Compare Business Bank Accounts
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Your one stop authority on business bank accounts for small businesses and SMEs
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Promoted Accounts – May 2024
Our Best Business Bank Accounts
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Monthly Fee
£14.90- £14.90 + VAT per month
- or £149 + VAT a year if billed annually
-
Card Purchases
Free -
Bank Transfers
50 free per month- Domestic: 50 free per month, then 20p thereafter
- International: 1 free per month, then £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
-
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash accepted via PayPoint (£300 per month free, then 1% commission fee)
Product Features
- Up to 5 debit card included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (£200 per month free, then 1% commission fee)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
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
ANNA Business comes with invoice generator tools, HMRC recognized Tax calculator and filing. Automate your bookkeeping with ANNA.
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access Methods
App/Online
Product Features
- Open domestic and foreign currency accounts with local bank details around the world with no monthly fees within minutes.
- Make international transfers to 150+ countries – save up to 80% on FX fees, app. 70% of funds arrive within a few hours / same day
- Accept payments worldwide via 160+ payment methods – no coding required
- Issue multi currency corporate cards
- Integrates with platforms like Xero, Amazon, Shopify, WooCommerce & more
- Automate your domestic and international bill pay workflows
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
Show More Products From AirwallexShow Fewer Products From Airwallex
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeFees apply CHAPS, SWIFT and SEPA transactions. -
Overdraft
-
Access Methods
App/Online
Product Features
- 4.33% AER* (variable) instant access Savings Pot. Savings Pots are an exclusive feature of the Business Rewards Account
- Up to 1.5% cashback on eligible card spend. View Business Rewards Account Terms and Conditions on Allica bank website
- UK based dedicated relationship manager
- FSCS covered up to £85,000
- Direct accounting integrations with Sage and Xero
Eligibility Criteria
- Business must be trading for at least 1 year
- Business must have a minimum balance of £50k or have a loan product with Allica Bank.
Business must be trading for 12 months and have a minimum balance of £50k or have a loan product with Allica Bank. *View Business Rewards Account T&Cs on Allica bank website.
Show More Products From Allica BankShow Fewer Products From Allica Bank
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
20p -
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
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
* Spend £100 within 30 days of opening an account to qualify for cashback.
Earn up to 4.33% AER (variable) with the Tide Instant Saver Account (interest paid monthly).
Award-winning business account
Earn up to 4.33% AER (variable) with the Tide Instant Saver Account (interest paid monthly).
Award-winning business account
Show More Products From TideShow Fewer Products From Tide
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Monthly Fee
Contact Revolut -
Card Purchases
Free -
Bank Transfers
Contact Revolut -
Overdraft
-
Access Methods
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- Earn annual interest daily with a linked business savings account
- Tailored for larger businesses
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), Switzerland, UK and US
-
Monthly Fee
£19 per month -
Card Purchases
Free -
Bank Transfers
100 free per month- 100 free local transfers per month, then 20p thereafter
- International transfers: £5
-
Overdraft
-
Access Methods
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- Earn annual interest daily with a linked business savings account
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), Switzerland, UK and US
-
Monthly Fee
£79 per month -
Card Purchases
Free -
Bank Transfers
1000 free per month- 1000 free local transfers per month, then 20p thereafter
- International transfers: £5
-
Overdraft
-
Access Methods
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- Earn annual interest daily with a linked business savings account
- 2 complimentary metal cards
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), Switzerland, UK and US
-
Monthly Fee
£49.99 -
Card Purchases
Free -
Bank Transfers
FreeUnlimited free bank transfers -
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- 3 free expense cards included
- 0.5% cashback on Tide card spend (T&Cs apply)
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
Dedicated team of account managers
3 FREE Expense Cards for co-workers
Unlimited transfers per month
3 FREE Expense Cards for co-workers
Unlimited transfers per month
-
Monthly Fee
£12.50Plus one-off £55 application fee -
Card Purchases
Free -
Bank Transfers
From 30p- Direct Debits: 30p
- Faster Payments (next day online): 30p
- Faster Payments (instant online): £7.50
- CHAPS: £30
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Overdraft
-
Access Methods
App/OnlinePay in cash and cheques via Barclays branches
Product Features
- No credit checks or signatures required
- Up to 4 additional cards for business use
- UK-based customer support.
- International payments in a range of currencies
Eligibility Criteria
- Available to Limited Companies, Sole Traders and Partnerships
- Your business must be registered in the UK and have an annual turnover of less than £2m
- You must be 18+ and a UK resident. Card One Money need to be able to verify your identity & residency.
- Card One Money is no covered by the Financial Services Compensation Scheme. See product FAQs for more info
Open an account on the same day you apply with no credit checks.
Show More Products From Card One MoneyShow Fewer Products From Card One Money
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Monthly Fee
£49.90
£49.90 + VAT per month
Or £499 a year +VAT if billed annually
-
Card Purchases
Free -
Bank Transfers
From free- Domestic: unlimited free transfers
- International: 4 free SWIFT payments per month, then £5 per payment
-
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash accepted via PayPoint with no fees
Product Features
- Unlimited free debit cards – 1% cashback on selected categories
- Personal payment link for accepting payments online with no fees
- Instant invoice generator and savings pots facility
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
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
ANNA Business comes with invoice generator tools, HMRC recognized Tax calculator and filing. Automate your bookkeeping with ANNA.
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
From 20p- Domestic: 20p per bank transfer
- International: £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
-
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash accepted via PayPoint (1% commission fee)
Product Features
- 1 debit card included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (1% commission)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
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
ANNA Business comes with invoice generator tools, HMRC recognized Tax calculator and filing. Automate your bookkeeping with ANNA.
Show More Products From Anna MoneyShow Fewer Products From Anna Money
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Monthly Fee
FreePlus a one-off card issue fee of £9.95 -
Card Purchases
Free -
Bank Transfers
3 free per month3 free per month, then 30p thereafter -
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash paid in via Post Office (0.5% fee)
Product Features
- 24/7 app and online account facilities
- FSCS protection – up to £85,000
- UK-based customer services team
- Invoicing tools that allow you to create and send invoices easily
Eligibility Criteria
- Available to UK registered companies or UK-based sole traders
- Application made by UK Director
- UK Director 18 years old plus
Show More Products From CashplusShow Fewer Products From Cashplus
-
Monthly Fee
FreeFree for 12 months, £25 per month thereafter -
Card Purchases
Free -
Bank Transfers
FreeFees apply for cash, CHAPS, SWIFT and SEPA transactions. -
Overdraft
-
Access Methods
Online
Product Features
- *2.50% AER variable (2.47% gross p.a.) for balances up to and including £25,000, and 0.25% AER* variable on balances above £25,000 (0.25% gross p.a.).
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross interest is the contractual rate of interest.
- Apply in as little as 15 minutes.
- No monthly fee for the first 12 months.
Eligibility Criteria
- Business must be based in the UK and registered with Companies House, where applicable.
*The £25 monthly fee is waived for 12 months for new to Cynergy Bank customers. The offer is available to new customers for a limited time only. Cynergy Bank reserve the right to withdraw the offer at any time. T&Cs apply.
Show More Products From Cynergy BankShow Fewer Products From Cynergy Bank
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Monthly Fee
£9.99 -
Card Purchases
Free -
Bank Transfers
20 free per month20 free per month, then 20p per transfer -
Overdraft
-
Access Methods
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- 1 free expense card included
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
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
5 free per month- 5 free local transfers per month, then 20p thereafter
- International transfers: £5
-
Overdraft
-
Access Methods
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- International payments – Send and receive money from 200 countries
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), Switzerland, UK and US
International payments – Send and receive money from 200 countries.
Exchange money in 30+ currencies at interbank rates
Exchange money in 30+ currencies at interbank rates
Show More Products From RevolutShow Fewer Products From Revolut
Refine Your Search
- Freelancer Bank Accounts
- Best Business Bank Accounts
- Free Business Bank Accounts
- Joint Business Bank Accounts
- Small Business Bank Accounts
- Sole Trader Business Bank Accounts
- Multi Director Access Business Accounts
- No Credit Check Bank Accounts
- Switcher Business Bank Accounts
- Online Business Bank Accounts
- Bad Credit Business Bank Accounts
- Corporate Business Bank Accounts
- Self Employed Business Bank Accounts
- Start Up Business Bank Accounts
- International Business Bank Accounts
Comparing Business Bank Accounts
In the fast-paced and evolving business environment of the UK, having a reliable banking partner is indispensable. But with a plethora of options available, how does one ensure that they’re getting the best deal? The answer lies in diligent comparison. Here’s a guide elaborating on the importance of comparing business bank accounts in the UK.
1. Diverse Needs, Diverse Offerings
A one-size-fits-all approach to banking seldom works. Some businesses might prioritize international transactions, while others might value integrations with accounting software. By comparing accounts, businesses can ensure they find an offering aligned to their needs.
2. Cost Efficiency
- Fee Structures: Different banks have varied fee structures. Some might offer low monthly fees but higher transaction costs, while others might offer a more inclusive package. Without comparison, businesses might end up paying more than necessary. Read our article on understanding business banking fees for further information.
- Promotional Offers: Many banks lure businesses with promotional offers, such as an initial fee-free period. Comparing these offers can lead to decent savings.
3. Optimising Features and Benefits
- Overdraft and Credit Facilities: Different banks offer varied credit terms, interest rates, and overdraft facilities. Depending on your business’s cash flow needs, comparing these can be very useful.
- Digital Banking Capabilities: In today’s digital age, efficient online and mobile banking solutions are crucial. Not all banks offer the same level of digital proficiency.
- Additional Services: From business advisory services to accounting software, some banks offer value-added services that can benefit businesses beyond mere banking.
4. Ensuring Robust Security
Security measures can vary between banks. By comparing, businesses can ensure they partner with a bank offering state-of-the-art security features, ensuring the safety of their financial assets and data.
5. Flexibility and Scalability
As businesses grow and evolve, so do their banking needs. Comparing banks can help identify those that offer flexibility and can cater to the scaling needs of a growing enterprise.
6. Navigating the Fine Print
Banking contracts come with their set of terms and conditions. By comparing, businesses can be wary of potential hidden charges, restrictions, or unfavourable terms, ensuring they choose a transparent and trustworthy banking partner.
7. Enhancing Customer Support Experience
The quality of customer support can significantly impact a business’s banking experience. Different banks offer varied levels of support. Through comparison, businesses can opt for banks known for their responsiveness and efficient customer service.
8. Streamlining Integration and Compatibility
For businesses reliant on specific software or tools (like accounting software or payment gateways), ensuring banking compatibility is essential. By comparing, businesses can choose banks that offer seamless integrations, simplifying operations.
9. Leveraging Reviews and Feedback
Comparing bank accounts also provides an opportunity to delve into reviews and feedback from other businesses. This can offer insights into the real-world performance of banks, beyond their marketed promises.
10. Future-Proofing Financial Operations
By comparing and choosing the right bank account initially, businesses can avoid the hassle and potential complications of switching accounts later on.
Choosing a business bank account is not a decision to be made lightly. It can end up being a long-term commitment. By taking the time to compare various offerings, UK businesses can ensure they find a banking partner that aligns with their needs, offers the best value, and contributes to their overarching business objectives. In the competitive world of business, every edge counts, and a well-chosen banking partner can certainly provide one.