If you are a new business or start-up business you are probably looking to keep your overheads down and having a new business or start-up business bank account is one way of doing this.
This guide gives you the details for the best deals for new business and start-up business bank accounts from the leading banks through to the lesser known providers.
Topics
Featured: Starling Bank
Some of the features and benefits of Starling Bank’s new business and start-up business bank account.
- Business bank accounts for limited companies
- Suitable for freelancers, contractors and small businesses including start-ups
- Online and mobile access
- Free business account
- Quick and easy to set up
- Integrates with leading accounting software
- Instant payment alerts
- Automate expenses
- Offers a flexible overdraft
- Provides 24/7 UK based support
Starling Bank is a banking provider that was established as an alternative to high street accounts and to offer a fair and smarter bank account. They cater for freelancers, contractors and small businesses including start-ups. They offer two types of account which are a free account and a Business Toolkit which has a monthly fee.
Starling Bank’s accounts give you online and mobile access to your account, will integrate with QuickBooks, Xero and FreeAgent, offers instant payment alerts, automate expenses and a flexible overdraft. In addition, the Business Toolkit offers instant invoicing and auto-matching, automated expenses and bookkeeping, compliant VAT submissions and bill upload and payment scheduling.
The table below gives a quick price comparison of the top UK new business and start-up business bank account providers.
| Company | Minimum turnover* | Maximum turnover* |
|---|---|---|
| Starling Bank | Not specified | Not specified |
| Lloyds Bank | £0 | £3 million |
| Metro Bank | Not specified | £2 million |
| Bank of Scotland | Not specified | £3 million |
| Barclays | Not specified | Not specified |
| Yorkshire Bank | Not specified | £2 million |
| HSBC | Not specified | £2 million |
| TSB | Not specified | Not specified |
| Santander | Not specified | Not specified |
| NatWest | Not specified | £1 million |
| Royal Bank of Scotland | Not specified | £1 million |
| Ulster Bank | Not specified | £1 million |
| Clydesdale Bank | Not specified | £2 million |
| Zempler Bank | Not specified | Not specified |
| Bank of Ireland | Not specified | £2 million |
| Co-operative Bank | Not specified | Not specified |
| Tide | Not specified | Not specified |
| Anna Bank | Not specified | Not specified |
| Revolut Business | Not specified | Not specified |
| CardOneMoney | Not specified | Not specified |
| Fair Everywhere | Not specified | Not specified |
| Countingup | No minimum | Not specified |
| Coconut | Not specified | Not specified |
| Cynergy Bank | Not specified | Not specified |
| Cumberland Building Society | Not specified | Not specified |
| Monzo | Not specified | Not specified |
| Acorn Account | Not specified | Not specified |
| Amaiz | Not specified | Not specified |
| Holvi | Not specified | Not specified |
* 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. This guide should be used as a starting off point for more research on your part.
Below we profile each company’s plans and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
1. Lloyds Bank
Some of the features and benefits of Lloyds Bank’s new business and start-up business bank account.
- Free business day-to-day banking only applies to new businesses
- Free electronic payments
- Free cheques and cash withdrawals/deposits
- Simple pricing
- Dedicated support from a UK-based business management team
- Additional financial support including loans, hire purchase, overdrafts, invoice finance and credit cards
- Mobile business banking app
- Guides and tools to support businesses
- Assistance writing a business plan and starting a business
- Eligible for sole traders, partners or company directors
Lloyds Bank is dedicated to support new businesses in getting started and to grow and they offer a range of support guides and tools. To help new businesses they offer a free introductory day-to-day business account. To be eligible the person opening the account needs to be a sole trader, partner or company director.
At the end of the 18-month free banking period, your account will be moved on their standard business current account tariff which has a monthly account maintenance fee of £6.50. This account still offers several free transactions including electronic payments, cash withdraws from a cash machine and paying by debit card.
2. Metro Bank
Some of the features and benefits of Metro Bank’s new business and start-up business bank account.
- No account fee if your daily balance stays over £5,000
- Also, 50 free transactions per month if the balance is over £5,000
- Accounts are available for new businesses including sole traders
- 24/7 call phone banking from a UK based call centre
- Stores that are open 7 days a week, 8am to 8pm weekdays
- Mobile app
- Online banking
- Support for start-ups and growing businesses
- Simple fee structure
- Simple account setup
Metro Bank aims to be different to the other high street by offering greater access to its services through extended store opening hours, 24/7 telephone banking with a UK call centre, online banking and mobile app.
Their smaller business banking account caters for sole traders to SMEs including new businesses that are only just getting set up. They have designed their bank account to help new businesses get started and help businesses grow.
They offer free banking to those who maintain more than £5,000 in their bank account throughout the month as they waiver the account maintenance fee and give 50 free transactions each month. A fee of £5 per month is applied each month that the balance goes below £5,000.
3. Bank of Scotland
Some of the features and benefits of Bank of Scotland’s new business and start-up business bank account.
- Free day-to-day business banking for 18 months for new start-ups
- Simple pricing
- Free electronic payments, cash withdrawals from a cash machine and debit card payments after the free period ends
- Business support available by phone, in branch or online
- Mobile banking and text alerts
- Access to the Business Resource Centre
- Support to help new businesses in their early days
- Support for small businesses to help them grow and develop
Royal Bank of Scotland offers 18 months free day-to-day business banking for new start-up businesses on their current account. After the free banking period ends there is an account maintenance fee of £6.50 per month but you still benefit from free electronic payments, cash withdrawals from cash machines and debit card payments. To be eligible for this offer your business must have an anticipated turnover under £3 million per year.
Royal Bank of Scotland aims to support their new business start-up customers and fledgeling businesses through their pledge to help support Scottish businesses grow and thrive. They have online support tools and resources as well as a business mentoring programme. Customers will also have access to their Business Resource Centre.
4. Barclays
Some of the features and benefits of Barclays’ new business and start-up business bank account.
- 12 months free day-to-day business banking for new business start-ups
- Expert advice on helping new businesses get started and develop
- Monthly loyalty reward
- Service guarantee
- Simple price plans
- Choice of two bank accounts
- Online banking
- Mobile banking app
- Business banking advisors available on phone or in branch
- Support to manage cash flow and payments
Barclays offers new start-ups help through a combination of free day-to-day business banking for 12 months and support. Barclays help new businesses by giving them access to business banking advisors both in branch and over the phone. They provide guidance tools and support as well as access to the Enterprise Finance Guarantee which is a government scheme to help certain businesses that struggle with inadequate security.
Once the free business banking period ends you can select one of two accounts that cater for different banking usage. Mixed Payments Plan is for businesses that use cash and cheques to make and receive payments. e-Payments Plan is predominantly for receiving and making payments electronically. Barclays also reward loyalty through paying back a proportion of your monthly fees based on the length of time you have banked with them.
5. Yorkshire Bank
Some of the features and benefits of Yorkshire Bank’s new business and start-up business bank account.
- Free day-to-day business banking for 25 months
- This free offer includes free transactions such as automated transactions include direct debits, cash deposits and withdraws
- Choice of accounts once the free period ends
- Open to all business types as long as the annual turnover is less than £2 million
- Access your account online, over the phone or in branch
- Mobile app
- Starting a business support tools and guides
- Support for running a business once established
- Online training resources
Yorkshire Bank offers one of the longest free day-to-day business banking deals in the market with them offering not only new start-up businesses the longest period of 25 months free, but they also offer this deal to all new customers.
The free day-to-day banking includes most transactions up to a set limit but excludes transactions such as international payments and CHAPS payments. At the end of the free period transaction fees will start for all types of transactions starting at 30p and the monthly account maintenance fee is £5 per month.
Yorkshire Bank also offers a range of support tools and guidance for small businesses and start-up businesses that are aimed at helping them grow.
6. HSBC
Some of the features and benefits of HSBC’s new business and start-up business bank account.
- 18 months free day-to-day business banking
- Best Tariff Promise with annual account reviews each year
- Choice of two tariffs at the end of the free banking period
- The first year after the free banking period at a fixed monthly price with no transaction fees
- Access to loans and overdraft facilities
- Business Specialists available in branches across the UK
- Access to their Knowledge Centre with tools and articles
- Access to their International Support Centre to assist with overseas trading
- Face-to-face business review
- Access to your account via branch, Post Office branches, internet, telephone and mobile banking
HSBC offers new business start-ups free day-to-day business banking for 18 months. At the end of the free banking period, you will be switched over to their 12-month fixed tariff account which fixes the account fee at £5.50 with no transaction fees except for if you deposit more than £3,000 cash per month. After this 12-month period, you will then be moved onto one of their two business current accounts, either Electronic Banking Tariff or Small Business Tariff where the account maintenance fee remains at £5.50 plus the transaction fees for that account.
HSBC aims to help new businesses to get established and grow with additional financial support and advice to get your business open for business. They also have guides and tools to help your business develop and grow and will conduct a face-to-face business review.
7. TSB
Some of the features and benefits of TSB’s new business and start-up business bank account.
- 18 months free day-to-day business banking for new business start-ups
- Support from a relationship manager
- Ability to manage your account online 24/7
- Speak to Business Advisors over the phone
- Free text message service alerts
- A large network of local branches
- Overdraft available through prior arrangement
- Access to other services such as debit cards, credit cards and loans
- Choice of three banking tariffs at the end of the free period
TSB’s free business banking offer is eligible to sole traders, partners and directors that are over 18. Sole traders with a turnover of less than £125,000 can open their account in one of the local branches. Account holders must operate within the agreed limits and not go overdrawn without prior agreement.
TSB will give you support through their relationship managers to help you get started and develop your business with services from deposits through to loans. They give you a choice of current account tariffs so that you can select which of the tariffs will work best for your business’ needs.
8. Santander
Some of the features and benefits of Santander’s new business and start-up business bank account.
- 12 or 18 months free day-to-day business banking for new start-ups
- Monthly interest on credit balances at 0.10% gross/AER (variable)
- Online banking
- Mobile app banking
- Access banking services through Post Office branches
- Contactless payment through mobile devices
- At the end of the free period, you still receive free electronic transactions
- Telephone banking that is available on Saturdays
- Business Relationship Managers available in branches
- Business support tools and guides
Santander offers a free business banking period for new business start-ups that is for 12 months, but they also offer an additional 6 months free if you are already a customer with a 123 World, Santander Select or Santander Private customer. At the end of the free banking period, you will be charged a month account free of £7.50 which includes all electronic transactions at no cost.
For the 16 years, Santander has been awarded the Best Business Current Account Provider by Moneyfacts. They provide their customers with a online business support which will help them grow their business and help assist you with focusing on the right things.
9. NatWest
Some of the features and benefits of NatWest’s new business and start-up business bank account.
- 18 months free day-to-day business banking
- Dedicated start-up package
- Gives customers a range of exclusive offers
- Online banking
- Telephone banking
- Award-winning mobile banking app
- Set up email and text alerts
- Access to NatWest’s FreeAgent accounting software
- Free arrangement fee on overdrafts
- Access to their servicing hub
NatWest offers new business start-ups free banking for 18 months as long as their business has been running for less than 12 months and has a projected annual turnover of less than £1 million. Customers also have to eligible to be self-employed in the UK and be over 18 years old.
NatWest’s business bank account also gives its customers a wide range of choices of how to bank through their servicing hub which allows you manage all your NatWest financial services in one place. Access to your accounts online, over the phone and through the mobile banking app. Alerts can also be set up for email and text.
10. Royal Bank of Scotland
Some of the features and benefits of Royal Bank of Scotland’s new business and start-up business bank account.
- 24 months free day-to-day business banking
- Dedicated start-up package
- Online banking
- Phone banking
- Mobile banking app
- Access to their FreeAgent accounting software
- Visa debit card
- Access to everyday banking support
- Receive text and email alerts
- Access to business credit card and overdraft
Royal Bank of Scotland offers new business start-ups 24 months free day-to-day business banking. To be eligible for this banking offer your business needs to be under 12 months old and have an anticipated annual turnover of below £1 million. You will also need to be over 18 and be eligible to be registered as self-employed in the UK.
They aim to assist new start-ups with their easy access banking service which gives customers access to their account online, over the phone, mobile banking app, and text and email alerts. They have a servicing hub which allows customers to access all their Royal Bank of Scotland financial services in one place.
11. Ulster Bank
Some of the features and benefits of Ulster Bank’s new business and start-up business bank account.
- 18 months free day-to-day banking
- Start-up package available to new businesses
- Dedicated bank for businesses registered in Northern Ireland
- Apply online
- Access to your account 24/7
- Online banking and Anytime Internet Banking
- Mobile banking app
- Business Visa debit card
Ulster Bank is a dedicated bank for Northern Ireland, so all business customers must reside in Northern Ireland. Ulster Bank supports new businesses through its start-up package which is available to businesses that are registered in Northern Ireland, have been operating for less than 12 months and have a projected annual turnover under £1 million. Ulster Bank offers eligible customers 18 months free day-to-day banking.
Ulster Bank understands that small businesses need to focus on their work and that taking time out for banking is not easy. To help Ulster Bank allow new customers to apply online and give them access to their account 24/7.
12. Clydesdale Bank
Some of the features and benefits of Clydesdale Bank’s new business and start-up business bank account.
- 25 months free day-to-day business banking
- Free automated transactions including payments and direct debits
- Free cash deposits and withdrawals up to £250,000 per year
- Internet banking services
- Mobile app
- Optional agreed overdraft facility
- Borrowing facilities up to £250,000
- Direct contact with someone who understands your sector
- Flexible range of financial management solutions
- Tool and guides to support new businesses
Clydesdale Bank offers new business start-ups a big helping hand by offering one of the longest free day-to-day business banking periods in the market. This gives customers practically free banking for 25 months. The only charges are associated with cash deposit and withdrawals over £250,000 per year, and all international payments and CHAPS payments are chargeable.
To be eligible your annual turnover must be below £2 million and must have been trading for less than 12 months.
Clydesdale Bank has made their account easy to manage with internet banking and a mobile app to help give businesses access to their banking services at convenient times. They also have a range of business support tools for new business start-ups to help them get started and to grow.
13. Zempler Bank (formerly Cashplus)
Some of the features and benefits of Zempler Bank’s business current account for new businesses. 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
Zempler Bank makes opening a business account simple through using only doing quick and basic checks that allow them to give an instant online decision and set up the account straight away to allow you to accept payments the same day.
Zempler Bank have designed their business current accounts for small businesses and have tried to remove some of the red tape that comes with the High Street banks. As part of this Zempler Bank has a business banking app that allows its customers to access their account 24/7.
14. Bank of Ireland
Some of the features and benefits of Bank of Ireland’s new business and start-up business bank account.
- 24 months free day-to-day banking
- Account developed to support new businesses
- Dedicated business start-up phone support line
- Collaboration with FCR Media to offer FCR Launch Online package
- Extended Enterprise programme to support businesses
- Access to tools, guides and online support
- Access to workbenches in Dublin, Cork, Limerick and Galway
- Encourages smarter banking by offering lower fees after the free banking period ends
- Over 100 Business Advisers
- Full financial review
Bank of Ireland has created a dedicated bank account with extensive support to help new businesses to get started and grow. They give new businesses 24 months free day-to-day business banking which at the end of the free period they will be switched to their business current account that encourages the use of smarter banking to reduce the charges incurred on the account.
Bank of Ireland offers its new business customers access to a wide variety of support which includes access to their own services, tools, guides and expertise, as well as collaborating with other providers to give them access to further support. This includes their collaboration with FCR Media which offers custom built web pages, domain name registration and GoldenPages listing.
15. Co-operative Bank
Some of the features and benefits of Co-operative Bank’s new business and start-up business bank account.
- Offers two new bank accounts suitable for start-ups
- Federation of Small Businesses member accounts
- Free banking for 30 months
- No monthly charge if a credit balance over £1,000 is maintained
- No charges for automated credits
- Includes Direct Debits, standing orders and debit card payments
- Free cash withdrawals
- £2,000 cash deposit allowances
- Deposit 100 cheques per month
- Eligibility criteria applies
Co-operative Bank is an ethical banking provider that offers a range of business banking services. They offer two types of business bank accounts which are Business Directplus and FSB account. The FSB account is specifically for members of the Federation of Small Businesses and offers free everyday banking. The Business Directplus is suitable for new businesses and is free for 30 months.
Co-operative Bank’s Directplus account remains free after the first 30 months if your balance mains above £1,000. The account includes free cash withdrawals, automated credits, Direct Debits, standing orders, debit card payments, free monthly deposit limits of £2,000 cash and 100 cheques.
16. Tide
Some of the features and benefits of Tide’s new business and start-up business bank account.
- Offers a free business account
- Can register as a limited company and get an account at the same time
- Quick and simple to set up
- Choice of two account
- Integrates with leading accounting software
- Sub-accounts available
- Suitable for multi-businesses
- Can schedule payments
- Member perks
- Suitable for freelancers and small businesses
Tide is a dedicated business account provider that is based in London. They offer two types of bank accounts that are suitable for freelancers, small businesses and scaling businesses as well as those just starting up. New businesses can set themselves up as a limited company at the same time as applying for an account with them.
Tide’s business account is quick and easy to set and they have a free account and a monthly charge account. Both accounts allow you to schedule payments, integrate with accountancy software, set up sub-accounts and manage multiple businesses up to five accounts.
17. Anna
Some of the features and benefits of Anna’s new business and start-up business bank account.
- Small business banking provider
- An account with a debit card
- Quick to set up
- Simple pricing and no hidden fees
- Can allocate debit cards to employees for expenses
- Instant payment notifications
- Free Direct Debits
- Schedule payments and recurring payments
- Earn cash back on debit card purchases
- Connect other bank accounts to your account
Anna is a digital bank that offers business accounts that operate through an app and card. It is designed to help small businesses and start-ups to manage their finances better and save time on their administration.
Anna’s account is quick and simple to set up in minutes and it offers simple pricing with no hidden fees. They make your finances easier with the ability to assign debit cards to employees to simplify expenses, receive instant payment notifications, free Direct Debits, scheduling payments and setting up reoccurring payments. You can even connect to other bank accounts and earn cashback on your purchases.
18. Revolut Business
Some of the features and benefits of Revolut Business’ new business and start-up business bank account.
- Offers bank accounts to freelancers and businesses
- Provides different tiers of accounts
- Offers a free account with basic features
- Online and app management
- Provides smart company cards
- Can use cards abroad with no hidden fees
- Handles 150 currencies
- Integrates with leading accountancy software
- International provider
- Free team member access
Revolut Business is an international finance app. They offer their services in many countries and can handle 150 currencies and allow you to hold 28 currencies.
Revolut Business offers two types of accounts which are designed for either freelancers or companies and each of these provides different tiered level of accounts. Their account range includes a free account of each type with basic features. Their accounts integrate with leading accountancy software to make your finances easier to manage. These accounts have online and app management and enable you to use your accounts abroad.
19. Card One Money
Some of the features and benefits of CardOneMoney’s new business and start-up business bank account.
- Online and mobile app account
- Designed for small businesses
- Open an account in four hours
- No credit checks required
- Free notifications
- Manage Direct Debits and Standing Orders
- View statements online
- Free app
- Load card balances online
- Earn cashback with prepaid Mastercard
CardOneMoney is a digital financial products provider that caters for individuals and small businesses. They provide an online account which can also be accessed through their mobile app that is available free to download.
CardOneMoney’s bank account can be opened within four hours through their online application which doesn’t require any credit checks, you just need to be a UK registered business, and pay the application fee. Their account provides users with free notifications, ability to manage Direct Debit and Standing Orders, view your statements online and loan card balances. You can also earn cash rewards for purchases with certain retailers using your prepaid Mastercard.
20. Fair Everywhere
Some of the features and benefits of Fair Everywhere’s new business and start-up business bank account.
- Digital business account
- Suitable for local and global use
- Provide fair fees and exchange rates
- No hidden fees
- Day to day money management
- Offers as many cards as you need
- Use cards anywhere in the world
- Simple to open
- UK-based call centre
- Earn rewards at major UK high street retailers
Fair Everywhere is a card-based international business account provider that aims to offer quicker, easier and cheaper service. They offer a global service that helps businesses to operate locally and globally with cards that can be used anywhere in the world. Their business account is simple to open online with no signatures required.
Fair Everywhere’s digital business account offers fair fees and exchange rates with no hidden fees. Their account provides day to day money management with as many cards as your business needs. They provide rewards in the form of cashback that you can earn by using your card at over 50 major UK high street retailers.
21. Countingup
Some of the features and benefits of Countingup’s new business and start-up business bank account.
- Free Starter account
- Designed for fledgeling businesses with up to £500 per month
- Some transaction charges apply
- Contactless Mastercard
- Instant notifications
- Invoice and billing
- Receipt capture
- Automated categorisation
- Tax estimate
- Provides support seven days a week
Countingup is a digital banking provider that caters for small and fledgeling businesses with a banking service that helps businesses to save time on administration. They cater for self-employed and limited companies with a maximum account balance of £50,000 or £120,000 respectively.
Countingup offers three accounts – Starter which is free for those with monthly incoming funds of up to £500, Standard for incoming funds of £500-£4,000 per month and Premium for those with over £4,000 income per month. Their accounts provide contactless Mastercard, instant notifications, invoice and billing functions, receipt capture, automated categorisation and tax estimate in help ease your administration burden.
22. Coconut
Some of the features and benefits of Coconut’s new business and start-up business bank account.
- Accounts for sole traders and limited companies
- Suitable for business start-ups
- Free account available
- Connect your accounts and credit cards
- Quick and simple to set up
- Mastercard debit card
- Create and send invoices
- Automated matching
- Manage expenses
- Estimates taxes
Coconut is an accounting and tax tool provider that also offers business bank accounts to the self-employed whether you are a sole trader or limited company. Their offering combines your bank account needs with integrated accounting tools to ease your administration burden.
Coconut offers two account types which are the Start account that is free and Grow account that has a monthly fee. The free account is designed for those starting out and offers a debit card, automated bookkeeping, receipt capture, instant notifications, Direct Debits, bank transfers and tax estimates. Grow account has increased allowances and accounting tools.
23. Cynergy Bank
Some of the features and benefits of Cynergy Bank’s new business and start-up business bank account.
- Simple and efficient business bank account
- Designed to help you manage your day to day finances
- Suitable for new businesses
- Access through online and mobile banking
- Offers a Visa debit card
- Paying in books and cheque books available
- Can open an account with £10 deposit
- Deposits can be made at HSBC branches
- Overdrafts are available
- Can be linked to a saving account
Cynergy Bank is a business banking provider that caters for business owners, property entrepreneurs and family businesses including new businesses. They provide business bank accounts that help businesses to manage their day to day finances which are simple and efficient accounts.
Cynergy Bank’s business bank accounts can be managed online through a computer or mobile and you can make deposits through HSBC branches. It is simple to open an account and you only need to make a £10 deposit. Their accounts come with a Visa debit card, paying in book and cheque book, and you can apply to have an overdraft.
24. The Cumberland
Some of the features and benefits of The Cumberland’s new business and start-up business bank account.
- Business bank account suitable for businesses of all sizes
- Suitable for new businesses
- Free for the first year
- Access via online and mobile banking
- A network of 34 branches
- Choice of two accounts
- Integrates with Xero
- Flexible service
- Caters for different business types and their transactions
- To be eligible you need to live within their operating area
The Cumberland is a building society that operates for the benefit of its customers. They cater for businesses of all shapes and sizes including new businesses that are just starting. They only accept applications from businesses in their operating area which are Cumbria, South-West Scotland, West Northumberland and North Lancashire.
The Cumberland offers the first year of banking with them for free. You can access your account online, through mobile banking and their 34 local branches. They offer two types of accounts which cater for different transaction types and needs, and their online calculator will help you to decide which is best for you.
25. Monzo
Some of the features and benefits of Monzo’s new business and start-up business bank account.
- Small business banking
- A free account is available
- Also offers a paid account
- Transaction fees may apply
- Simple to open
- Online and mobile account management
- Set up payment notifications
- Allows you to manage invoices and receipts in your app
- Can integrate with leading accounting software
- Provides 24/7 customer support
Monzo has established itself as an alternative to high street banks and is fully regulated in the UK. They operate in the UK and around the world. They cater their banking services to small businesses which they aim to help with their accounting support. They offer two accounts – Lite is free and has basic features, and Pro offers further features and has a monthly fee.
Monzo’s bank accounts are accessible online and through mobiles and they include features like setting up payment notifications, in-app management of invoices and receipts to keep track of your finances, and it can integrate with leading accounting software.
26. Acorn Account
Some of the features and benefits of Acorn Account’s new business and start-up business bank account.
- Small business bank accounts
- Quick and simple account set up
- Online account access
- Automated telephone service for some transactions
- SMS service to check account balance
- Multiple Mastercards
- Free text alerts
- Make deposits at Barclays branches
- Instant downloads
- UK call centre
Acorn Account is business banking provider offering accounts and cards and is part of the Spectrum Card Services group. They offer accounts to individuals and small businesses that can be set up online quickly within 24 hours with no need for credit checks or to visit a branch.
Acorn Account’s business bank accounts are an online account that allows you to manage your account from anywhere with tools including SMS service to check your account balance, automated telephone services to conduct some transactions and free text alerts. You can make deposits at any Barclays branch and they have a UK based call centre.
27. Amaiz
Some of the features and benefits of Amaiz’s new business and start-up business bank account.
- Offers two types of business banking accounts
- One is a free account with some transaction fees
- A paid account with no transaction fees
- Quick and easy to set up
- Online and app management
- Assists you with automating your admin
- Manage your payments
- Prepaid Mastercards available
- Sub-account for savings
- Offers live customer support
Amaiz is a banking services provider specialising in bank accounts for sole traders and small businesses that are designed to help assist businesses in managing their finances. They offer two types of business bank accounts, one of which is a free account that has a £4,000 monthly turnover limit, a paid account which has no turnover limit, transactions are free, and they offer an accountancy support helpline.
Amaiz’s bank accounts are managed online and through their app and it can assist you in automating your admin including managing payments, sending invoices and using prepaid Mastercards for expenses. You can also add a sub-account called Jar to set aside savings.
28. Holvi
Some of the features and benefits of Holvi’s new business and start-up business bank account.
- Offers a starter account
- No monthly fee
- Quick and simple to set up
- Includes a Mastercard
- Unlimited transfers
- Allowance of three invoices per month
- Receipt capture
- Invoice and expense reports
- Some charges may apply
- Upgrade at any time to gain additional features
Holvi is a banking provider that is based in Finland and offers digital banking services to smaller businesses like freelancers and entrepreneurs. They offer two types of bank accounts which are the Starter account that is free and Grower that is a paid account and more transactions are free.
Holvi’s bank account offers an all-in-one service that can help streamline your financial processes. The Starter account is quick and simple to set up and comes with a Mastercard as standard and you can order more at a cost. The account includes unlimited transfers, three free invoices per month, receipt capture, unlimited users, run invoice and expense reports.
Which banks are accepting new business accounts?
Since the pandemic, a lot of banks in the UK have stopped opening new accounts for businesses, however, that has changed in 2023 and banks are starting to open accounts for new business customers again.
Banks that accept new businesses include NatWest Group, which includes RBS and Ulster Bank, Tide, Lloyds Bank, Metro Bank, Bank of Scotland, Yorkshire Bank and Starling Bank.
Can I use a current account for my business?
Business bank accounts work similarly to personal banking accounts.
If you do not have a business current account, you can use personal bank accounts. This is only applicable to sole traders or those in a partnership. Limited companies have a legal obligation to open a business account.
If you are using a personal bank account, it is best to keep business transactions separate, especially when it comes to filing tax returns or expense claims.
Your bank may also put pressure on you, as it will not offer free services for any business transactions. If that is the case, you can tell them that you are investigating other business account providers.
Can you set up a business bank account online?
In most cases, you can apply online for a business account. To apply online, you will require the following:
– Details of all partners or members of the business (including ID Documents and Proof of Address)
– Full details of the business
– Details of cashflow forecasts
– Registered company number if you are a limited company.
– A lot of banking providers may allow you to quickly set up a free digital business account.
Certain banks may still require that you come into the branch to verify your identity before you can access your business current accounts or business savings accounts.
Can a sole trader open a business bank account?
Although sole traders have no legal requirements to set up a formal account for business trade, they can open a business account.
Sole traders can either set up an account online or go to their nearest branch to get started. It can be beneficial for a sole trader to set up a separate business account for any online banking transactions and to help with tax returns and tracking profits.
How quickly can I open a business bank account?
Opening a bank account for your business in the UK can take anywhere from a few minutes to a few weeks, depending on your business. If you are in a rush, you may want to compare business bank accounts to find one that works for your business planning timeline.
Digital banks make it quick for their business customers to open a business account, while other banks may require meetings to get the bank account approved, which can take a few weeks.
How much money do you have to put in a bank account to start?
Different banks will have different minimum balance requirements, so it is up to you to find out from your preferred bank what their minimum requirements are.
Banks impose these requirements because new customers cost money. Banks have to pay overhead costs and need to make money, so if a business account dips below a threshold amount, the interest that is earned by the bank on that money is not enough to cover the overhead costs of managing the account.
You may be penalised if you do not have a minimum amount in your business current account.
What’s the most money you can have in a bank account?
There is no maximum limit on how much money you can have in your bank account.
Some banks have limits on daily transactions, for both business and personal accounts, but it is up to you to determine what these limits are.
Certain savings accounts may have upper limits beyond which the money is no longer protected.
Which bank is best for startups?
The UK offers several high street banks that are great for startups, but you will have to do your own research to find the best business bank account. Here is a list of banks that might be the best business banking provider for your startup.
Starling Bank
– No monthly or annual fee for electronic payments or withdrawals.
– Works with accounting software.
– Business overdrafts are available.
– Deposits are protected by the Financial Services Compensation Scheme (FSCS).
Monzo Lite
– Free business banking account
– Protected by the FSCS.
– Customer support is always available.
– Get a free business debit card.
– Part of the Current Account Switch Guarantee, making it easy to transfer your personal account.
Tide Free
– Free digital account.
– Low-cost transfer and withdrawals.
– Syncs with accounting software.
– Free registering of your business and can open an account online.
– Completely free banking for businesses.
– Designed by NatWest.
– Maximum balance limits of £50,000 for freelancers and £100,000 limited companies.
– Free accounting software.
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