If you’re setting up a new business or startup, there’s a lot of exciting and challenging stuff ahead. A business bank account is essential, and choosing the right one will help you make smart financial decisions and stay organised.
These 47 current and savings accounts will give your new business the best start, and they’re all open to young businesses that meet their application criteria.
Companies are ranked in no particular order.
| Bank account | Restrictions |
|---|---|
| Barclays | 12 months free for small businesses setting up their first business bank account in the first 12 months of trading. |
| NatWest | Free for 18 months for new businesses trading for less than a year, with a turnover less than £1 million. |
| HSBC | 18 months free for new businesses. |
| Lloyds | 18 months free day-to-day banking for new businesses. |
| Metro Bank | Open to new businesses. |
| Bank of Scotland | 18 months day-to-day banking features. |
| Yorkshire Bank | 25 months free for businesses in their first 12 months. |
| TSB | 25 months free banking for startups. |
| Santander | Reduced monthly fee of £5 for new businesses for a fixed period. |
| Royal Bank of Scotland | 24 months free for startups trading for less than a year, with a turnover of less than £1 million. |
| Ulster Bank | 18 months free for startups trading for less than 12 months and have a projected or existing annual turnover of under £1 million. Must be based in Northern Ireland. |
| Co-operative Bank | 30 months of everyday business banking free for new businesses. There's no monthly fee or charges at all if your balance stays above £1000. |
| Clydesdale Bank | 25 months free for new businesses. Must be in their first 12 months. |
| Allied Irish Bank | No restrictions. Accounts open to startups and new businesses. |
| Anna Bank | For all new customers |
| Tide | Suitable for new businesses and startups |
| PayPal Debit | Suitable for new businesses and startups |
| Revolut | Suitable for new businesses and startups |
| CardOneMoney | Suitable for new businesses and startups |
| FairEverywhere | Suitable for new businesses and startups |
| Countingup | Suitable for new businesses and startups |
| Starling Bank | Most features are free for small businesses with fewer than 10 employees and less than £1.7m in annual turnover. |
| Coconut | Suitable for new businesses and startups. Free account available too. |
| Cashplus | Suitable for new businesses and startups |
| Aldermore | Save from £1,000 |
| Masthaven | Save from £5,000 |
| Nationwide | Save from £5,000 |
| Virgin Money | Save from £1 |
| Cynergy Bank | No restrictions on current account, it's open to startups and new businesses. Save from £10. |
| State Bank of India (UK) | No restrictions on current account, it's open to startups and new businesses. Earn interest on a balance of £10,000 plus. |
| United Trust Bank | Save from £5,000 |
| Charity Bank | Save from £1,000 |
| Hampshire Trust Bank | Save from £5,000 |
| Kent Reliance | Save from £1,000 |
| Cumberland Building Society | First year is free for new businesses. Save from £100. |
| Redwood Bank | Save from £10,000 |
| Shawbrook Bank | Save from £5,000 |
| Cambridge Building Society | Save from £1,000 |
| Acorn Account | Open to new businesses. |
| Bunq | Open to new businesses |
| Monzo | Open to all new businesses and startups. Can be a waiting list. |
| Amaiz | Open to startups. Free trial for new customers, whether they're new to business or not. |
| Monese | Open to new businesses |
| Transferwise | Open to new businesses |
| Holvi | Free account available for everyone, which includes all the essential account features. |
| Mettle | Everything's free! |
| Arro | No restrictions. Suitable for new businesses. |
Note data comes from each company’s website and was last updated in January 2020.
1. Barclays
- 24/7 online and mobile banking.
- Price plans for businesses accepting cash and cheques, and predominantly online payments.
- Business Moneyfacts Business Start-up Bank of the Year 2017-2019.
- 12 months’ free banking for businesses in their first 12 months of trading.
- Monthly account fees up to £6.50.
- Extra support for businesses exporting goods and working abroad.
Website: Barclays Business Banking
Read the full Barclays Business Account review.
2. NatWest
- 24/7 online and mobile banking.
- Accounts cost £5 a month.
- New businesses get 18-months’ free business banking.
- Awarded ‘Best Banking App’ at the 2018 British Banking Awards.
Website: NatWest Business Banking
Read the full NatWest Business Account review.
3. HSBC
- 24/7 online and mobile banking.
- Accounts cost £6.50 a month, but most account transactions are free for the first 24 months.
- 18 months’ free banking for new businesses.
- Awarded a Moneyfacts 5-star rating for Business Current Account in 2017.
Website: HSBC Business Banking
Read the full HSBC Business Account review.
4. Lloyds Bank
- 24/7 online and mobile banking.
- Awarded Moneyfacts Business Start-up Bank of the Year 2015.
- 18 months’ free for new businesses.
- Normal monthly fee of £6.50.
- Electronic payments are free to process.
Website: Lloyds Bank Business Banking
Read the full Lloyds Bank Business Account review.
5. Metro Bank
- 24/7 phone, online and mobile banking.
- Costs £5 a month if you process £5000 or less each day.
- Debit card included, which can be used free throughout Europe.
- Ranked 2nd in an independent regulatory survey of the 14 largest business banks.
- No monthly account fee if your balance stays at £5,000+.
- Branches only in the Midlands and South of England – none in Scotland or the north.
Website: Metro Bank Business Banking
Read the full Metro Bank Business Account review.
6. Bank of Scotland
- 24/7 online and mobile banking.
- 18 months’ free day-to-day banking for new businesses.
- £6.50-£12.50 monthly account fee, which depends on your annual turnover.
- Process electronic payments for free.
- Debit, credit, and charge cards available.
Website: Bank of Scotland Business Banking
Read the full Bank of Scotland Business Account review.
7. Yorkshire Bank
- 24/7 online and mobile banking.
- Brand new businesses get 25 months free.
- £6.50 monthly.
- Awarded Commercial Bank of the Year at the Yorkshire Financial Awards 2019.
- Savings and business finance products also available if you need them.
Website: Yorkshire Bank Business Banking
Read the full Yorkshire Bank Business Account review.
8. TSB
- 24/7 online and mobile banking.
- £5-£40 monthly fee, depending on what you need.
- Free electronic payments.
- Free for 25 months for new businesses and businesses switching.
- Get free balance information and alerts by text.
Website: TSB Business Banking
Read the full TSB Business Account review.
9. Santander
- 24/7 online and mobile banking.
- £12.50 standard monthly fee.
- New businesses pay £5 a month for a fixed period.
- Awarded Moneyfacts Best Business Current Account Provider of the Year 17 years in a row.
- Ranked 2nd in an independent regulatory survey of the 14 largest business banks.
Website: Santander Business Banking
Read the full Santander Business Account review.
10. Royal Bank of Scotland
- 24/7 phone, online, and mobile banking.
- 24-months’ free for new businesses.
- £5 minimum monthly account fee.
- Foreign exchange, insurance, savings, and finance products also available.
Website: Royal Bank of Scotland Business Banking
Read the full Royal Bank of Scotland Business Account review.
11. Ulster Bank
- 24/7 online and mobile banking.
- Your business must be registered in Northern Ireland.
- Free for new startups for 18 months.
- Ranked 3rd for ‘overall service quality’ in an independent regulatory survey of the 14 largest business banks.
Website: Ulster Bank Business Banking
Read the full Ulster Bank Business Account review.
12. Co-operative Bank
- 24/7 online and mobile banking.
- Awarded Moneyfacts Best Service for a Business Account 2017-2019, and Best Charity Banking Provider 2016-2019.
- New businesses get 30 months’ free.
- £5 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 £1000.
Website: Co-operative Bank Business Banking
Read the full Co-operative Bank Business Account review.
13. Clydesdale Bank
- 24/7 online and mobile banking.
- 25 months’ free for new businesses.
- £6.50 monthly fee.
- Easily accept payments from customers in different ways – online, over the phone, face-to-face.
- Get interest on your balance with the Business Choice Account.
Website: Clydesdale Bank Business Banking
Read the full Clydesdale Bank Business Account review.
14. Allied Irish Bank
- 24/7 online and mobile banking.
- Earn interest on your account balance.
- £10 quarterly account fee.
- Access to local Relationship Managers.
Website: Allied Irish Bank Business Banking
Read the full Allied Irish Bank Business Account review.
15. Tide
- Online business bank you can access 24/7 through the mobile app, or on desktop.
- There’s no monthly fee, you pay for what you use instead.
- Free to process card payments are free.
- Includes accounting and bookkeeping features, as well as an invoicing tool.
- Spend abroad for free.
- 4-star rating on Trustpilot.
Website: Tide Business Banking
Read the full Tide Business Account review.
16. PayPal Debit
- Not a replacement for a business current account – purely for payments and transfers.
- Manage account 24/7 online and on the app.
- Basically a debit card connected to your business PayPal account.
- No monthly fee.
- 0.5% cash back on purchases.
- Spend your PayPal balance both in person and online.
Website: PayPal Debit Business
Read the full PayPal Debit Business Account review.
17. Anna Bank
- Mobile business account, accessible on the app 24/7.
- First 3 months free.
- It takes just 3 minutes to set up your account.
- Includes invoicing and bookkeeping features.
- £5-£11 monthly fee, depending on what you need.
- 24/7 live support. You’ll get a refund on your monthly fee if they can’t get back to you in 10 minutes.
Website: Anna Business Banking
Read the full Anna Business Bank Account review.
18. Revolut Business
- Mobile business account, accessible online and on desktop 24/7.
- Trade in 29 currencies for free.
- Includes virtual debit card.
- Free version available with limited features.
- £25-£1000 monthly fee, depending on what your startup needs.
- Integrate with apps like Slack, Xero and Zapier.
Website: Revolut Business Banking
Read the full Revolut Business Bank Account review.
19. CardOneMoney
- 24/7 online and mobile banking.
- Best Business Card Programme 2014 at the Card and Payments Awards.
- Includes UK-based account manager who you can contact during business hours.
- £12.50 monthly fee (look out for the £55 application fee!)
- No charges for spending with your card.
Website: CardOneMoney Business Banking
Read the full CardOneMoney Business Bank Account review.
20. Fair Everywhere
- Accounts are on a waiting list at the moment.
- Manage your account 24/7 using the app.
- Make and receive payments from 210 countries.
- Includes international MasterCard and separate currency wallets for euros, dollars, and sterling.
- £12.50 monthly account fee.
- 8% cash back from over 50 UK high street retailers.
Website: Fair Everywhere Business Banking
Read the full Fair Everywhere Business Bank Account review.
21. Countingup
- Manage your account 24/7 using the app.
- £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 just 5 minutes.
- Includes bookkeeping and invoicing features.
- 4.5 stars on Trustpilot.
Website: Countingup Business Banking
Read the full Countingup Business Bank Account review.
22. Starling Bank
- Manage your account 24/7 using the app.
- Insights into your profit and loss and outgoings.
- British Bank Awards 2019 winner for Best British Bank, Best Current Account Provider & Best Business Banking Provider.
- Earn interest on your balance – 0.5% AER up to £2,000 and 0.25% up to £85,000.
- You’re charged for what you use. No monthly fee.
Website: Starling Bank Business Banking
Read the full Starling Bank Business Bank Account review.
23. Coconut
- Manage your account 24/7 using the app.
- Sync your current account with your accounting software.
- Includes invoice and expense management tools.
- Free account available. £5 a month otherwise.
- Free currency exchange with the paid account.
Website: Coconut Business Banking
Read the full Coconut Business Bank Account review.
24. Cashplus
- Manage your account 24/7 on mobile and desktop.
- Set up your account in minutes.
- Free travel money cards in euros and dollars.
- £69 per year account fee, plus other charges based on what you use.
- Pay up to £1000 into your account in physical cash with no fees.
- Integrate with your accounting software.
Website: Cashplus Business Banking
Read the full Cashplus Business Bank Account review.
25. Aldermore
- Business savings account only, no current account.
- Fixed rate and easy access savings accounts available.
- Earn 1.15-1.85% AER.
- Real-time interest rate information.
- Rated ‘Excellent’ by Business Moneyfacts.
- Average independent review score of 4.7 out of 5.
Website: Aldermore Business Savings
Read the full Aldermore Business Savings Account review.
26. Masthaven
- Business savings account only, no current account.
- Save over 6 months to 5 years. You can choose your own saving period too.
- Money is inaccessible while you’re saving.
- Earn 1.80-2.35% AER.
- Average score of 4.6/5 on Feefo.
- Awarded Most Innovative Digital Retail Bank UK 2018 & 2019.
Website: Masthaven Business Savings
Read the full Masthaven Business Savings Account review.
27. Nationwide
- Business savings account only, no current account.
- Manage everything online and on the app 24/7.
- Easy access, notice, and fixed rate accounts available.
- Earn 0.65-1.25% AER.
- £5,000 minimum opening balance.
- You’ll stop earning interest if your balance falls below £5,000.
Website: Nationwide Business Savings
Read the full Nationwide Business Savings Account review.
28. Virgin Money
- Business savings account only, no current account.
- Earn 1.01-1.75% AER.
- Easy access and 1 year fixed rate available.
- Manage everything online.
- Minimum deposit of £1.
- Free access to Virgin Money Lounges with refreshments, Wi-Fi, newspapers, magazines, TVs and iPads.
Website: Virgin Money Business Savings
Read the full Virgin Money Business Savings Account review.
29. Cynergy Bank
- Current account and savings account available.
- Manage your accounts online and on mobile 24/7.
- Earn 1.60% AER on the savings account.
- Sterling and euro visa debit cards available.
- Business Moneyfacts finalist for Best Business Fixed Account Provider 2019.
- Fixed term savings from 9 months to 3 years.
Website: Cynergy Bank Business Banking
Read the full Cynergy Bank Business Bank Account review.
30. State Bank of India (UK)
- 24/7 online banking. Current account and savings available.
- Free online transfers to the UK and India.
- Transfer to India in 2-24 hours.
- £80 annual fee (there’s no fee if your balance stays above a minimum amount).
- Earn 1.00-3.00% AER with the savings accounts.
Website: State Bank of India UK Business Banking
Read the full State Bank of India UK Business Bank Account review.
31. United Trust Bank
- Business savings account only, no current account.
- Fixed rate and notice accounts available.
- 1.50-1.95% AER.
- Save for 1 or 2 years fixed term.
- £5,000 minimum deposit.
Website: United Trust Bank Business Savings
Read the full United Trust Bank Business Savings Account review.
32. Charity Bank
- Business savings account only, no current account.
- You earn interest from supporting UK-based charities and community enterprises.
- Easy access, notice, and fixed rate accounts available.
- Earn 0.65-1.50% AER.
- Minimum deposit of £1,000.
- Manage your account by post, email, and phone.
- 5.00% tax relief available with the CITRA 9th Issue (Business) account.
Website: Charity Bank Business Savings
Read the full Charity Bank Business Savings Account review.
33. Hampshire Trust Bank
- Business savings account only, no current account.
- Notice and fixed rate available.
- Earn 1.35-2.10% AER.
- 4.6/5 average rating on Feefo.
- Business finance products also available.
- No online account, instead you can manage your account by post, email, and phone.
- Save from £5,000.
Website: Hampshire Trust Bank Business Savings
Read the full Hampshire Trust Bank Business Savings Account review.
34. Kent Reliance
- Business savings account only, no current account.
- Open an account in 10 minutes.
- Earn 0.90% AER.
- Save from £1,000.
- Manage everything easily online.
- No fees or penalties for withdrawal.
Website: Kent Reliance Business Savings
Read the full Kent Reliance Business Savings Account review.
35. Cumberland Building Society
- Both current account and savings available.
- Manage your account 24/7 online and on the app.
- Free for 12 months’ for businesses with a turnover of up to £250,000 per year.
- Costs £3-5 a month.
Website: Cumberland Building Society Business Banking
Read the full Cumberland Building Society Business Bank Account review.
36. Redwood Bank
- Business savings account only, no current account.
- Notice and fixed rate accounts available.
- Earn 1.60-2.00% AER.
- Save from £10,000.
- Awarded Best Business Fixed Rate Bond Provider and the UK’s Leading Bank for SME Business 2019.
- Takes just 15 minutes to apply.
Website: Redwood Bank Business Savings
Read the full Redwood Bank Business Savings Account review.
37. Shawbrook Bank
- Business savings account only, no current account.
- Notice and fixed rate accounts available.
- Earn 1.00-1.25% AER.
- Save from £5,000.
Website: Shawbrook Bank Business Savings
Read the full Shawbrook Bank Business Savings Account review.
38. Cambridge Building Society
- Business savings account only, no current account.
- Easy access, notice, and fixed accounts available.
- Manage everything online and on the app 24/7.
- Withdraw from easy access account up to twice a month.
- Earn 0.25-1.40% AER.
- Put your money away for up to 1 year with the fixed account.
- Save from £1,000.
Website: Cambridge Building Society Business Savings
Read the full Cambridge Building Society Business Savings Account review.
39. Monzo
- Might be a waiting list for access.
- Online account only. Manage your account on the app.
- Takes just minutes to open an account.
- 24/7 customer support.
- Includes instant bank transfers and direct debits.
Website: Monzo Business Banking
Read the full Monzo Business Bank Account review.
40. Acorn Account
- Manage your account 24/7 online and on the app.
- Open an account in 24 hours (Monday to Friday only).
- Pay in and withdraw from Barclays branches.
- £12.50 minimum monthly fee, plus a £65 account activation charge.
- Add up to 4 people to your account for free.
- Free card transactions.
Website: Acorn Account Business Banking
Read the full Acorn Account Business Bank Account review.
41. bunq
- Online only. Manage your account on the app 24/7.
- Maestro, MasterCard Debit and a bunq Travel Card available.
- Costs €9.99 a month.
- Automatically syncs with most accounting software.
- Earn interest on your account balance.
- Takes just 5 minutes to set up your account.
Website: bunq Business Banking
Read the full bunq Business Bank Account review.
42. Amaiz
- Online only. Manage your account on desktop and the app 24/7.
- Try it free for 30 days – £9.99 a month afterwards.
- Track cash flow and expenses on the app.
- Push notifications when you get paid and make payments.
Website: Amaiz Business Banking
Read the full Amaiz Business Bank Account review.
43. Monese
- Manage your account on the app 24/7.
- Sign-up in a few minutes and get full access in hours.
- Low-priced international transfers.
- Pay cash into your account from 40,000 UK locations.
- £9.95 monthly account fee.
- Customer support in 12 languages.
Website: Monese Business Banking
Read the full Monese Business Bank Account review.
44. TransferWise
- Online only. Manage your current account online and on the app 24/7.
- Send and receive money in 40 currencies with low or no fees.
- Apparently 19x cheaper than PayPal.
- Get separate bank details for the Eurozone, US, Australia, New Zealand, and the UK.
- Pay invoices from the app.
Website: TransferWise Business Banking
Read the full TransferWise Business Bank Account review.
45. Holvi
- Online only. Manage your current account on desktop and on the app 24/7.
- Business MasterCard included.
- Bookkeeping and accounting tools included.
- Free account includes the core features.
- Paid account costs £9 a month and includes invoicing.
- 2.5% withdrawal fee at cash machines.
- Send and receive money within Europe.
Website: Holvi Business Banking
Read the full Holvi Business Bank Account review.
46. Mettle
- Manage your current account on the app 24/7 (iOS only).
- Associated with NatWest.
- For limited companies with up to two owners.
- Monitor your expenses in the app.
- Invoicing tool included.
- Currently completely free. This could change, but Mettle will warn customers beforehand.
Website: Mettle Business Banking
Read the full Mettle Business Bank Account review.
47. Arro
- Manage your current account on desktop and on the app 24/7.
- Currently a waiting list.
- Includes expenses and spending insights.
- Standing orders and payroll available, but not Direct Debits (coming soon).
- Small businesses pay £10 per month.
Website: Arro Business Banking
Read the full Arro Business Bank Account review.
How to open a bank account for a new business?
Whether you’re opening a current account or savings account, you’ll usually need to provide:
- Companies House registration number.
- Details about your business, including tax information, turnover and capital.
- Details of all directors or partners, including name, date of birth, address and National Insurance numbers.
How long does it take to open a new business bank account?
Can startups get a business overdraft?
Can you switch your business bank account down the road?
Can you get free business banking as a startup?
How much do new business bank accounts cost?
Online banks generally charge a monthly fee that covers the majority of account management, but traditional banks will often charge separately for specific withdrawals, payments between countries, and requesting a new card.