The business bank accounts listed below are the top tier offerings from each of the various banks and other financial institutions in the UK.
Featured: Tide*
- Online business bank accessible 24/7 through the mobile app, or on desktop.
- Offers a Free account (£0 per month), Plus account (£9.99 per month), Pro (£18.99 per month), and Cashback account (£49.99 per month)
- Bank transfers cost £0.20 or free as part of the paid plans up to the monthly limit.
- Easily organise accounts and transactions on the Tide app.
- Contactless MasterCard debit is available.
- Card readers available.
- Freeze and unfreeze your card on the app.
- No foreign transaction fees for most accounts.
- App can also create and send invoices.
- Sync with accountancy software including Xero, QuickBooks and Sage.
- 4-star rating on Trustpilot.
Website: Tide Business Banking
Read the full Tide Business Account review.
- 0.5% cashback on everything you spend on your Tide card
- Deposits are FSCS protected
- Dedicated team of account managers
- 3 FREE Expense Cards
- Priority service in the app
- 24/7 legal advice helpline
- Still costs £1 to withdraw cash via ATM
- Can't deposit cheques
- £2.50 to deposit cash at PostOffice or 3% at PayPoint
Companies are ranked in no particular order.
Note data comes from each company’s website. Companies are ranked in no particular order.
1. Revolut Business*
- Basic accounts from £10 per month. Bespoke enterprise plans also available.
- 10 local transfers for free each month.
- Trade in 25+ currencies with no fees.
- Mobile business account, accessible online and on desktop 24/7.
- Virtual debit card available.
- Company cards with spending controls.
- Oversee spend in real-time and receive notifications.
- Integrates with accounting software including Xero and QuickBooks.
- Low-cost add-ons such as payroll and expense management tools.
- Open API.
Website: Revolut Business Banking
Read the full Revolut Business Bank Account review.
Key Features:
- Monthly fee: £100/month
- UK Card Purchases: Free
- ATM withdrawals: 2% fee
- Bank Transfers: 1,000 free (£0.20 after)
- Overdraft: No
- Access: App & Online
Protection:
- FSCS protected: No
- FCA regulated: Yes
- 50 Free International Payments Per Month
- 2 Free Metal Cards
- Hold and exchange 25+ currencies
- £50,000 worth of foreign exchange at the real rate
- 24/7 support
- Free transfer to other Revolut accounts
- IBANs for global transfers
- Local accounts in GBP & EUR
- Ability to Accept Payments
- Ability to buy and hold crypto with your account (0.99% fee)
- Not FSCS protected
- 2% fee to withdraw cash
2. Zempler Bank (formerly Cashplus) GO
- 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
- UK-based customer service support
- Pay in cash at any Post Office location
- Business tool integration including cashflow tracking and accounting
- Max account balance of £500,000
- Funds are FSCS protected
Website: Zempler Bank Website
Read the full Zempler Bank Business Current Account review.
Key Features:
- Monthly fee: Free
- UK Card Purchases: 3 free then £0.30
- ATM withdrawals: £2
- Bank Transfers: 3 free then £0.30
- Overdraft: No
- Access: App & Online
Protection:
- FSCS protected: Yes, up to £85,000
- FCA regulated: Yes
- No monthly or annual fee
- Deposits are FSCS protected
- Can apply online
- UK phone support
- Accounting software integration
- One time £9.95 card fee
- £50k account limit
- No cashback on Go account
- Minimum £3 fee to deposit cash at the Post Office
3. Starling Bank*
- Free business current account.
- No fees for ATM withdrawals, either in the UK or overseas.
- Free UK bank transfers.
- Send money to 34 countries quickly and securely.
- Deposit cash at the Post Office.
- Manage your account 24/7 using the app.
- Overdraft is available up to £50,000, subject to application.
- 24/7 UK support
- FSCS regulated, with protection up to £85,000.
- Integrates with accounting software like Xero, Quickbooks, and FreeAgent.
Website: Starling Bank Business Banking
Read the full Starling Bank Business Bank Account review.
4. Wise
- £45 account set-up fee.
- Earn up to 0.5% cashback on spending.
- Withdraw up to £200 from ATMs for free each month.
- Send money in 50 different currencies.
- Foreign exchange fees start at 0.33%.
- Receive Swift payments in 23 currencies at no cost.
- Grow your money through interest and investments, for an annual fee.
- Online only. Manage your current account online and on the app 24/7.
- Run up to 1,000 batch payments.
- Integrate with Xero, Quickbooks, and other accounting tools.
- Track team expenses and manage payroll through the app.
Website: Wise Business Banking
Read the full Wise Business Bank Account review.
5. ANNA Bank
- Monthly account fees from £0 to £49.90 + VAT.
- Up to 40% cashback on 150+ products and services.
- 2 cards included.
- Send and receive local payments from 29p per transfer.
- 1.5% ATM withdrawal fee.
- £5 per Swift or CHAPS payment.
- 2% fee to pay cash into your account.
- Set up your account in 10 minutes.
- Create, send, and chase invoices.
- Schedule payments of purchase invoices.
Website: Anna Business Banking
Read the full Anna Business Bank Account review.
6. Card One Money
- Current account costs £12.50 per month.
- No credit checks or application fees.
- Same-day online payments £7.50. Next-day online payments are free.
- UK ATM withdrawals cost £1.50.
- Earn up to 3.5% cash back on purchases from select retailers.
- First card free; additional cards available for £5 per month.
- Withdrawals outside the UK cost £3 plus a 2.75% transaction fee.
- Maximum card balance is £5,000.
- Not regulated by the Financial Services Compensation Scheme.
- 24/7 online and mobile banking.
Website: CardOneMoney Business Banking
Read the full CardOneMoney Business Bank Account review.
7. Airwallex
- Offers a free multi-currency bank account
- Collect, send and hold money in a variety of currencies
- Over 34 currencies and over 130 countries
- Zero international fees
- Competitive exchange rates
- Offers virtual cards with spending limits and controls
- Foreign currency accounts in EUR, USD and AUD
- Direct settlement in foreign currency
- Integrates with Xero accounting software
- Integrates with popular online stores
Website: Airwallex Business Banking
8. Aldermore
- Business savings account only, no current account.
- Fixed-rate and easy access savings accounts available.
- Available to all UK businesses, including sole traders.
- Competitive interest rates of 0.5-0.85% AER.
- Real-time interest rate information.
- Rated ‘Excellent’ by Business Moneyfacts.
- No fees or charges for standard account features.
- Fixed rates of 6 months or 1 year.
- Business finance is also available.
- Average independent review score of 4.7 out of 5.
Website: Aldermore Business Savings
Read the full Aldermore Business Savings Account review.
9. Countingup
- Manage your account 24/7 using the app.
- Suitable for freelancers and limited companies.
- Access to a contactless MasterCard.
- All the usual current account features – Direct Debits, standing orders, payments, transfers etc.
- £4.95-£9.95 a month, depending on how much you deposit.
- Free account available for businesses depositing £500 or less each month.
- Open an account in 5 minutes.
- Includes accounting features, including profit and loss and expense management.
- Bookkeeping and invoicing features included.
- 4.5 stars on Trustpilot.
Website: Countingup Business Banking
Read the full Countingup Business Bank Account review.
10. NatWest
- 24/7 online and mobile banking.
- Accounts available for businesses in their first 12 months, established businesses, and not-for-profits.
- No minimum monthly charge, only pay for what you use.
- Automated payments (standing orders, bank transfers etc.) are charged at £0.35 each.
- Cash payments in or out cost £0.70 per £100.
- Debit, credit, and charge cards are available.
- New businesses get 18-months’ free business banking.
- Access free to FreeAgent accounting software.
- Awarded ‘Best Banking App’ at the 2018 British Banking Awards.
- Savings accounts and borrowing are also available.
Website: NatWest Business Banking
Read the full NatWest Business Account review.
11. HSBC
- 24/7 online and mobile banking.
- Accounts for new businesses, more established businesses, and community organisations.
- £6.50 a month.
- Most account transactions are free for the first 24 months.
- Commercial card and debit card available.
- 18 months’ free banking for new businesses.
- 12 months’ free if you switch.
- Awarded a Moneyfacts 5-star rating for Business Current Account in 2017.
- Best Tariff Promise – HSBC will regularly check you’re using the right account for your needs.
- Phone banking available from 8am to 10pm every day.
Website: HSBC Business Banking
Read the full HSBC Business Account review.
12. Lloyds Bank
- 24/7 online and mobile banking.
- Accounts for new businesses, established businesses, and clubs, charities and societies.
- Awarded Moneyfacts Best Service from a Business Bank 2020.
- 12 months’ free for new businesses.
- Choice of electronic banking tariff or mixed transaction tariff
- 7-day Switch Guarantee.
- Up to £20 monthly fee.
- Ranked 6th in an independent regulatory survey of the 14 largest business banks in 2021.
- Electronic payments are free or from £0.37 depending on the tariff, cash payments cost between £0.90-£1.40 per £100.
- Support from a UK-based business management team.
- Access to borrowing products.
Website: Lloyds Bank Business Banking
Read the full Lloyds Bank Business Account review.
13. Metro Bank
- 24/7 phone, online and mobile banking.
- Accounts available for startups and more established businesses.
- Telephone support available Monday to Friday 8-6pm.
- Monthly fee of £6 plus £0.30 transaction fees.
- Debit card included. Free to use throughout Europe.
- 7-day Switch Guarantee.
- Ranked 2nd in an independent regulatory survey of the 14 largest business banks.
- Monthly account fee is waived if your balance stays at £6,000+ for the whole month plus 30 free transactions.
- Branches throughout the Midlands and South of England.
- Savings account and business finance available.
Website: Metro Bank Business Banking
Read the full Metro Bank Business Account review.
14. Bank of Scotland
- 24/7 online and mobile banking.
- Accounts available for start-ups to larger businesses.
- 7-day Switch Guarantee.
- 12 months’ free day-to-day business banking for new businesses.
- Ranked 8th in an independent regulatory survey of the 14 largest business banks.
- £7-20 monthly account fee (depending on account and annual turnover).
- Free electronic payments on most accounts or £0.37.
- Cash payments from £0.90 per £100.
- Debit, credit, and charge cards available.
- Foreign exchange, insurance, savings, and finance products available.
Website: Bank of Scotland Business Banking
Read the full Bank of Scotland Business Account review.
15. TSB
- 24/7 online and mobile banking.
- Accounts for businesses and charities.
- £5-£40 monthly fee, depending on tariff.
- Free electronic payments.
- Free for 25 months for new businesses and businesses switching.
- Free card payment reader from Square is available.
- Debit and credit cards are available.
- Deposits can be made at 300 branches or Post Office branches.
- Ranked 11th in an independent regulatory survey of the 14 largest business banks.
- Backed by the Current Account Switch Service guarantee.
Website: TSB Business Banking
Read the full TSB Business Account review.
16. Santander
- 24/7 online and mobile banking.
- Accounts for both small and established businesses.
- £7.50-12.50 standard monthly fee.
- New businesses and switchers pay £0-5 a month for 18 months as a startup and 12 months as a switcher on some accounts.
- Get cashback on your turnover up to £300.
- Credit and debit cards are available.
- Awarded Moneyfacts Best Business Current Account Provider of the Year 19 years in a row.
- Bank over the phone, in-branch, or at the Post Office.
- 7-day Switch Guarantee.
- Ranked 3rd in an independent regulatory survey of the 14 largest business banks.
Website: Santander Business Banking
Read the full Santander Business Account review.
17. Royal Bank of Scotland
- 24/7 phone, online, and mobile banking.
- Accounts available for start-ups and established businesses.
- 24-months’ free for new businesses.
- Debit and credit cards are available.
- Access to a Relationship Manager for larger businesses.
- Free access to FreeAgent accounting software.
- No minimum monthly fee, only pay for what you use.
- Foreign exchange, insurance, savings, and finance products are available.
- 7-day Switch Guarantee
- Access to Entrepreneur Accelerator programme and local Business Growth Events.
Website: Royal Bank of Scotland Business Banking
Read the full Royal Bank of Scotland Business Account review.
18. Ulster Bank
- 24/7 online and mobile banking.
- Accounts available for start-ups, large businesses, and non-profits.
- Businesses must be registered in Northern Ireland to apply.
- Debit and credit cards are available.
- Free for startups for 18 months.
- Phone support Monday to Friday, 8.30am-5.30pm.
- Relationship Manager provided subject to turnover and eligibility.
- 7-day Switch Guarantee
- Free accounting software called FreeAgent.
- Business finance, savings, and investment products are also available.
Website: Ulster Bank Business Banking
Read the full Ulster Bank Business Account review.
19. Co-operative Bank
- 24/7 online and mobile banking.
- Accounts available for start-ups, large businesses, and non-profits.
- A separate account with added benefits for members of the Federation of Small Businesses (FSB).
- Awarded Moneyfacts Best Service for a Business Account 2017-2020, and Best Charity Banking Provider 2016-2020.
- New customers get 30 months of free everyday banking.
- £7-10 monthly fee.
- Unlimited deposits and withdrawals with the Business Current Account.
- No charges for all automated credits and cash withdrawals with the Business Directplus Current Account.
- No monthly fee or admin charges if your balance stays above £1,000 on the Business Directplus Current Account.
- Ranked 11th in an independent regulatory survey of the 14 largest business banks.
Website: Co-operative Bank Business Banking
Read the full Co-operative Bank Business Account review.
20. Allied Irish Bank
- 24/7 online and mobile banking.
- Interest paid back on your balance.
- £10 quarterly account fee.
- Cash payments from £0.65-£1.50 per £100.
- Debit and credit cards are available.
- Withdraw up to £500 a day with your debit card.
- Payments can be made at Post Office branches.
- Make and receive payments electronically, by cheque, direct debit, or standing order.
- Part of the Current Account Switch Guarantee.
- Savings and business finance products are available.
Website: Allied Irish Bank Business Banking
Read the full Allied Irish Bank Business Account review.
21. Barclays
- 24/7 online and mobile banking.
- Two simple price plans – one for businesses accepting cash and cheques, and one for online payments.
- Business Moneyfacts Business Start-up Bank of the Year 2017-2021.
- 12 months’ free banking for businesses in their first 12 months of trading.
- UK-based phone support available 7am-8pm, Monday to Friday.
- Monthly account fees up to £8.50.
- Free cash machine withdrawals.
- Cash payments cost up to £1.50 per £100.
- Extra support for businesses exporting goods and working abroad.
- Also offers payment taking services with Barclaycard.
Website: Barclays Business Banking
Read the full Barclays Business Account review.
22. PayPal Debit
- Manage account 24/7 online and on the app.
- Not a replacement for a business current account – purely for payments and transfers.
- Access to a debit card connected to your business PayPal account.
- No monthly fee.
- 0.5% cashback every time you spend.
- Access your PayPal funds instantly.
- No foreign exchange fees for international purchases.
- Can use your card in person and online.
- £1 fee for cash withdrawal.
- £350 daily withdrawal limit and £6,000 daily transaction limit.
Website: PayPal Debit Business
Read the full PayPal Debit Business Account review.
23. Fair Everywhere
- Manage your account 24/7 using the Fair Everywhere app.
- Make and receive payments from 210 countries.
- Make payments in local currencies at competitive rates.
- Access to a MasterCard you can use internationally.
- Easily link to your accounting software including Sage, Quickbooks, Xero and Concur.
- UK-based online and phone support available Monday-Friday as well as live chat on Saturdays.
- £12.50 per month account fee.
- Separate currency wallets for euros, dollars, and sterling.
- 8% cashback from over 50 UK high street retailers.
- Send and receive up to £100,000 each month.
Website: Fair Everywhere Business Banking
Read the full Fair Everywhere Business Bank Account review.
24. Nationwide
- Business savings account only, no current account.
- Internet Banking is due to be available in late 2021.
- Easy access, notice, and fixed-rate accounts are available.
- 0.05-0.3% AER.
- Fixed-rate account – offers 1-year term only.
- Notice account – access your money with 35-95 days’ notice.
- Flexible account – pay in and withdraw for free whenever you want but the minimum withdraw is £500.
- £5,000 minimum opening balance.
- Choose between monthly/annual interest.
- You won’t earn any interest if your balance falls below £5,000.
Website: Nationwide Business Savings
Read the full Nationwide Business Savings Account review.
25. Virgin Money
- Combined offering for Yorkshire Bank and Clydesdale Bank.
- 25 months free when you switch to them or a new business.
- £6.50 per month account fee.
- Automated credited and debits at £0.30.
- Cash payments at £0.65 per £100.
- No transaction fees in the EU.
- 0.35% cashback on debit card transactions and discounts at selected merchants.
- Five-star rating for Business Current Account – Business Tariff 2021.
- 7-day switch.
- Access to smart Money Management digital tools.
Website: Virgin Money Business Account
Read the full Virgin Money Business Savings Account review.
26. Cynergy Bank
- Manage your account online and on mobile 24/7.
- Contactless Visa debit card is available.
- £15 per quarter maintenance fee.
- Transaction charges vary £0.30-0.60
- Cash payments £0.65 per £100.
- Pay into and withdraw from your account at HSBC branches.
- £10 opening deposit.
- Customer services open 7 days a week.
- Business Moneyfacts finalist for Best Business Fixed Account Provider 2019.
- Business finance products also available
Website: Cynergy Bank Business Banking
Read the full Cynergy Bank Business Bank Account review.
27. State Bank of India (UK)
- 24/7 online banking.
- Free online transfers to the UK and India.
- Transfer to India in 2-24 hours.
- No annual fee if your balance stays above a minimum amount.
- 25 free transactions every month.
- £80 annual fee for the current account.
- £0.60 transaction charges.
- Manage your account in branch, by post or online.
- 12 UK branches, predominantly in London.
- Business finance also available.
Website: State Bank of India UK Business Banking
Read the full State Bank of India UK Business Bank Account review.
28. United Trust Bank
- Business savings account only, no current account.
- Available for companies, partnerships, pension funds, trusts, clubs, schools and sole traders.
- Fixed-rate accounts only.
- 1.15-1.4% AER available.
- No withdrawals during the term.
- Save for 1, 2 or 3 years fixed term.
- Minimum deposit of £5,000.
- Interest paid annually.
- 14-day notice at the end of the term given.
- Choice to re-invest or receive funds at the end of the term
Website: United Trust Bank Business Savings
Read the full United Trust Bank Business Savings Account review.
29. Charity Bank
- Business savings account only, no current account.
- You earn interest from supporting UK-based charities and community enterprises.
- Offers fixed-rate accounts only.
- 0.47% AER available.
- Term of 1 year.
- Single deposit only.
- Minimum deposit of £10,000.
- £500,000 maximum deposit.
- Manage your account by post, email, and phone.
- On maturity nomintee an account or reinvest the funds.
Website: Charity Bank Business Savings
Read the full Charity Bank Business Savings Account review.
30. Hampshire Trust Bank
- Business savings account only, no current account.
- Notice and fixed-rate accounts available.
- 0.75-1.2% AER available.
- 95 and 120 days must be given on notice accounts.
- Fixed accounts for 1 or 2 years.
- £5,000 minimum and £750,000 maximum investment.
- Manage your account by post, email, and phone.
- 4.6/5 average rating on Feefo.
- Platinum Feefo Trusted Service Award in 2021.
- Business finance products also available.
Website: Hampshire Trust Bank Business Savings
Read the full Hampshire Trust Bank Business Savings Account review.
31. Kent Reliance
- Business savings account only, no current account.
- Open an account online in 10 minutes.
- 0.20% AER.
- Branches in the South East of England.
- Interest paid monthly or annually.
- £1,000 minimum opening deposit.
- Easy access to your money online.
- Companies must have a maximum of 3 Directors to be eligible.
- No fees or penalties for withdrawal.
- Manage your account easily online.
Website: Kent Reliance Business Savings
Read the full Kent Reliance Business Savings Account review.
32. Cumberland Building Society
- Current account and savings available.
- Manage your account 24/7 online and on the app.
- Debit card included.
- Free for 12 months for businesses with a turnover of up to £250,000 per year.
- Switch in 7 days.
- 4.8/5 average rating on Feefo.
- Integrates easily with Xero.
- £3-5 monthly fee.
- Receive money with your phone using Pay2Mobile.
- Overdraft facility available on request subject to status.
Website: Cumberland Building Society Business Banking
Read the full Cumberland Building Society Business Bank Account review.
33. Redwood Bank
- Business savings account only, no current account.
- Notice and fixed-rate accounts available.
- Access your cash with 35 or 95 days’ notice on notice accounts.
- 0.7-0.9% AER available.
- Mortgages for business owners are also available.
- Pay in £10,000-£1,000,000.
- Add up to 4 authorised users.
- Awarded Best Business Variable Rate Deposit Account Provider in 2019 and 2020.
- Interest paid monthly or annually.
- Apply online in 15 minutes.
Website: Redwood Bank Business Savings
Read the full Redwood Bank Business Savings Account review.
34. Shawbrook Bank
- Business savings account only, no current account.
- Easy access, notice and fixed-rate accounts available.
- 0.5-1.1% AER available.
- £1,000 minimum balance.
- £2,000,000 maximum investment.
- Put your money away for 1 or 2 years with the fixed account.
- Notice accounts with 45 and 100 days’ notice.
- Asset finance, point of sale finance, and other business loans are also available.
- Available for sole traders, limited companies, partnerships, or limited liability partnerships.
- Not available to charities or trusts.
Website: Shawbrook Bank Business Savings
Read the full Shawbrook Bank Business Savings Account review.
35. Cambridge Building Society
- Business savings account only, no current account.
- Easy access account available.
- Earn interest daily.
- Open and manage your account in branch or via post.
- 0.1% AER.
- Can make withdrawals up to twice a month.
- £1,000 minimum investment.
- £2,500,000 maximum investment.
- Available to sole traders, partnerships, limited companies, registered charities, housing associations, and clubs.
- Interest is paid annually on 31st December.
Website: Cambridge Building Society Business Savings
Read the full Cambridge Building Society Business Savings Account review.
36. Monzo
- Online account only that can be managed through the app 24/7.
- Offers a free Lite account and £5 per month account with advanced features.
- Accounts are available to sole traders and limited companies in the UK.
- Organise money into different ‘pots’.
- 24/7 customer support.
- Business debit card included.
- Notifications when you spend and get paid.
- Instant bank transfers and direct debits.
- Integrate with accounting tools including Xero, FreeAgent and QuickBooks.
- Track invoices and produce digital receipts.
Website: Monzo Business Banking
Read the full Monzo Business Bank Account review.
37. OakNorth
- Business savings account only, no current account.
- Easy access, notice, and fixed accounts available.
- Manage your account online.
- 0.1-0.45% AER available.
- Average Feefo rating of 4.5/5.
- 6 or 12-month fixed-term periods available.
- Offer 35, 60, 95, or 120 days notice to withdraw.
- £10,000 minimum balance.
- Your business must have been registered in the UK for at least 3 years.
- Maximum deposit across all their accounts is £1,000,000.
Website: OakNorth Business Savings
Read the full OakNorth Business Savings Account review.
38. bunq
- Online only. Manage your account on the app 24/7.
- Choice of Maestro or MasterCard Debit.
- €2.99 monthly account fee.
- Automatically syncs with many accounting and bookkeeping tools.
- Manage multiple local IBANs and currencies.
- Automatically sort incoming payments into sub accounts.
- Add or remove directors on the app.
- Get account notifications straight to your phone.
- Have up to 25 sub accounts
- Set up your account in 5 minutes.
Website: bunq Business Banking
Read the full bunq Business Bank Account review.
39. Amaiz
- Online only. Manage your account on desktop and the app 24/7.
- Prepaid MasterCard included.
- Track your cash flow on the app.
- Save cash in separate ‘jars’.
- Sole trader accounts £4.99-9.99 monthly fee.
- Business accounts £24.99-99.99 month fee.
- Automate invoices and receipts.
- Manage your PIN and freeze/unfreeze your card on the app.
- Push notifications when you get paid and pay your bills.
- Integrates with accounting software.
Website: Amaiz Business Banking
Read the full Amaiz Business Bank Account review.
40. Monese
- Manage your account on the app 24/7.
- Sign-up in a few minutes online.
- All transfers to UK accounts are free.
- Low-priced international transfers.
- Pay cash into your account from 40,000 UK locations.
- Free contactless MasterCard included.
- £9.95 monthly account fee.
- App available in 14 languages.
- Keep your business and personal expenses separate on the same app if you’re already a Monese customer.
- Create invoices in the app.
Website: Monese Business Banking
Read the full Monese Business Bank Account review.
41. Mettle
- Manage your current account on the app 24/7.
- Apply in minutes.
- Part of NatWest.
- Maximum balance of £50,000 for sole traders and £100,000 for limited companies.
- For sole traders and limited companies with up to two owners.
- Put aside money in Pots.
- Create invoices through to reconciling them.
- Integrate with accounting software including FreeAgent, Xero and QuickBooks.
- Insights into monthly spending habits through using your card and adding receipts.
- No monthly cost or transaction fees. (This could change, but Mettle will warn you beforehand.)
Website: Mettle Business Banking
Read the full Mettle Business Bank Account review.
42. Triodos Bank
- Focus on businesses making social and environmental changes.
- Account does not include a credit or debit card.
- Manage your day-to-day banking services online, by phone or by post.
- Set up Direct Debits and Standing Orders.
- Send and receive foreign payments.
- Write cheques and pay them in by post.
- UK based contact team.
- Offer Business & Charity deposit accounts.
- Fixed-term deposit accounts from £10,000.
- Also offer overdrafts to some customers.
Website: Triodos Bank Business
Read the full Triodos Bank Business Account review
43. Danske Bank UK
- Accounts available for large businesses, charities, and community organisations/groups.
- Manage your account online and on mobile 24/7.
- Includes Mastercard debit card.
- Accounts cost £2.50 to £14 a month.
- Extra charges apply to many account transactions, both in person and online.
- Manage your account in branch and at Post Offices.
- Fixed-term and easy access savings accounts available.
- Overdrafts and loans are also available.
- Branches only in Northern Ireland.
- Operates the Current Account Switch Guarantee.
Website: Danske UK Bank Business
Read the full Danske Bank UK Business Account review
44. Cater Allen Private Bank
- Accounts available for sole traders, partnerships, limited companies, clubs and societies.
- Manage your account online, over the phone, and through the post.
- Includes contactless Visa debit card.
- No monthly account fee.
- 30 free day-to-day transactions per calendar month.
- Debit cards available in pounds, Euros and US dollars.
- Transfer money between pounds, Euros and US dollars with no conversion charges.
- Interest paid on balances over £500,000.
- Part of the Santander Group.
- Fixed-term savings account available.
Website: Cater Allen Private Bank Business
Read the full Cater Allen Private Bank Business Account review
45. ICICI Bank UK
- Make fast and secure payments in a variety of currencies.
- Current accounts in pounds, Euros and US dollars.
- Manage your account 24/7 online and on mobile.
- Interest accumulated daily.
- Competitive exchange rates on foreign currencies.
- Business debit card.
- Dedicated Relationship Manager.
- £5 monthly account fee.
- Easy access savings account also available.
- Fixed deposit accounts for 6 months, 1, 2, 3 or 5 years.
Website: ICICI Bank UK Business Banking
Read the full ICICI Bank UK Business Account review
* Please note we have an affiliate relationship with Tide, Revolut, Starling, Wise, Anna, Countingup, CardOne, Zempler Bank, Airwallex and Aldermore
Business Banking FAQ
How do I open a business bank account?
The process can vary slightly depending on the bank, but generally involves the following steps:
1. Choose the Right Bank and Account Type
Research Options: Look into various banks, including traditional high-street banks and digital-only banks, to compare their business account offerings, fees, transaction charges, overdraft facilities, and additional services like business support and online banking capabilities.
Account Type: Decide on the type of business account you need. This could be a standard business current account, a foreign currency account (if dealing with international transactions), or a merchant account (for processing customer payments).
2. Prepare Your Business Details and Documents
You’ll typically need the following:
Personal Identification: Similar to personal accounts, you’ll need a form of personal identification like a passport or driver’s license.
Proof of Address: A utility bill or council tax bill can serve as proof of your personal address.
Business Information: Company name and address, contact details, and nature of the business.
Company Registration Details: For limited companies or partnerships, you’ll need your company registration number (CRN), details about the ownership and management structure, and possibly the Certificate of Incorporation.
Estimated Business Turnover and Funding: Banks might ask for an estimate of your business’s annual turnover and an understanding of your funding requirements.
3. Complete the Application Process
Application Method: You can usually apply online, over the phone, or in person at a branch. Digital banks often offer a streamlined online application process.
Application Details: Fill out the application form with your business details, personal information, and any additional information required by the bank.
4. Verification and Checks
The bank will conduct checks to verify your identity, the legitimacy of your business, and assess any financial risks associated with offering you an account. This may include a credit check on the business and its principals.
5. Account Opening
Once your application is approved, the bank will open your account and provide you with the account details, including sort code and account number. You will also receive any necessary banking equipment, such as a card reader, cheque book, and debit cards for authorized users.
6. Set Up Online Banking
Registering for online banking allows you to manage your account, make payments, and handle other financial transactions online.
Additional Considerations
Non-UK Residents: Non-residents looking to open a business account in the UK may face additional challenges and requirements. Some banks offer international business accounts specifically designed for non-residents.
Bank Charges and Fees: Understand the bank charges and fees associated with the account, including transaction fees, monthly account fees, and any fees for additional services.
Each bank has specific requirements and the process can vary, especially between traditional banks and digital banks. It’s important to carefully review the requirements and process for the bank you choose to ensure you provide all necessary information and documents for a smooth account opening process.
What documents do you need to open a business bank account?
To open a business bank account in the UK, you generally need to provide a combination of personal identification, business details, and documentation that verifies the existence and legality of your business.
The exact requirements can vary slightly from bank to bank, but typically you would need to provide the following documents:
Personal Identification: For all major directors and partners involved in the business, you will need to provide personal identification. This could be a passport, a UK driving license, or a national ID card for EU citizens.
Proof of Address: Personal proof of address for each director or partner. This could be a utility bill, council tax bill, or a bank statement that’s less than three months old.
Business Address Proof: Proof of your business address, similar to personal proof of address requirements. This can sometimes be the same as your personal proof of address if you’re operating from home.
Business Registration Documents: Depending on your business structure, you’ll need to provide your Certificate of Incorporation (for limited companies) or a Partnership Agreement (for partnerships). These documents prove your business’s legal existence.
Company Details: Detailed information about your company, including your company registration number (CRN), the registered business address, and the nature of your business. This might also include details about your expected turnover and funding.
Tax Information: VAT registration documents if your business is VAT registered. Some banks might also require details about your tax affairs, including your UTR (Unique Taxpayer Reference).
Banking History: Details of your current financial situation, including any loans or credit commitments. This isn’t always required, especially for new or start-up businesses but is useful for the bank to assess your financial health.
Business Plan: Some banks may request to see your business plan, especially if your business is new. This helps them understand your business model, your market, and your financial projections.
The process might be slightly different if you’re a sole trader vs. a limited company.
For sole traders, the focus might be more on personal identification and proof of business activity (like invoices or a business website).
For limited companies and partnerships, there’s more emphasis on formal registration documents and agreements.
It’s a good idea to check with the specific bank you’re planning to open an account with, as they may have specific requirements or forms you need to fill out.
How much do business bank accounts cost per month?
The large majority of business bank accounts will charge a monthly fee, and also charge for selected account transactions.
However, we have a list of banks offering free accounts here.
The monthly fee usually ranges from £5-12, but it can be more.
There may also be a one-off set-up fee, which can cost anything from £10-70.
Neo-banks generally charge a monthly fee that covers the majority of account management, but traditional banks will often charge separately for withdrawals, payments between countries, and requesting a new card.
How long does it take to open business bank account?
Opening a business bank account in the UK can vary in terms of the time it takes, depending on several factors, including the bank you choose, the complexity of your business, and how quickly you can provide the necessary documentation.
Generally, the process can range from a few days to a few weeks. Here’s a breakdown:
Online Applications: Many banks now offer online applications for business accounts, which can speed up the process. If your business is relatively straightforward and you have all the necessary documents ready, it could take as little as 24 to 48 hours to get an account number and sort code, although gaining full account functionality might take a bit longer.
Traditional Banks vs. Digital Banks: Traditional banks might take longer, typically between one to four weeks, especially if they require more detailed information about your business or an in-person meeting. Digital banks and financial technology firms can offer quicker processes, sometimes opening accounts in a matter of days or instantly upon verification of your documents.
Complex Business Structures: If your business has a complex structure, such as being part of a trust, having multiple owners, or operating in a high-risk industry, banks may take longer to perform their due diligence, extending the process.
Documentation and Verification: The speed of the process can also depend on how quickly you can supply the required documentation and pass the bank’s verification checks. Delays in providing documents or issues with verifying the information can extend the time it takes to open your account.
Bank’s Processing Time: Each bank has its own processing times, which can be affected by their internal policies or the volume of applications they are handling.
How Do I Switch Business Bank Accounts?
Switching business bank accounts in the UK is made relatively straightforward through the Current Account Switch Service (CASS), which is offered by many banks and is designed to ensure a smooth and quick transition.
This service guarantees that your switch will be completed in 7 working days, a significant advantage for business operations.
Here’s how to switch business bank accounts using CASS or through a manual process:
Using the Current Account Switch Service (CASS)
Eligibility Check: Ensure your business is eligible for the CASS. Most small businesses, charities, and trusts can use the service, but there are limits on turnover and the number of authorized signatories.
Choose a New Bank: Research and select a new bank (we’ve lusted 49 above) that better suits your business needs. Consider factors such as fees, overdraft facilities, interest rates, and additional services.
Application and Agreement: Apply for a new business bank account with your chosen bank. Once your application is approved, you’ll agree to the switch using the Current Account Switch Agreement.
Select a Switch Date: Choose a switch date that works for you, at least 7 working days from when your new account is set up. Ensure this date avoids any major business transactions or periods of high financial activity.
Information Transfer: Your new bank will arrange for the transfer of your existing balance, outgoing payments like Direct Debits and standing orders, and incoming payments to your new account.
Notification: Your new bank will inform the necessary parties about your new account details. However, it’s good practice to notify key clients, suppliers, and partners of the change yourself.
Manual Switching Process
If your business is not eligible for CASS or you prefer a more hands-on approach, you can manually switch accounts:
Open a New Account: Apply and get approval for a new business account at your chosen bank.
Record and Transfer: Make a list of all incoming and outgoing payments associated with your current account. Set up these payments on your new account manually.
Balance Transfer: Transfer the funds from your old account to the new one once all payments are set up.
Close Old Account: After ensuring all transactions are successfully rerouted to the new account and the old account is empty, instruct your old bank to close the account.
Notify Relevant Parties: It’s essential to inform clients, suppliers, and any other relevant parties of your new bank details to ensure smooth financial operations.
Additional Tips
Review and Negotiate: Use this opportunity to review your banking needs and negotiate terms with potential new banks.
Consider Timing: Choose a relatively quiet period for your business to make the switch to minimize disruption.
Confirm Details: Double-check that all direct debits, standing orders, and incoming payments are correctly set up in your new account before fully transitioning.
What is the best business bank account?
The best business account for you depends entirely on your needs.
If you regularly transfer money in different currencies, you’ll need an account that has favourable exchange rates and low transfer fees.
If you’re a sole trader with a very simple set-up, the most basic and affordable account is usually the best.
Business owners with multiple staff members will benefit most from a more complex, feature-filled account, particularly if it lets them add multiple account holders for a low price.
When you’re choosing a business bank account or savings account, look for one that includes all the necessary features for the best price.
Are Revolut & Wise UK Banks?
No, neither Revolut or Wise are banks, although they both offer banking like products.
So if they are not banks, what are they?
They are Electronic Money Institution (EMI) regulated by the UK Financial Conduct Authority (FCA).
However, because they aren’t banks they are not covered by the Financial Services Compensation Scheme (FCSC).
Why do I need a business bank account?
If you run a Limited Company, it’s a legal requirement to use a separate business bank account to manage your business’ money. It’s optional for sole traders, but could be beneficial if you want to keep your personal and business cash separate.