How to Make The Most of Your Business Account Benefits
November 30, 2023
Practical insights on how UK SMEs and sole traders can maximise the benefits of their business bank accounts.
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Compare UK Business Bank Accounts
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Monthly Fee
FreeNo monthly fee for 12 months, then £8.50 thereafter. T&Cs apply. -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access Methods
App/Online/Branch
Product Features
- Free invoicing and account software from FreshBooks1, worth more than £260 per year
- A UK-based team of business managers to help you manage and grow your business
- Simple and secure Online Banking with group payments and cash collection booking tools
Eligibility Criteria
- Businesses with existing Barclays business current accounts aren’t eligible for this offer.
- Must over 18, a UK resident and a sole trader or the director of a limited company.
- Must have a straightforward and clearly defined ownership structure
No monthly fees for the first 12 months, for new customers, then £8.50 per month. T&C’s apply. Businesses with existing Barclays business current accounts aren’t eligible for this offer.
Show More From Barclays Business Account ReviewShow Less From Barclays Business Account Review
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Monthly Fee
£12.50Plus one-off £55 application fee -
Card Purchases
Free -
Bank Transfers
FreeDirect Debits: Free. Faster Payments (next day online): Free. Faster Payments (instant online): £7.50. CHAPS: £30 -
Overdraft
-
Access Methods
App/Online
Product Features
- Free invoicing and account software from FreshBooks1, worth more than £260 per year
- A UK-based team of business managers to help you manage and grow your business
- Simple and secure Online Banking with group payments and cash collection booking tools
Eligibility Criteria
- Businesses with existing Barclays business current accounts aren’t eligible for this offer.
- Must over 18, a UK resident and a sole trader or the director of a limited company.
- Must have a straightforward and clearly defined ownership structure
Show More From Card one Money Business Account ReviewShow Less From Card one Money Business Account Review
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Monthly Fee
FreePlus a one-off card fee of £9.95 -
Card Purchases
Free -
Bank Transfers
Free3 free per month, then 30p thereafter -
Overdraft
-
Access Methods
App/Online/Postoffice
Product Features
- Friendly UK-based customer service team
- Regulated by the Financial Conduct Authority (FCA) just like high street banks
- Financial Services Compensation Scheme (FSCS) protection up to £85,000
Eligibility Criteria
- >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
Show More From Cashplus Business Account ReviewShow Less From Cashplus Business Account Review
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeDirect Debits: Free. Faster Payments (next day online): Free. Faster Payments (instant online): £7.50. CHAPS: £30 -
Overdraft
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Access Methods
App/Online
Product Features
- Use Floodlight Mastercard Debit Cards with your team and contractors and get 1% unlimited cashback.
- A Two-way sync with Xero and QuickBooks for easy management of bills and invoices.
- Connect all of your bank accounts for optimal visibility and efficiency.
Eligibility Criteria
- UK Limited Liability Companies only
This is a limited time offer for 3 months and capped at £1,000. This means that if you reach £1,000 before 3 months, you will have fulfilled your cap.
Show More From Floodlight Business Account ReviewShow Less From Floodlight Business Account Review
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access Methods
App/Online/Phone
Product Features
- Manage your entire payment cycle – from creating an invoice to reconciliation.
- Get instant payment notifications
- By Natwest – confidence knowing they are part of a trusted and regulated bank
Eligibility Criteria
- You need to be a sole trader or limited company with up to two owners
- balance of less than £100k (£50k for sole traders)
- UK-based company with owners that are UK tax residents
To get FreeAgent for free, you have to make at least one transaction a month from your Mettle account. If you don’t make one transaction a month, or if your Mettle account is closed and you continue to use FreeAgent then the FreeAgent fees will apply.
Show More From Mettle Business Account ReviewShow Less From Mettle Business Account Review
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access Methods
App/Online/Phone
Product Features
- Customers voted Monzo the 2022 Best Business Banking Provider (British Bank Awards)
- Easy to create and use payment links for customers
Eligibility Criteria
- Available to sole traders, or the director of a registered limited company by shares (Ltd)
- Must be based in the UK
Show More From Monzo Business Account ReviewShow Less From Monzo Business Account Review
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Monthly Fee
£5 -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access Methods
App/Online/Phone
Product Features
- Customers voted Monzo the 2022 Best Business Banking Provider (British Bank Awards)
- Connect accounting tools so everything’s in one place – 6 months Xero free
- Choose a % to automatically put away to save for your tax every time you are paid
Eligibility Criteria
- Available to sole traders, or the director of a registered limited company by shares (Ltd)
- Must be based in the UK
New Pro users get cloud accounting platform free for 6 months – worth up to £280. T&Cs apply.
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access Methods
App/Online/Phone
Product Features
- Powerful money management tools, no monthly fees or UK payment charges.
- Free 24/7 UK support via app, phone or email, with fast response times and help from real humans.
- 100% digital sign up
Eligibility Criteria
- All directors with access to the account must be UK residents.
- A Limited Company or LLP registered at Companies House. General partnerships or charities which are not registered as a Limited Company are not yet supported.
- Limited Companies and LLPs need all Persons of Significant Control (PSCs) to be a UK resident and natural persons (i.e. no corporate shareholders)
Show More From Starling Bank Business Account ReviewShow Less From Starling Bank Business Account Review
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Monthly Fee
FreeNo monthly fee for first 25 months, then £6.50 thereafter -
Card Purchases
Free -
Bank Transfers
FreeNo fees for first 25 months, excludes international and CHAPS payments -
Overdraft
-
Access Methods
App/Online/Branch
Product Features
- 25 months’ fee free day-to-day banking
- Virgin Money can accept non-standard ID for application
- Comes with a handy mobile app for smarter money management, plus a linked savings account
Eligibility Criteria
- Available for eligible businesses with up to £6.5m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeDirect debits, Faster Payments, BACS: Free | CHAPS: £17.50 -
Overdraft
-
Access Methods
App/Online/Branch
Product Features
- Open this account with little or no credit history
- Virgin Money can accept non-standard ID for application
- Comes with a handy mobile app for smarter money management, plus a linked savings account
Eligibility Criteria
- Available for eligible businesses with up to £1m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland
- All owners, directors, senior managers and account signatories must be over 18 years old
Show More From Virgin Money Account ReviewShow Less From Virgin Money Account Review
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free5 free per month, then 20p thereafter -
Overdraft
-
Access Methods
App/Online
Product Features
- Easy money management, travel perks and investments.
- Trade 1,500+ global shares commission-free*
- Get exclusive Rewards and save as you spend.
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland
Show More From Revolut Business Account ReviewShow Less From Revolut Business Account Review
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Monthly Fee
FreeNo monthly fee for first 3 months, then £18 thereafter -
Card Purchases
Free -
Bank Transfers
£0.30 -
Overdraft
-
Access Methods
App/Online
Product Features
- Trusted by over 50,000 sole traders and UK limited companies
- Rated ‘Excellent‘ on Trustpilot
- Trusted by over 50,000 UK businesses. Backed by ING & Sage
Eligibility Criteria
- Must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
- If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
Pay no subscription fees during your trial. Other transaction charges may apply.
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Monthly Fee
FreeNo monthly fee for first 3 months, then £9 thereafter -
Card Purchases
Free -
Bank Transfers
£0.30 -
Overdraft
-
Access Methods
App/Online
Product Features
- Trusted by over 50,000 sole traders and UK limited companies
- Rated ‘Excellent‘ on Trustpilot
- Trusted by over 50,000 UK businesses. Backed by ING & Sage
Eligibility Criteria
- Must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
- If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
Pay no subscription fees during your trial. Other transaction charges may apply.
-
Monthly Fee
£3No monthly fee for first 3 months, then £3 thereafter -
Card Purchases
Free -
Bank Transfers
£0.30 -
Overdraft
-
Access Methods
App/Online
Product Features
- Trusted by over 50,000 sole traders and UK limited companies
- Rated ‘Excellent‘ on Trustpilot
- Trusted by over 50,000 UK businesses. Backed by ING & Sage
Eligibility Criteria
- Must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
- If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
Pay no subscription fees during your trial. Other transaction charges may apply.
Show More From Counting Up Business Account ReviewShow Less From Counting Up Business Account Review
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Monthly Fee
49.9 -
Card Purchases
Free -
Bank Transfers
Free50 free per month, then 20p thereafter -
Overdraft
-
Access Methods
App/Online
Product Features
- 10 minutes to sign up and get your account details
- Instant payment link – start accepting payments today
- Connect your bank accounts and issue professional-looking invoices
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
-
Monthly Fee
14.9 -
Card Purchases
Free -
Bank Transfers
Free50 free per month, then 20p thereafter -
Overdraft
-
Access Methods
App/Online
Product Features
- 10 minutes to sign up and get your account details
- Instant payment link – start accepting payments today
- Connect your bank accounts and issue professional-looking invoices
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
-
Monthly Fee
FreeNo monthly fee for first 12 months, then £7 thereafter -
Card Purchases
Free -
Bank Transfers
£012 months’ free day-to-day business banking for new businesses -
Overdraft
-
Access Methods
App/Online/Branch
Product Features
- Make payments of up to £250,000 per day
- Free day-to-day banking for 12 months
- Pay in cheques up to a daily limit of £5,000
Eligibility Criteria
- Must be a sole trader, partner or company director and be aged 18 or over
- Must have a turnover of less than £3m
- You must be applying for your first bank account with the Bank of Scotland
Applies to small businesses, including individuals setting up their first business bank account.
Show More From Bank of Scotland ReviewShow Less From Bank of Scotland Review
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
£0.20 -
Overdraft
-
Access Methods
App/Online
Product Features
- Contactless MasterCard – with unlimited free purchases in any currency, plus add up to 35 team cards for free
- Instant invoicing directly from your Tide app
- Free Cashflow Insights, Invoicing tool + gain access to business loans if eligible
Eligibility Criteria
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
Show More From Tide Business Account ReviewShow Less From Tide Business Account Review
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
20p -
Overdraft
-
Access Methods
App/Online
Product Features
- 10 minutes to sign up and get your account details
- Instant payment link – start accepting payments today
- Connect your bank accounts and issue professional-looking invoices
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
Show More From Anna Money Business Account ReviewShow Less From Anna Money Business Account Review
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