API), operating under the Payment Services Regulations authorised and regulated by the FCA.” This also means your money is not protected by the FSCS.
However, it can be a good choice for businesses and founders with poor/no credit as they do not carry out credit checks. Just be aware that the account can only be used by businesses with a maximum £2 million per annum turnover. Therefore, if you have plans to grow beyond that you may also want to check other banks.
22. Fair Everywhere
Some of the features and benefits of Fair Everywhere‘s business account.
- Earn up to 8% cashback on any card spending with over 50 major UK high street retailers.
- Multiple cards
- Make payments and receive funds in different currencies at ridiculously good exchange rates.
- UK-based call centre is open 6 days a week,
- No signatures or branch visits to open an account
- Multi-currency business current accounts
- Mobile app for money management
- Link your Fair Everywhere account with your accounting software in a few clicks
- Free direct debits and standing orders
- 3 currency wallets – EUR, USD, GBP
Fair Everywhere is subsidiary of FairFX which was founded in 2007. The main goal of the account is to make international business quicker, cheaper, easier and fairer.
Unlike other banks they have a very transparent fee of £50 month but that includes pretty much everything. You can also deposit cash at the Post Office or any Barclays high street branch. However, be aware that accounts are currently limited to sending and receiving up to £100,000 per month in total.
23. Counting Up
Some of the features and benefits of Counting Up‘s business account.
- Business current opened in 5 minutes
- Corporate contactless Mastercard
- Automated bookeeping
- Professional Invoices
- Manage your expenses
- Free plan available
- Receipt caputre
- Tax filing
- Profit and Loss reports
- Deposit cash into your account in any Post Office or PayPoint location.
Counting Up is one of the UK’s newest business bank accounts that focuses primarily on the freelancer and small business market. Founded in September 2017, they currently claim to offer their services to 10,000 entrepreneurs.
What sets them apart is their focus on being both an accounting and banking app to help save time and money. They have higher limits than some of the non-traditional banks on the list, allowing limited companies to transfer up to £240,000 per month. However, their highest pricing tier kicks in at just £1,750, which shows what type of businesses they are targeting.
Nevertheless, if you’re a freelancer, sole trader or small business owner you may want to give them a look as their monthly fees are very low (top tier is just £4.95/month).
24. Triodos Bank
Some of the features and benefits of Triodos Bank’s business bank account.
- Banking with a social conscious
- Supports social ventures and charities that fit their ethos
- Transparent pricing
- Minimum turnover of £5,000
- Assist you managing day to day banking services
- Manage online, by phone or by post
- Set up Direct Debits and Standing Orders
- Make and receive payments from abroad
- Over the counter deposits available in some cases
- Credit and debit cards may not be offered
Triodos Bank is an ethical banking provider that offers banking services including bank accounts, savings accounts and loans. Their accounts cater for social ventures and charities which they review before accepting them to ensure that they fit their ethos.
Triodos Bank’s bank accounts offer the facilities to manage your day to day banking simply through your online account, over the phone, by the post and in some circumstances, you can make over the counter deposits. The Social Venture Current Account doesn’t include a credit or debit card. With their accounts, you can set up Direct Debits and Standing Orders, and make and receive payments from abroad.
Some of the features and benefits of Coconut‘s business account.
- Free UK current account
- Tax reports on £5/month plan
- Expense tracking
- Tax Estimate
- Send invoices from within the app
- Mastercard Debit card
- Receipt Capture
- Direct Debits
- Automated bookkeeping
- Open an account in minutes
Coconut is aimed at freelancers, the self-employed and small businesses. That’s why they offer low pricing (free or £5/month) and a host of features that make running any small business easy such as accounting, bookkeeping and tax.
Their mission is: “…to free millions of people from business admin worldwide, by combining banking and accounting into one simple product.”
Website: Coconut Website
Some of Mettle‘s business bank account features and benefits:
- No hidden costs or transaction fees
- Backed by NatWest
- Send and receive payments
- UK account number and sort code
- Lock and unlock your card
- Apply in minutes
- In-app support from the Mettle team
- Send invoices from your phone
- Simple bookkeeping
- iPhone App
- Apply in minutes
Mettle is a new challenger bank backed by NatWest designed for sole traders and limited companies with up to two owners. They currently only allow balances of up to £50k, but are looking to expand this £100k in the near future. Access is primarily though an App that’s currently only available on the iPhone.
The main benefits are that it’s completely free and it’s backed by a one of the big high-street banks and are looking to expand their offerings in the near future.
Website: Mettle Website
Some of the features and benefits of Holvi‘s business bank account.
- Offer a free account (£0/month) and basic account (£9/month)
- Can open account entirely online
- Unlimited bank transfers
- Bookkeeping preparation
- Unlimited account users
- Digital invoicing (basic account only)
- Offer a business Mastercard
Holvi is the digital current account with a complete set of tools to manage your business. Built specifically for entrepreneurs and freelancers, Holvi lets you focus on growing your business, rather than getting bogged down with day-to-day operations. It’s business banking that gives you back your time.
Holvi is already well known in Finland, Austria and Germany, is backed by the Financial Supervisory Authority of Finland (FIN-FSA).
Website: Holvi Website
28. Cynergy Bank
Some of the features and benefits of Cynergy Bank’s business bank account.
- Straightforward current account
- Assists you in managing your day to day finances
- Quick and easy to manage
- Make payments using a Visa debit card
- Online and mobile banking
- Only £10 opening deposit needed
- Protection for deposits up to £85,000
- Offers overdraft facilities
- Provides cheque book and paying in book
- Also offers savings accounts that can be linked together
Cynergy Bank is a bank that specialises in providing financial products for businesses including business owners, property entrepreneurs and family businesses. They offer a business current account that can also provide an overdraft facility by prior arrangement and can be linked to their savings accounts.
Cynergy Bank’s business current account is quick and easy to manage and set up and has been designed to help businesses to better manage their day to day finances. The current account comes with a Visa debit card, cheque book and paying in book as well as access through either their online banking or mobile banking app.
29. State Bank of India
Some of the features and benefits of State Bank of India’s business bank account.
- Offers an easy access current account
- No annual fee
- 25 free transactions every month
- Instant access to your funds
- Convenient banking
- 0% AER/gross variable
- Provide specialist business advisors
- International coverage
- Designed to support growing small to medium-sized businesses
- Also provide savings accounts and loans to businesses
State Bank of India is an international bank that can support businesses in the UK conducting their business here and international. They specialise in supporting growing small businesses and medium-sized businesses. They offer a variety of business banking products which includes current accounts, savings accounts and loans.
State Bank of India’s business bank account is a current account that provides convenient, easy and instant access to your account and funds. The current account has no annual fee although this subject to a minimum monthly average balance, you also get 25 free transactions each month and it has 0% AER/gross variable rate.
30. The Cumberland Building Society
Some of the features and benefits of The Cumberland Building Society’s business bank account.
- Free for the first year
- Flexible banking service
- 34 local branches
- Online and mobile access
- Offers two account options
- Provides an online calculator to assist with choosing the right account
- Supports Xero accounting software
- Switching process that takes 7 days
- Designed for businesses of all sizes including start-ups
- Only available to businesses in their area
The Cumberland Building Society is a building society that is run for the benefit for its customers. They offer a flexible banking service that can be accessed through one of their 34 local branches, online or through the mobile phone app. They provide an opening offer of 12 months free banking for businesses that have an annual turnover of up to £250,000.
The Cumberland Building Society offers two different current accounts which are tailored to meet the needs of different types of businesses and the transaction types they make. To help you choose which account is best for you they offer a banking calculator to work out the costs.
Some of the features and benefits of Monzo’s business bank account.
- Fully regulated UK bank
- Can open an account easily from your phone
- Offers a free account with basic features
- Free instant bank transfers
- Receive payment notifications
- Allows you to set aside money in Pots
- Online and mobile account access
- In-app invoicing and digital receipts
- Provides integrated accounting tools
- 24/7 customer support
Monzo is a fully regulated UK bank that offers an alternative to the traditional high street banks and is based in London, Cardiff and around the world. They have set up their banking services to support small businesses with an easy to use bank account.
Monzo provides two levels of bank accounts which are the Lite account which is free and offers basic account services, and the Pro account which has enhanced features for a small monthly fee. The Pro account also offers integrated accounting, multi-user access, invoicing, six months Xero access and Tax Pots which is a saving function.
Website: Monzo business bank account website
32. Acorn Account
Some of the features and benefits of Acorn Account’s business bank account.
- Provide a business money management service
- Can be opened in 24 hours
- No need to visit a branch
- Safe and secure banking
- Online and mobile account access
- Instant downloads
- Can use Barclays branches to make deposits
- Dedicated account manager
- 24/7 account access
- UK call centre
Acorn Account is a part of Spectrum Card Services which is an independent and FCA authorised company. They provide business current accounts and cards. They specialise in personal and small business bank accounts and they do not require new customers to visit a branch to set up their account.
Acorn Account’s business accounts are simple to set up in 24 hours using an online process. They offer an online banking service that is safe and secure and will give you access to your account 24/7 instantly and you can download statements. They provide a dedicated account manager, a UK based call centre and you can deposit cheques through Barclays branches.
Some of the features and benefits of bunq’s business bank account.
- Streamlined banking service
- Have an immediate overview of your finances
- Can open multiple sub-accounts
- Link cards to two sub-accounts
- Can directly link your account with your bookkeeping software
- Set up automatic monthly exports
- Pay invoices simply
- Easily add or remove employee access
- Instant notifications
- Offers higher interest rates
Bunq is a Dutch bank offering online banking services which take just five minutes to set up. They offer a service that saves time on transactions, paperwork and branch visits. You can link your account directly to your bookkeeping software or set up an automatic monthly export if not compatible.
Bunq offers multiple sub-accounts that can be linked together and can share cards between two accounts. Their business bank accounts offer many features including being able to link it directly with your bookkeeping software or set up automatic monthly exports. Other features include being able to pay invoices through scanning them, manage user access and receive notifications.
Website: Bunq business bank account website
Some of the features and benefits of Amaiz’s business bank account.
- Quick and easy business banking
- Offers a free account
- Paid account with no transaction fees
- Hassle-free set up
- Offers prepaid Mastercard
- Allows you to automate your admin
- Assists you in managing your payments
- Desktop and app management
- Offers a Jar sub-account for savings
- Provides live customer support
Amaiz specialises in supporting small businesses and sole traders and they provide a broader range of bank account services to assist them. This includes being able to send invoices and receive card payments. They are an online provider only who can set up your account in minutes and they give you access to your account through their app.
Amaiz offers two business bank accounts – a free account that has a £4,000 monthly turnover limit and charges for bank transfers out, and a paid account with free transactions, no monthly turnover limit and accountancy support helpline. They also offer a sub-account for savings called Jar.
Website: Amaiz business bank account website
Some of the features and benefits of Monese’s business bank account.
- Mobile business bank account
- Requires you to have a personal account
- Simple monthly fee
- Seamlessly manage personal and business accounts together
- Quick and easy to open
- Free local payments
- Low-cost international transfers
- Make cash deposits at 40,000 locations
- Supports 14 languages
- Suitable for UK registered businesses
Monese was the first mobile account in the UK and they offer their services across Europe and operate in 14 languages. To set up a business account you currently have to set up a personal bank account as well.
Monese’s business bank account operates using a single monthly fee which includes all local payments, however, international transfers incur a low-price fee. By connecting your personal and business accounts you can manage them separately but seamlessly together. Accounts are easy and quick to set up online where you can manage your account, and you can access 40,000 locations to make deposits.
Website: Monese business bank account website
Some of the features and benefits of Wise’s business bank account.
- Free business bank account
- Fees apply for transactions
- Accepts multi-currencies with real exchange rate
- Pay invoices local and abroad
- Receive money with no fees
- Integrates with Xero
- Free debit card
- A cheaper method of doing international payments
- Automate payments and workflows
- Designed for businesses of all sizes
Wise (formerly TranferWise) is an online business bank account that operates in multiple currencies and offers a cheaper method of making international payments. They offer their business bank account for free which means it has no monthly or annual charges, but it does apply transaction fees. They use a real exchange rate to convert currencies and a small fee.
Wise offers business bank accounts that are suitable for freelancers, entrepreneurs, sole traders, small to medium-sized businesses and large businesses. Their online account management allows you to integrate with Xero, make batch payments, automate payments and workflows with API, receive money without incurring fees and download monthly statements.
Website: Wise business bank account website
Some of the features and benefits of GoSolo’s business bank account.
- Offers a small business account
- Includes a Mastercard debit card
- Completely digital account
- Quick set up online in 15 minutes
- Some account restrictions apply
- Track spending and save for taxes
- Manage through the mobile app available on iOS and Android
- Two-Factor Authentication
- Offers free company formation
- No monthly account fee
GoSolo is a business account provider that is designed for freelancers, founders and consultants. They offer a range of services to new businesses which include business accounts, free company formation, free UK virtual business addresses and they offer some partner perks such as Stripe, Grammarly, SeedLegals, Swoop, Superscript and Xero.
GoSolo’s business account is a completely digital account that can be set up quickly online in 15 minutes and is managed online and through the app. The account comes with a Mastercard debit card that allows you to make transactions of £1,000 and has a daily limit of £5,000 per day. Some account functionality is still being developed so check for what functionality is currently available.
Website: GoSolo business bank account website
38. 3S Money
Some of the features and benefits of 3S Money’s business bank account.
- Offers an online account for those making international transactions
- Can support large bank transfers over £100k
- Easy to use account
- Set up easily online
- Handles over 40 currencies
- Send and receive payments from over 190 countries
- Suitable for up to 10 users
- Connect with all major online marketplaces
- Currency exchange service
- 24/7 personal client support
3S Money provides business accounts that allow businesses to send and receive funds locally through all major payment rails. They offer a digital account that provides all the support you need to make and receive cross border payments including FX risk management. They handle transactions in over 40 currencies.
3S Money’s account can be set up easily online and is managed fully online with 24/7 personal client support with a personal manager for every client. Their business account allows access for up to 10 users and can make large bank transfers over £100,000. They support customers in sending and receiving funds and exchanging funds.
Banks Not Currently Offering Business Bank Accounts
Halifax currently does not offer business banking services directly. Instead it points prospective customers to apply for an account with either Lloyds Bank or Bank of Scotland (all of which are part of the same banking group). See above for details on both companies.
One of the more popular challenger banks in recent years. They do not have any information on their website about business banking services.
While the Post Office does not offer business bank accounts directly, it does allow you to perform various business banking services with your existing bank such as:
- Deposit cash or cheques into your business bank account
- Withdraw money from your business bank account
- Check your current balance
- Get change when you need it
- Available at 11,500 Post Office branches across the UK
You can learn more on their Branch Banking page.
What Is The Best Business Bank Account?
Unfortunately, there is no one “best” business bank account. If all you need is a simple account many of the challenger banks offer solutions that are easy to start with. Some basic accounts are even free for life.
However, if you need more complex products such as unsecured loans, commercial mortgages, invoice factoring, etc. you may be better off choosing a high-street bank as they can offer these additional products along with a standard business current account.
How Do I Open A Business Bank Account?
The process varies from one bank to another but essentially they will fall into one of two categories. Old-school high-Street banks will generally require more information about you and your business upfront. However, some of these requirements can be reduced if you already have a personal account with them.
On the other hand, many challenger banks now have completely automated online account creation processes. This means you can complete the whole process in as little as 15 minutes. To find out have a look at each bank’s website to learn more about the process.
What Do I Need To Open A Business Bank Account?
The requirements will vary from one bank to another but generally you’ll need some sort of proof of identity (e.g. passport, Driver’s License, etc.), proof of address (utility bill, bank statement, etc) and basic information about your company such as company number, address and VAT number (if applicable).
Some banks may also want to know where money will be coming from (e.g. domestic sales vs international sales) and how much you’re expecting to turnover each month.
How Long Does It Take To Open A Business Bank Account?
Why Do I Need A Business Bank Account?
Technically speaking sole traders often do not need business bank accounts as they can use their personal ones. However, having a business bank account makes tracking turnover and expenses much easier and cleaner and is recommended. Plus, having one might make you eligible for business loans.
Limited Companies and Partnerships are required to have one as part of running their business as they are legally a separate entity.
Other Common Questions
What is a business bank account?
Business bank accounts work similarly to personal bank accounts, though they are typically available to both startups and established companies. This includes sole traders, partnerships, limited companies, and other types of businesses.
You can choose from a business current account, or business savings account.
Like with a personal bank account, you can make withdrawals and deposits, purchase with a debit card and apply for an overdraft.
Most banks generally charge annual or monthly fees, and some even offer new clients and startups up to two years of fee-free business banking.
The difference is that business transactions usually come with fees. For instance, every time you deposit or withdraw money, issue a cheque or make a bank transfer you will be charged a small fee.
What banks are accepting new business accounts?
If you are thinking about opening a bank account for your business finances, take a look at the best business bank accounts in the UK.
The majority of high street banks offer a variety of business accounts to suit your needs, including business current accounts, business savings accounts and easy-to-use online banking platforms.
These include Bank of Scotland, Barclays, Clydesdale Bank, HSBC, NatWest, Metro Bank, Royal Bank of Scotland, Santander, and TSB to name a few.
Smaller challenger banks like Starling and Tide also offer solutions for a business bank account.
Can I switch my existing business bank account?
If you are the owner of a small business, charity or trust with fewer than 50 employees and less than £6.5m annual turnover you can certainly switch your business bank account.
It will take about 7 working days through the free Current Account Switch Service. You can check the list of participating banks and financial institutions on their website.
This way will ensure that any payments missed or fees incurred due to switching will be reimbursed as it’s backed by the Current Account Switch Guarantee.
Which is the easiest bank to open a business account?
There is no specific ‘easiest’ and ‘best’ business bank account. Although there are many great options to choose from, the easiest one will depend on your business needs and individual situation.
With the right documents on hand, you can get your business account set up in as little as 15 minutes.
When opening any type of bank account, you will first need to verify your identity. This includes providing proof of residency etc.
You will generally need to provide the following documents:
– A copy of your ID
– Proof of address (a recent bank statement, utility bill or mortgage statement)
Some banks also carry out credit and security checks.
How much does it cost to open a business account?
While there several banks that offer free business accounts, most still charge you a monthly or annual fee as well as transaction fees for electronic payments.
Monthly fees can cost anywhere from £2 to £12 per month and some banks don’t charge a monthly fee at all.
Unlike personal bank accounts, business bank accounts charge fees for transactions that would usually be free.
When you compare business bank accounts and their prices, these are the main categories you want to look out for and compare costs:
– Automated payments charges
– Cash payments charges
– Manual payments charges
– Additional payments and services costs
– International transaction fees
– Overdraft fees
It is in your best interest the read the terms and conditions before you open a business bank account.
Do I need a business account as a sole trader?
Strictly speaking, as a sole trader you don’t need a business bank because you can use your personal one for basic business purposes, and it’s the most affordable option.
However, there are numerous benefits of keeping your business and personal banking separate.
The main advantages include:
– Separating your accounts makes it easier for tax purposes and tax returns. It’s more convenient for calculating your tax-deductible business expenses.
– Invoices will be paid directly into your account.
– Access to advanced features that streamline employee payments.
– You can build up your business credit history so that you can easily apply for business financing (loans and credit cards) in the future.
– Your business will appear more legitimate and professional to clients.
– You often get additional support and online tools to help with invoicing and accounting.
Although it’s optional for sole traders to have an account for business purposes, having one is mandatory for limited companies and partnerships because they are legally separate organizations.
Can I take money out of my business account for personal use?
It typically depends on what type of business you run, and how lenient your bank is.
HMRC treats sole traders’ personal and business income as one, so theoretically they can use their personal finances for business transactions without a problem.
On the other hand, a limited company is a separate legal entity from its owners or directors, so they are required to have a business bank account.
It’s best to read your bank’s terms and conditions – you’ll likely find that business bank accounts can only be used for business purposes, not personal use.
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