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AirWallex Business Account
Most Popular

Interest earned on positive balances (AER)   0%

Monthly fees   £0.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Do I Qualify?

 

Must have registered business in the UK.

Important Information:

 

  • Local currency accounts with local bank details in 12 markets
  • Make intl transfers to +150 countries at interbank rates
  • Accept payments worldwide
  • Issue multi-currency corporate cards
  • Expense management & Software integrations
Anna Free Business Account

Interest earned on positive balances (AER)   0%

Monthly fees   £0

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Information on applying 

 

  • A business current account made for startups, freelancers and creative types
  • Information about your business is required
  • Applying takes about 10 minutes and a debit card is sent within five working days
  • Identity - Proof of identity and proof of address are required

Important information

 

  • Unlimited outgoing transfers
  • First £1,000/month incoming free, then 0.95% after
  • 1 card
  • Savings up to 3.66% AER
  • MTD ITSA filing – free
  • Auto Accountant – first 4 months free, then £29/mo
Monese Business Bank Account

Interest earned on positive balances (AER)   0%

Monthly fees   £9.95

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Do I Qualify?

 

  • You need to be at least 18 years old
  • Before you apply, you'll need to have a personal account with Monese
  • You have to be a director of a company registered with Companies House in the UK

Important Information:

 

  • Manage personal and business accounts from one app
  • Send and receive money to other UK accounts for free
  • Money transfers to or from over 30 countries
  • Top up business account with cash
  • App available in 14 languages
  • Foreign currency card spending 0.5% fee per transaction
  • 6 FREE withdrawals per month £1 per withdrawal after
Revolut Free Business Account

Interest earned on positive balances (AER)   0%

Monthly fees   £0.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Do I Qualify?

 

  • Must be at least 18 years old
  • Have a registered business within the EEA (European Economic Area)
  • Proof of your business address and Companies House details

Important Information

 

  • Receive and send funds in up to 28 currencies
  • Issue unlimited cards to employees
  • Create multiple accounts to isolate expenses
  • Export transactions to accounting software
  • Create Virtual cards
  • Pay at least £7 per month to access key features
  • International transfers cost £3 each
  • Local transfers cost £0.20 each
Revolut Grow Business Account

Interest earned on positive balances (AER)   0%

Monthly fees   £19.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Do I Qualify?

 

  • Must be at least 18 years old
  • Have a registered business within the EEA (European Economic Area)
  • Proof of your business address and Companies House details

Important Information

 

  • Pay at least £7 per month to access key features
  • Priority support only available through paid accounts
  • International transfers cost £3 each
  • Local transfers cost £0.20 each
  • IBANs for global transfers
  • Manage recurring transfers
  • Bulk payments
 
Revolut Scale Business Account

Interest earned on positive balances (AER)   0%

Monthly fees   £79.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Do I Qualify?

 

  • Must be at least 18 years old
  • Have a registered business within the EEA (European Economic Area)
  • Proof of your business address and Companies House details

Important Information

 

  • Up to 50 free international payments
  • Two metal cards free of charge
  • Priority support only available through paid accounts
  • International transfers cost £3 each
  • Local transfers cost £0.20 each
  • IBANs for global transfers
  • Manage recurring transfers
  • Bulk payments
The CardOne­Money Business Account

Interest earned on positive balances (AER)   0%

Monthly fees   £12.50

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

What you'll get:

 

  • Up to 4 additional CardOneMoney Prepaid Corporate MasterCards® which are linked to your business account.
  • Online, phone and SMS Account Access - pay bills using Faster Payments from your smartphone or tablet.
  • Bill payment service.
  • Direct Debits on CardOneMoney 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.

Important information 

 

  •  There are no cheque books supplied with this account and no overdraft or other borrowing facility.
  •  Applications are subject to identification, residency and company checks.
  •  The insolvency status of the company is checked.
  •  The Card One Money may need to contact you for additional information or identification.
  •  Maximum £2million per annum turnover
  •  No credit checks
  • There is an application fee of £55
Zempler Bank Business Extra Account

Interest earned on positive balances (AER)   0%

Monthly fees   £9.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Sole traders


You’ll need to be:

A UK based sole trader or freelancer

You must not be:

Registered at UK Companies House


Limited companies


You’ll need to ensure your:

Business is based in the UK
Business is registered at UK Companies House and your business status is classified as active (e.g. not dissolved, in liquidation or about to be struck off)
Confirmation statement with UK Companies House is up to date

Important Information:

 

  • FSCS protection up to £85,000 on eligible deposits.
  • Apply in minutes and bank in-app or online.
  • 0.5% cashback a month on card spend. That’s up to £1,000 a month.
  • Sending money: 20 free payments and transfers a month.
  • UK telephone customer support from real humans.
  • As well as 24/7 account fraud protection, cashflow tracking integrated accounting, & cash deposits
    at any of the UK’s 11,500 Post Offices
Zempler Bank Business Go Current Account

Interest earned on positive balances (AER)   0%

Monthly fees   £0.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Sole traders


You’ll need to be:

A UK based sole trader or freelancer

You must not be:

Registered at UK Companies House


Limited companies


You’ll need to ensure your:

Business is based in the UK
Business is registered at UK Companies House and your business status is classified as active (e.g. not dissolved, in liquidation or about to be struck off)
Confirmation statement with UK Companies House is up to date

Important Information:

 

  • Business Go card fee - £9.95 each
  • Receiving money (payments & transfers)-Free & unlimited
  • Sending money (payments & transfers)- 3 free a month (30p after)
  • Cash withdrawals -£2 (UK), £3 (Non-UK)
  • Pay in cash at any UK Post Office -£3 minimum fee (or 0.5% fee of the total amount paid in)

 

Zempler Bank Business Pro Account

Interest earned on positive balances (AER)   0%

Monthly fees   £19.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

Sole traders


You’ll need to be:

A UK based sole trader or freelancer

You must not be:

Registered at UK Companies House


Limited companies


You’ll need to ensure your:

Business is based in the UK
Business is registered at UK Companies House and your business status is classified as active (e.g. not dissolved, in liquidation or about to be struck off)
Confirmation statement with UK Companies House is up to date

Important Information:

 

  • 1% cashback a month on card spend. That’s up to £1,000 a month.
  • Interest earning savings pot.
  • Dedicated Pro support team and in-app messaging.
  • FSCS protection up to £85,000 on eligible deposits.
  • Apply in minutes and bank in-app or online.
  • Tools like cashflow tracking, instant notifications and integrated accounting.
Tide Business Free
Tide Business Free

Interest earned on positive balances (AER)   0%

Monthly fees   £0.00

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

What you’ll get:

  • A free business account made for small businesses and sole traders (option to upgrade free to an FSCS-protected account).
  • Scheduled payments and set up Direct Debits.
  • Accounting integrations with Quickbooks, Xero, Sage and more.
  • Monthly statements are downloadable as PDF files.
  • Transaction categorisation that automatically tags income and spending.
  • Ability to upload receipts and auto-match them to transactions.
  • Invoicing tools that allow to send client invoices and track when paid.

Important information: 

  • All applications are subject to identification checks. You will be asked for a form of ID such as a driving licence or passport. 
  • No cheque books supplied. No overdraft facilities. However, you may be able to apply for a business loan on the Tide platform.
  • Limits will apply to the account balance, monthly transactions and card transactions. However, users can request to have these increased.
  • Cash withdrawals within the UK cost £1.00. Bank transfers (in or out) cost £0.20. Fees also apply for cash deposits through the Post Office and PayPoint. 
  • Other fees and costs apply. Please check the providers’ website.
  • Access Tide Instant Saver Account to earn up to 2% AER (variable) on your capital for the first 6 months. After this period get the rate of your chosen plan. *T&Cs apply
Tide Business Smart Account

Interest earned on positive balances (AER)   0%

Monthly fees   £12.49 (plus VAT)

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

What you’ll get:

  • A business account made for small businesses and sole traders (option to upgrade free to an FSCS-protected account).
  • A free contactless MasterCard card with card management access (additional cards cost £5 per month).
  • Scheduled payments and set up Direct Debits.
  • Accounting integrations with Quickbooks, Xero, Sage and more.
  • Monthly statements are downloadable as PDF files.
  • Transaction categorisation that automatically tags income and spending.
  • Ability to upload receipts and auto-match them to transactions.
  • Invoicing tools that allow to send client invoices and track when paid.
  • Priority in-app support and phone support.
  • 24/7 Legal helpline.
  • Exclusive member perks and discounts.
  • A dedicated team of account managers.

Important information: 

  • All applications are subject to identification checks. You will be asked for a form of ID such as a driving licence or passport. 
  • No cheque books supplied. No overdraft facilities. However, you may be able to apply for a business loan on the Tide platform.
  • Limits will apply to the account balance, monthly transactions and card transactions. However, users can request to have these increased.
  • Cash withdrawals within the UK cost £1.00. Bank transfers (in or out) cost £0.20. Fees also apply for cash deposits through the Post Office and PayPoint. 
  • Other fees and costs apply. Please check the providers’ website.
Tide Pro Business Account

Interest earned on positive balances (AER)   0%

Monthly fees   £27.49 (plus VAT)

Arranged Overdraft fees   Service not available

Overdraft facility   Service not available

EAR   0%

What you’ll get:

  • A business account made for small businesses and sole traders (option to upgrade free to an FSCS-protected account).
  • A free contactless MasterCard card with card management access (additional cards cost £5 per month).
  • Scheduled payments and set up Direct Debits.
  • Accounting integrations with Quickbooks, Xero, Sage and more.
  • Monthly statements are downloadable as PDF files.
  • Transaction categorisation that automatically tags income and spending.
  • Ability to upload receipts and auto-match them to transactions.
  • Invoicing tools that allow to send client invoices and track when paid.
  • Priority in-app support and phone support.
  • 24/7 legal helpline.
  • Exclusive member perks.

Important information:

  • All applications are subject to identification checks. You will be asked for a form of ID such as a driving licence or passport. 
  • No cheque books supplied. No overdraft facilities. However, you may be able to apply for a business loan on the Tide platform.
  • Limits will apply to the account balance, monthly transactions and card transactions. However, users can request to have these increased.
  • Cash withdrawals within the UK cost £1.00. Bank transfers (in or out) cost £0.20. Fees also apply for cash deposits through the Post Office and PayPoint. 
  • Other fees and costs apply. Please check the providers’ website

How it works

To compare and find the best business bank account suited to your business needs, follow the four quick steps below.

Decide what is right for you Icon Decide what is right for you

First, determine what is most important to you and your business. For example, is it customer service, low monthly fees, overdraft facilities, interest rates, or something else?

Compare business banks Icon Compare business banks

Once you've chosen the essential features for your business, use the comparison table to compare providers and accounts. For example, to check monthly fees, click the arrows next to "Monthly fees" at the top of the table to see the highest and lowest fees.

Click Icon Click

Once you have found a business bank account that's right for you and your business, click on the button to go to the provider's site and find out more information. 

Apply Icon Apply

Before opening a business bank account online it’s important to feel confident you are making the right choice. If you have doubts or questions, address these with the provider. Opening a business account is different to opening a personal account, you will be required to submit personal information as well as information about your business.



What is a business bank account?

A business bank account is designed specifically for businesses, and used to facilitate all of the business' transactions. It works similarly to a personal current account, except it is for a business (or organisation) as opposed to an individual. These bank accounts come with debit cards, paying in books and cheque books for daily business banking needs. They also allow for direct debits and standing orders to be set up, payments of invoices, wages and bills to be made. These facilities are avaibable online or on the banks' mobile app.

How do I open a business bank account?
Exact requirements vary slightly between banks, but generally speaking, you can open a business bank account online or in the branch. You will need to provide identification for yourself and anyone who can sign for the account. Other documents that will be required can include certificates of incorporation, proof of address and even business plans. Check with your bank before you apply to make sure you meet their criteria.

Am I required to have a business account for my company?
It is essential to ensure that all business transactions are kept separate from any personal banking when you run a business. Businesses in the UK are required to have a business bank account. For sole traders, this is not a requirement (although some banks may not allow a personal account to be used for business purposes). From an accounting perspective, transactions and expenses are easier to track when clearly separated.

What do I need to be aware of?
Most business accounts offer an introductory fee-free period, but this varies, so always shop around and do your research. Check the cost of fees and if you will earn interest on credit balances. Some accounts come with limits on the amount you can payout in one day - make sure you understand the terms and conditions of your chosen account before you apply to ensure it's right for you.

What do I need to look for when comparing business bank accounts?
When making comparisons check the monthly fee and overdraft cost (not all accounts will have this facility). Also, check the costs to run the account on a day to day basis. For example, paying in cheques, making BACS payments and more. If you sell products or offer services outside of the UK, you may want to check the associated costs and fees for foreign transactions.

Are there alternatives to traditional business bank accounts?
A new type of business bank account is emerging that is not part of the traditional banking sector, these are mainly or solely operated digitally and are often referred to as challenger banks. Mobile or online-only banks accounts are opened online, and sometimes cheaper and more innovative than traditional high street banks.

 

What do I need to look for when choosing a business account?
Things to look for when choosing a business account include introductory offers that will make your banking cheaper for a period of time, but also what the standard costs are to run the account day to day.  For example, some accounts will charge you more for paying in cheques, but less to make and receiving BACS payments.  If you don’t deal with cheques, but do make a lot of online payments, this may be a better choice than a bank that is cheaper to pay in cheques but charges you more to make and receive payments online.

Are there alternatives to business bank accounts?
As with personal current accounts, there is a new breed of business bank accounts emerging that are not part of the traditional banking sector.  Mainly or solely online, more and more online business banks are setting up, each offering something slightly different as they identify new needs and requirements.  Use a comparison site to explore the options available.

Can I use my personal bank account instead of a business account? -

If you are running a business, keeping any business spending separate from personal spending is a requirement. By law, businesses must have a business account keeping personal transactions separate. This is not a requirement for sole traders; however, some banks may not allow a personal current account to be used for business purposes. Having a business bank account can also help you if you need to apply for a business loan in future.

How long does it take to open a business bank account? +

This depends on the account provider and if you have all the relevant documentation. A new business bank account can be opened in as little as one hour or several days. It will take around a week after the account has been opened for debit cards, credit cards, etc., to be delivered.

Can I use a switching business bank account service? +

You can use the Current Account Switch Service to switch business bank accounts in the same way you would use it to switch personal bank accounts from one provider to another. This is a free service that enables you to move all direct debits and recurring payments, as well as balances, to your new account and close down your old business bank account. However, if you are over-drawn, the new bank may not allow you to transfer an overdrawn balance to them, and you could be required to pay off any overdraft in full before you can switch banks. Check with your chosen bank to make sure you understand their policies and procedures.

Are there usually monthly fees? +

Most business bank account providers will charge a monthly fee. However, many also offer introductory periods where no monthly fee is charged or free bank accounts with some limits, which you can upgrade for additional benefits and facilities. So it is always worth checking with your chosen bank what their new business account offers to ensure that you make the best decision for you and your business.

Business Bank Accounts FAQs