Best Online Business Bank Account Uk – Whether you are in your first few months or running an established business, a good and convenient business bank account is essential. Check out our list of the best traditional and online accounts available in the UK to find which one is right for your business and your needs.
The score data comes from each company’s website and was last updated in February 2022. The companies are ranked in no particular order.
Best Online Business Bank Account Uk
To open an account, you must go through the bank’s online application process. Most banks and building societies will allow you to complete a full account online, but if your circumstances are different or unusual, you may need to speak to an adviser over the phone or in person. Neo banks that operate entirely online (eg Mettle, Tide, Monzo) usually have the fastest and easiest account setup processes.
Bank Of The West
Most commercial bank accounts charge a monthly fee, as well as transaction fees for select accounts. Monthly fees typically range from £5 to £12, but can be higher. There may also be a one-off set-up fee which can cost between £10 and £70. Neobanks often charge a monthly fee that covers most account management, but traditional banks often charge separately for withdrawals, cross-country payments and applying for a new card .
It depends on your circumstances. If your application is very simple, setting it up at a traditional bank only takes a day or two. Your card will be mailed to you within a week. Neobank and fully online accounts often allow you to set up in hours or minutes.
If you run a limited company, it is a legal requirement that you use a separate business bank account to manage your company funds. This is optional for sole traders, but it can be useful if you want to keep your personal and business money separate.
The best trading account for you depends entirely on your needs. If you regularly transfer money in different currencies, you need an account with a favorable exchange rate and low transfer fees. If you’re a sole trader with a very simple setup, the most basic and affordable account is usually the best. Business owners with multiple team members will benefit more from a more complex and feature-rich account, especially if it allows you to add multiple account owners at a lower cost.
Personal Banking Services
When choosing a business bank account or savings account, look for one that includes all the features you need at the best price.
Disclaimer: It is a publisher of business finance, research and information websites. We are not a lender, bank, broker and/or other financial institution and are therefore not authorized or regulated by the FCA to provide financial advice. We are unable to recommend the products and/or services presented on the website. Companies are not ranked in any particular order, and a higher ranking does not mean the company is better. We work with FCA licensed and regulated companies who may pay us a fee for your referral, but this does not affect our content and helps keep this site free to use. Online-only bank accounts such as Revolut, Wise (formerly TransferWise) and QuickBooks Cash are not traditional banks – they lack some physical features such as an FSCS deposit guarantee or telephone service.
Interbank rates. There are no fees up to £10,000 on the lowest non-free tier. Forex is the main selling point. Collect more than 28 coins instantly.
CashPlus doesn’t offer freebies that we don’t like. While their annual fee is reasonable, this price does not offer much of an advantage compared to other banks.
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However, they are on the cheaper side, and depending on the volume of transactions, they can all come out the same.
For example, Cashplus only offers three free e-payments per month and charges £0.99 for each. However, Revolut offers up to 100 free payments. At a hefty £25 a month for Revolut, compared to Cashplus’ paltry £5.75, the pendulum swings in Cashplus’s favor unless you do a lot of transfers.
Monzo charges even better rates for UK to UK transfers with no transfer fees even on their free plan. The same goes for Starling Bank, which allows fast payments of up to £25,000 at no cost in the UK.
Vice charges for every outgoing transaction, but not for incoming transactions (which Revolut does). Their transaction fees are slightly higher than Revolut, but this is offset by the fact that they are cheaper as they do not apply a fee tier for higher limits. However, they charge a one-time fee to open an account for a currency you don’t currently have.
Secure Online Payments & International Money Transfers
In fact, if you don’t do large forex transactions, avoid Revolut and Wise for your day-to-day banking. (On the other hand, if you
(Manage a lot of foreign exchange – e.g. e-commerce business – and avoid other banks and choose Revolut or Wise.)
Revolut is the only service that connects to all of the accounting tools above, although connecting to FreeAgent requires a bit of special setup. (Basically, visit another page and click “Login”.)
A connection to accounting software is essential for a business account. Maybe we are biased, we are accountants. But the time it saves in your daily bookkeeping cannot be underestimated! A bank that connects, depends on ownership
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No other feature we’ve tested is split as neatly down the middle as this one. Each of the companies has a business card/expenses function with real-time reporting on card activity. or there is
Both Monzo and Wise offer a “team member” role, but team members don’t get cards. In Vice’s case, it gives the staff member access to all of the company’s finances, which isn’t the point of employee cards.
Starling Bank’s “connected cards” feature is more like a personal account feature, not a business one. It also has a limit of £200 per card. Not very useful for business.
Revolut and Cashplus for the two amazing offers. Both offer employee cards with real-time reports and data through their app and website. You can manage employee expenses remotely and activate or deactivate tickets with a few clicks.
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In all fairness to the first and second stars in the list above, forex is not part of their core business model.
Starling does a decent job of offering Euro and USD foreign currency accounts at a local UK bank. The USD account comes with ACH routing details that can be used for transfers from US based banks and to receive payments from Amazon, Stripe and other US companies directly to the USD account.
Unfortunately, the Starling feature is only available to limited memberships. And it costs £5 a month. Wise offers its dollar account with a one-off set-up fee of £16 and no monthly costs. It is available to everyone – sole traders, freelancers and limited companies.
Cashplus offers a “travel card” in EUR and USD, but no account to receive cash. You can transfer money to EUR and USD cards from your account. They say they offer “competitive rates”, but we haven’t been able to find much information on this, so can’t to respond.
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You’ll be more comfortable with a “regulated bank” and have little need for foreign currencies other than Euros and USD. In that case, Starling might be your best option.
As far as Monzo is concerned, they do not offer forex services. Period so if you need EUR, USD or other foreign currencies, Monzo is not for you.
All three regulated banks on our list offer FSCS deposit guarantees. This means that if the bank fails, your money is guaranteed up to £85,000.
In our experience, our customers are not concerned about this. Financial services companies Revolut and Wise are still closely monitored by the relevant financial regulators.
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For overdrafts and cash deposits, only the “real” banks on our list offer this. Starling asks you to deposit money at a post office. So if you want to go to the bank to do something else, you’ll have to make another trip to the post office. But seriously, why go to the bank if you’re used to doing everything online! 🇧🇷
Monzo has no commercial overdraft, which is bad. And the CashPlus overdraft is nothing to write home about.
Starling is the clear winner here, offering fantastic overdraft capabilities for personal and business accounts, and is the only traditional banking service on our list with a five-star rating.
A special mention must also go to Revolut for providing a very easy merchant account to order.
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Having a merchant account is a legacy process for accepting credit card payments online. Today, most people use third-party providers like PayPal or Stripe.
But Revolut does offer a merchant services account, which allows you to receive payments directly through its interface at slightly better rates than Stripe. They also give you the option to integrate payments directly into your preferred e-commerce platform.
If you do a lot of credit card transactions, this could be something that tips Revolut in your favor.
It is impossible to look at a list of ratings
Business Debit Cards
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