The Best Business Bank Accounts UK You Can Get in 2024: Top 10+ Options Compared

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The best business bank accounts give you all the financial tools you need for your day-to-day business operations. From managing your cash flow to streamlining accounting transactions and ensuring your funds are secure, these business account tools are essential.

However, with so many business banking solutions around, choosing the right one can be challenging. That’s why we’ve researched dozens of providers to prepare this guide on the best business bank accounts based on criteria like monthly fees, number of cards available, deposit and withdrawal limits and fees, and customer support. Read on to learn why providers like Revolut Business, Wallester Business, and Moss are among the best in the business.

The Best Bank for Business Accounts: Top 15 Ranked

All of our selected top business account providers offer something unique, and that’s what the following round-up aims to highlight:

  1. Wallester Business — The best business account for LLCs with an unlimited number of physical cards for your team. Plus, you get onboarding assistance and a dedicated account manager.
  2. Airwallex — Popular platform offers multi-currency accounts, fast international transfers and low currency conversion fees.
  3. Moss — A customizable expense management solution for small- to medium-sized businesses, with fully-customizable card plans and tooling to expedite expenses, invoices, and month-end processes.
  4. Revolut Business — Excellent business account with multi-currency accounts with support for 25+ currencies. You can also book forward contracts to enjoy the best market rates.
  5. Ampere — A versatile virtual account ideal for startups as well as small and mid-sized businesses in the UK.
  6. AnnaRecommended for those on a budget with its flexible pay-as-you-go pricing model. You’ll also be able to earn 1% cashback on all purchases.
  7. Multi PassRecommended for those looking for a multi-currency option as it allows transactions in more than 30 currencies.
  8. TideOne-stop shop for business solutions, including scheduled payments, document organization, and more. It also allows you to hold up to five business accounts for free.
  9. Monese Business — Recommended for those looking for an all-in-one app to manage their business transactions.
  10. Wise — A global business banking solution with great conversion rates. This FCA-regulated provider allows you and your employees to spend in multiple currencies.
  11. Citi — Popular business banking account with a minimum deposit of as little as £1. The option to deposit cheques via the app further enhances convenience.
  12. MettleIdeal for businesses looking for accounting solutions in addition to a reliable business bank account provider. Comes pre-integrated with FreeAgent, which boosts its usability.
  13. CashPlusThe best business bank provider for startups, which can help you with business registrations. As a business, you’ll also be able to build credit with their interest-free 12-month loans.
  14. MonzoAllows you to set aside money in different pots, which is ideal for tax management. It’s also one of the few business bank account providers that helps you earn interest on your savings.
  15. Starling BankGreat pick for a dual-currency, USD, and EUR bank account. It also makes migrating easy with its Switch Guarantee.

How Does a Business Account Work?

A business account works much like a personal account but is tailored to the needs of your organization. It’s a dedicated account where you can deposit and manage your business’s finances.

You can receive customer payments, pay bills, and make business-related purchases using cheques, a debit card, or online banking.

A business account keeps your business finances separate from personal funds, making it easier to track income and expenses, which is crucial for taxes and financial planning.

You can also set custom rules for streamlining employee expenses and reimbursements. This makes managing money a whole lot easier.

What Types of Business Accounts Are There?

Whether you’re a small startup or an established corporation, understanding the different types of business accounts available is essential for managing your finances efficiently. Let’s look into the different types to help choose the right one for you.

  • Business Account: This is the most common business account for day-to-day transactions. It allows you to deposit money, write cheques, and make electronic payments for business expenses.
  • Business Savings Account: Similar to a personal savings account, it lets you earn interest on funds while keeping them easily accessible for emergencies or future investments.
  • Money Market Account: These accounts combine features of both regular and savings accounts. They often provide higher interest rates than savings accounts while allowing limited cheque-writing capabilities.
  • Merchant Services Account: Designed for businesses that accept credit and debit card payments, these accounts enable you to process card transactions, with funds typically deposited into your business account.
  • Certificates of Deposit (CDs): CDs offer higher interest rates than regular savings accounts, but your money is locked in for a fixed period, typically ranging from a few months to several years.

Why Get a Business Bank Account?

The primary reason to get a business bank account is to provide financial facilities for your organization and maintain a clear separation between personal and business finances. This simplifies record-keeping, ensuring your income, expenses, and taxes can be tracked and managed.

It adds a layer of professionalism when dealing with clients and suppliers, as payments and transactions are conducted under your business’s name.

Another key benefit is that business bank accounts often come with features tailored to business needs, such as the ability to process payments, manage payroll, and accept credit card transactions.

Additionally, they offer more comprehensive reporting options, which can be valuable for tracking cash flow, monitoring expenses, and simplifying tax preparation.

Business accounts typically offer features like merchant services, making it easier to accept payments, and may come with higher monthly fees but lower transaction costs. In contrast, personal accounts are designed for individual use and may not support business-specific features.

Mixing personal and business finances can lead to accounting challenges and even legal issues, so having a dedicated business bank account is a practical choice for any business.

The Best Online Business Bank Account Solutions Compared

The following table puts the key details of all our top picks side by side so you can get all the information you need to make a quick decision.

Business Bank Account Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Wallester Business All-sized businesses, including small-to-medium. Free Plan (up to 300 virtual cards, unlimited physical cards) / £169.95/month if you need 300+ cards N/A N/A N/A N/A
Airwallex Multi-currency accounts Free Plan / £5 per cardholder/month (first 5 cardholders free) $10 Coming soon Earn 10% cash back on your first $1,000 of international transactions N/A
Moss Small- to medium-size businesses No Pricing Information Available N/A N/A N/A N/A
Revolut Business Multi-currency accounts Free Plan / £19/month N/A Up to 4.25% 1 Month Free for Paid Plans N/A
Ampere Multi-currency accounts for startups, as well as small, and mid-sized businesses Free plan / £20 per month for account maintenance, including debit card issuance and delivery. No minimum deposit N/A N/A N/A
Anna Flexible pricing £14.90 + VAT/month No minimum deposit N/A £100 for referring a friend 1% per deposit
Multi Pass Transacting in multiple currencies £29 + VAT/month No minimum deposit N/A N/A 0.5% per deposit
Tide Generous free plan £9.99 + VAT/month £2.50 for post office deposits N/A £50 reward if you refer a friend Post Office – 0.5%, PayPoint – 3%
Monese Buisness Small- to medium-size businesses £5.95 + VAT/month £1 for post office deposits N/A £150 reward if you refer a friend Post Office – £1%, PayPoint – 2.5%
Wise Large businesses needing currency conversion N/A N/A Variable, 4.87% on GBP N/A 2% on account funding transactions
Citi Small businesses with limited transactions £75 – CitiGold Current Account No fee for accounts over £150,000 0% N/A N/A
Mettle Accounting 100% free £10 N/A N/A Free
CashPlus New businesses about to launch £9/month No minimum deposit N/A N/A 0.5% per deposit
Monzo Effective money management £5/month No minimum deposit 1.60% AER interest £5 for referring a friend £1 per deposit after free deposit each month
Starling Bank Businesses on a budget No monthly fees £3 2.50% Free National Trust day for a referral 0.7%

Reviews of the Best Banks for Business Accounts

Eager to zero in on the best bank business accounts for your needs? Read on as we’ll now discuss in detail each of our top recommendations, including their best features and pros and cons. Ready?

1. Wallester Business — Best Business Account for LLCs with Unlimited Virtual Cards

Wallester Business is the best business acount for large companies with thousands of people in their workforce, as every plan comes with unlimited physical cards – including the free plan. You’ll have more than enough to give your entire team the level of access you need to company funds.

Depending on the plan you choose, you can order 300 to 15,000 virtual credit cards at once – arguably making this the best business account for online business.

You can also order unlimited additional virtual cards for a small charge of £0.09/month to £0.18/month per card. This is a huge plus over other options, which limit their service to no more than 60 new virtual cards per month.

Wallester

Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Large organizations Free Plan / £169.95/month N/A N/A N/A N/A

Business accounting really is made simple with Wallester Business’s integrated expense tracking feature. You can track every expense item made with the connected cards in real time and also impose spending limits.

You can also use the platform to receive and approve purchase requests from your employees. This ensures they don’t take advantage of your company’s expenses for their own personal needs.

The same goes for invoices. Your employees can upload purchase invoices through Wallester Business’s mobile app, so every penny will be accounted for when you’re tallying your expenses at the end of the month.

If you switch to its Enterprise plan, you’ll also enjoy some exclusive perks, such as onboarding assistance, a custom success manager, and a dedicated account manager. Having fast, seamless transactions ensures smooth business operations, and with Wallester Business, you’ll have an entire team to make sure that’s the case.

Pros

  • Add unlimited sub-accounts and users
  • Automated and manual data export to Excel, CSV, and PDF
  • Hundreds of virtual cards available
  • One of the best expense management tools

Cons

  • For over 300 virtual cards, the premium package is required.

2. Airwallex — Top Business Solution, with Multi-Currency Accounts

Airwallex ticks all the boxes, especially if you run a global business. You get multi-currency accounts where you can open local currency accounts in more than 60 countries.

This allows you to operate a global company, pay your domestic and international bills, and make currency conversions with some of the lowest fees.

Moreover, you can issue virtual and physical cards for your employees. Use these cards for company expenses and team purchases for subscriptions, ads or whatever else your company may need.

airwallex global accounts

Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Multi-currency accounts Free Plan / £5 per cardholder/month (first 5 cardholders free) $10 Coming soon Earn 10% cash back on your first $1,000 of international transactions N/A

Virtual cards can be extremely helpful for your employees as they can be used for travel purchases and employee benefits as well. The cards can be both virtual and physical. Use the dashboard to restrict purchases, set limits and manage your employee spending.

Each card is easy to track and changes happen in real-time, giving you a better visibility of employee purchases.

Airwallex supports payments from costumers globally via e-commerce platforms like Shopify, Magento, WooCommerce and more. One of the best features around this is that you can collect and settle in the same currency to avoid costly currency conversion fees.

Pros

  • Unlimited virtual cards
  • Free plan with multiple free features
  • Multi-currency accounts
  • Integration with e-commerce platforms and bookkeeping software

Cons

  • Some users have flagged a slow customer support

3. Moss – Digital Platform for Streamlining Business Spend Management (Up to 4.5x ROI)

Moss is a digital spend management and corporate card platform that targets small- to medium-size businesses. Moss users can choose between using it as an all-in-one solution for their expense management, or for building a modular solution to suit their specific expense needs.

Moss Potential Business Impact

Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Small- to Medium-Size Businesses No Pricing Information Available N/A N/A N/A N/A

The all-in-one Moss solution offers all the tools necessary for expense management, including:

  • Corporate Cards:Unlimited virtual cards, with card permissions customizable for each employee
  • Invoice Management:Automated invoice management preconfigured by you, with automatic data extraction and payment alerts
  • Reimbursements:Approve per diem expenses, like mileage, accommodation, food, and out-of-pocket items, while on the move
  • Budget Control:Digital mapping between cards, users, and merchants, to intelligently categorize and organize expenses
  • Accounting and Integration:Integration with leading account softwares and HR information systems to increase productivity and reduce errors

Users of Moss can achieve as much as 4.5% ROI, as the platform helps to reduce errors, increase productivity, reduce month-end accounting to a 1-day-a-month process, facilitate faster employee reimbursement, and decrease the time for submitting expenses by over 50%.

With integrations available for some of the top accounting and HR information systems software Moss can give businesses better control of their budgets, offering real-time budget tracking, and better invoice and expense management with customizable process automation.

Pros

  • Unlimited virtual cards
  • Customizable employee-card controls—on the fly
  • Customizable invoice flow with automatic notifications
  • Integrations from accounting and HR systems
  • Reduce month-end accounting to 1-day per month

Cons

  • Pricing is only available upon request

4. Revolut Business — Multi-Currency Accounts and Exchange Rate Lock

Revolut Business is a perfect pick if your business deals in multiple currencies. With its multi-currency account, you can hold, send, and receive money in 25+ currencies, including EUR, USD, and CHF, among others. Revolut Business also gives you the option to lock in exchange rates for as long as 12 months through its Forward contracts.

If you need to make a USD payment in two months, for example, you can book the current rate to make the payment with Revolut Business , saving you money if the GBP-USD exchange rate dips. This will come in handy for large organizations that often make bulk payments.

Revolut Business offers 1.5% cashback on qualifying expenses on all plans, even with the free plan. Plus, you get boosted cashback of 1.9%, up to a cap, on all paid plans. And no matter how large your team is, you can issue up to three cards for each member.

Revolut

Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Multi-currency accounts Free Plan / £19/month N/A Up to 4.25% 1 Month Free for Paid Plans N/A

You can also issue 200 virtual cards per account owner. This way, your employees won’t have to share cards, making it much easier to track expenses.

Indeed, Revolut Business gives you complete control over your team’s spending. You can set card limits, permissions, and levels of access, and each transaction will be brought to your attention via real-time notifications.

More importantly, you don’t need to make manual accounting entries for all expenses passed through your Revolut Business account.

Once you’ve linked your accounting software, the expenses will automatically be logged with the system without manual intervention, saving time and effort on reconciliation.

Revolut Business doesn’t let you manage your account on a phone call, and there is no overdraft facility, but this is hardly a great loss given all the features on offer, from easy money management to virtual cards to expense tracking and currency exchange.

Pros

  • Up to three physical cards per team member
  • A handy free multi-currency supported plan
  • 3D-secure contactless cards
  • 1.9% boosted cashback on paid plans

Cons

  • No account management by phone call

5. Ampere — All-in-One Bank Account for UK Businesses

Those looking for an all-in-one financial service for their businesses will find Ampere to be a great place to get started. Whether it’s a startup, a small business, or a mid-sized business, using this virtual account, you can send, receive, and hold funds in multiple currencies. However, since it’s not a bank account, your funds won’t generate any interest.

Here, you can open your account in a few minutes and manage it from your PC, tablet, or phone, allowing you to handle your business from anywhere and at any time. 

Ampere UK Home Page

Ampere further enables smooth operations by offering a business debit card linked to your business account. So, anytime you make a purchase with it, the amount is subtracted directly from the business balance. The cost of issuing and delivering the debit card is included in the account setup fee.

Talking about fees, local transfers at Ampere will cost almost nothing, and exchange rates are also pretty low at 0.35%. 

Best For Monthly Fee Minimum Deposit Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Comprehensive banking services £35 setup fee 

£20 monthly account maintenance fee

Zero N/A N/A Local transfer is free of charge

£25 for international transfers

Opening a business account at Ampere comes with additional benefits such as fast money transfers, cashback, smart invoicing, real-time accounting, quick, personalized business loans with flexible limits, and commercial mortgages.

To ensure clients’ fund safety, Ampere utilizes a certified financial institution under the Financial Conduct Authority (FCA).

Pros

  • A comprehensive multi-currency business account solution 
  • Instant international payments via SWIFT/SEPA
  • Corporate debit card for your company
  • Instant flexible & low-interest loans
  • Smart invoicing & easy management of taxes
  • Excellent customer support

Cons

  • Slow fund movement

6. Anna — Offers 1% Cashback on All Purchases Along with a Pay-As-You-Go Pricing Model

Anna’s flexible pricing is its biggest USP. You can choose to only pay for services you use, rather than paying a monthly fee. This includes a 1% fee for currency conversions, a 1% commission on payments received through payment links, 20p per bank transfer, and so on.

Once you move to the business plan, you get a hybrid model where these activities are free up to a certain limit, and then you have to pay a fee. For instance, you get 50 free transfers a month, after which you have to pay a 20p per transfer fee.

Anna Business Bank Account

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Flexible pricing £14.90+VAT/month No minimum deposit N/A £100 for referring a friend 1% per deposit

If you move to the Big Business plan, you get unlimited bank transfers, ATM withdrawals, payment link usage, and pots, as well as free debit cards, among other benefits, while the currency exchange fee goes down to 0.5%.

Regardless of the plan you choose, you’ll get 1% cashback on every payment you make through Anna. It might not seem like a lot at a glance, but if Anna is your primary payment mode and you’re spending £500 a day, your business can earn £150 just through cashback in a month.

Anna’s plans are divided into two groups – Business Accounts and Business Tools. Business tools, separate to the accounts details described above, are available for a fee and include automatic VAT calculation, invoice creation, and receipt management.

They also allow you to invite your accountant on board and give them access to all the data from your account. If you don’t have an accountant, you can chat with Anna’s in-house tax experts whenever you need.

Pros

  • Flexible pricing model
  • Affordable exchange rates
  • Access to tax experts 24/7
  • Big Business plan offers unlimited use

Cons

  • Business tools and business accounts are sold separately

7. Multi Pass — Transact in More than 30 Difference Currencies

Multi Pass has established itself as a way to provide individuals with business accounts without borders. It supports multi-currency virtual IBANs and local EU, UK, and US accounts.

MultiPass

With MultiPass, users will get a single business account that they can operate overseas thanks to it supporting more than 30 different currencies and being available across 180 countries.

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Transacting in multiple currencies £29 + VAT/month No minimum deposit requirements N/A N/A N/A

The most attractive factor about Multi Pass is its onboarding process. It is only done online, which simplifies the process by removing the standard roadblocks related to standard onboarding.

Furthermore, Multi Pass offers wholesale exchange rates, which stops individuals from overpaying traditional banks.

With access to good exchange rates and 24/7 availability of making the exchange, investors will find it easy to move their funds between their own accounts.

Beyond business accounts, Multi Pass also offers a wide array of business cards. There are 15 business cards that people can get. Available in both virtual and plastic, the business card will allow investors to spend globally in EUR or GBP. Other currencies will have a 1.5% FX markup.

Additionally, the platform has been authorized by FCA. The funds in it are protected by a safeguarding process and live-chat customer support is available on the platform.

Pros

  • Has an affordable plan
  • Live chat support is available
  • Offers 15 business cards
  • Supports more than 30 currencies

Cons

  • Charges £12 for sending payments worldwide via SWIFT

8. Tide — Hold Up To Five Business Accounts For Free

Tide lets you get started for free, which is great for those who are just starting out. In fact, you can hold up to five business bank accounts on the free plan, which is pretty impressive when compared to other service providers.

There’s lots of flexibility, and you can also invite your team onboard and give them read access. Scheduled payments is another great feature, enabling you to line up payments in advance.Tide business Bank account

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Generous free plan £9.99 + VAT/month £2.50 for post office deposits N/A £50 reward if you refer a friend Post Office – 0.5%PayPoint – 3%

Tide’s biggest USP is its exclusive member perks. For instance, you get a lot of tools for free. Auderli – a product that helps you organize your documents, can be accessed for free by Tide users.

Noissue, a company that helps you create sustainable and custom packaging for your brand, can be accessed with a 10% discount from Tide.

Depending on the plan you choose, you can get 20 to unlimited free transfers a month, with a 20p per transfer fee on the free plan. ATM withdrawals are charged at £1 per transaction, but other uncapped, which is quite reasonable.

Tide’s assistance goes way beyond money, though. It’s one of the few business bank account providers that provide legal advice. That’s right, it has a dedicated legal helpline that runs 24/7.

With this, you can seek advice on business law, employee law, and commercial law, among other areas of expertise. Please note, though, that this service is provided by Irwin Mitchell LLP, a partner of Tide, and not Tide itself.

Pros

  • Comes with a great free plan
  • Legal advice provided 24/7
  • Exclusive member perks
  • Reasonable fees for ATM withdrawals and transactions

Cons

  • Only 0.5% cashback on the Tide card.

9. Monese Business — Simple Tools to Manage Business Transactions

Monese Business offers a simplified way to start a business account for a UK-registered account. Based on mobile, this business account platform comes with multiple ways to manage and track spending using a single application.

Monese Business

Opening the account is simple as the onboarding process is online. It also allows users to set up Direct Debits in the UK, allowing users to make payments faster via the UK Faster Payments network free of charge.

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Small and medium business £5.95 + VAT/month £1 for post office deposits N/A £150 reward if you refer a friend Post Office – £1 PayPoint – 2.5%

One of the biggest USPs of the platform, however, is the ability to manage finances through a simplified system of pots. Beginner-friendly and self-explanatory, this feature allows users to set aside certain amount for future expenses.

Funding the business account has also been simplified using this tool. Individuals can use cash to do so from over 40,000 PayPoint or Post Office Locations across the UK. The platform also supports a contactless Mastercard Debit Card.

When it comes to plans, Monese Business account only costs £9.95 a month. It offers a Contactless debit card for free, has a 0.5% foreign currency card spending fee and up to 6 free ATM withdrawal per month.

Monese Business has also established a good security system in place, which requires a KYC. Since everything is done using the mobile app, Touch ID, Face ID, and multi-factor authentication are also implemented.

The platform has also opted for 3D-Secure, which is an extra one-time password sent to users when they shop using Monese Business’s account online.

Pros

  • Offers an affordable plan
  • Offers a good debit card
  • Allows the creation of business invoices
  • Reasonable minimum deposit requirement

Cons

  • While the security system is good, it could have been better

10. Wise — Global Business Banking Provider with Great Exchange Rates

Wise is a leading global banking solution that makes international payments a whole lot easier. You can benefit from mid-market conversion rates, which are lower than rates available to customers at large and are the rates at which banks trade currencies with each other.

Wise offers a volume-based discount in the case of international transfers. For example, if you’re transferring £1,00,000 a month to USD, your average cost would be 0.31%, and if you’re transferring £3,00,000, the cost goes down to 0.1%. The same applies to all currency conversions.

All in all, it’s an ideal solution for large organizations with considerable monthly transfer needs, as they can end up spending a large chunk of their transaction costs.

Wise

Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
 Large businesses needing currency conversion N/A N/A Variable, 4.87% on GBP N/A 2% on account funding transactions

Like Revolut Business, Wise also offers multi-currency accounts. It lets you hold money in 55+ currencies. This account can be used just like a traditional bank account, and you can use it to sell online and receive direct vendor payments.

Moreover, the debit card issued with the account can also be used to incur expenses in any currency. This does away with the hassle of complex currency conversions.

Your employees can spend in multiple currencies with Wise business debit cards for employees. You can get unlimited cards with a nominal one-time fee of £7 for each new card and £2.50 for replacements. You’ll even have full control over spending limits, and change roles, permissions, and approvals.

Receiving international payments with Wise is also pretty straightforward, and support is available for nine currencies. Bill your customer in their local currency and pay in your own domestic currency.

You can also create payment links for your clients. Click “request a payment,” enter the amount and currency, and send the link to your client. They can click directly on it and make the requested payment without needing your bank details – it doesn’t get easier than that.

Another thing we love about Wise is its convenience. You can make international batch payments with just a single click, and you can even automate your transfers through an API integration. With all this functionality, though, some users have reported difficulty with getting the customer support they need.

Pros

  • Low exchange conversion rate
  • Lets you hold amounts in 55+ currencies
  • Handy international batch payment feature
  • Request payments via a link without needing bank details

Cons

  • Limited customer support

11. Citi — Provides Dedicated Small Business Bank Accounts For Those With Limited Needs

Citi offers three types of business accounts for small businesses and one account for large businesses. All these accounts can be opened with a minimum deposit of just £1 and vary on the number of monthly transactions allowed.

You can opt for the Interest Checking Account, for example, if you have less than 25 transactions in a month. The benefit? Unlike any other Citi account, you can earn interest on your deposit balance.

Citi also allows businesses to deposit cheques from mobile devices. Sign in to your Citi mobile app, select the account you want to deposit the cheque to, sign on the back of the check, click an image of both sides of the cheque, and submit it.

Citi

Best For Monthly Fee Minimum Account Balance Annual Percentage Yield Sign Up Bonus Cost/Cash Deposit
Small businesses with limited transactions £75 – CitiGold Current Account No fee for accounts over £150,000 0% N/A N/A

You’ll then get a confirmation email once the deposit is credited to your account. These hassle-free functions make it one of the best banks for small businesses.

Citi also offers an interesting deposit bonus program where you can earn £2,000 or more. The higher the deposit amount, the higher the bonus. For example, a deposit between £20,000 and £75,000 will earn you a £750 bonus.

The minimum qualifying deposit stands at £5,000, for a bonus of £2,300, which should be deposited within 30 days of opening the account and maintained for 60 consecutive calendar days.

Citi facilitates international trade with a Letter of Credit. These are a form of guarantee issued by banks for clients involved in import-export transactions. If the importer defaults on payments, the bank becomes liable to clear the dues.

Citi offers three types of LCs – a traditional LC, a standby LC, and confirmed LCs. You can get one as per your exporter’s needs and your own creditworthiness.

Pros

  • Great sign-up bonus of £2,000
  • Facilitates international trade through Letters of Credit
  • Allows cheque deposit through an app
  • Provides one of the best small business bank accounts

Cons

  • Lacks employee spending controls

12. Mettle — Great Accounting Solution Packaged with a Bank Account

Mettle offers both a business bank account and an accounting tool at the same time by integrating with FreeAgent, an award-winning accounting software product.

Unlike other business bank account providers, where you may have the option to integrate an accounting tool, FreeAgent is available by default with every Mettle account at no extra cost. You’ll be saving £150 per year.

Mettle Bank account

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Accounting 100% free £10 N/A N/A Free

With FreeAgent, you’ll get daily to-do lists. Here, you can keep track of payments that have to be made and invoices that need to be sent out.

All your invoices will be categorized under “In” and “Out” depending on who’s sending whom. There’s also a label telling you how many of your invoices are overdue. At a glance, you’ll be able to see every remaining task for the day.

Keeping good care of finances also makes tax season very simple. It helps you manage your paper receipts, too. All you’ll have to do is take a picture and upload it to your Mettle account in PDF format.

Records for other digital transactions will be available already on Mettle. Before closing the account for the year, you can turn on auto-match so each of your payments is matched with the invoices.

You can also reconcile multiple payments to a single invoice and vice versa. However you want to tally your account, Mettle is equipped to handle it. If there’s one drawback, it’s just the lack of interest on savings.

Pros

  • Easy account reconciliation
  • Helps you match payments to invoices
  • Simplifies tax season by keeping track of every penny
  • Free access to the FreeAgent accounting tool

Cons

  • No interest on money left in pots

13. CashPlus — Popular Bank for Startups That Helps with Registration and Credit Building

CashPlus is ideal for new businesses at the pre-launch phase and can help you with the legal aspects of forming a new business. If you share a few details about your company, CashPlus will register it for free, covering the £12 incorporation fee for registering a new business.

Now that your business is ready for the market let’s talk about its business bank account. The biggest challenge any new business faces is building credit. Without a good credit score, you won’t qualify for good interest rates on loans. To help you, CashPlus offers a Credit Builder service.

CashPlus Bank

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
New businesses about to launch £9/month No minimum deposit N/A N/A 0.5% per deposit

With this feature, CashPlus will give you an interest-free loan – a credit builder loan – and you’ll have to make regular payments to show you’re a reliable borrower.

You only have to make these payments for 12 months, and they’ll be taken as your account fees. This way, you won’t have to set aside a separate fund each month just for the loan.

One thing that slightly bothered us was the high transaction fees in the free plan. Each ATM withdrawal costs £3, and after the first three transactions every month, you’ll have to pay a 30p charge on all money transfers.

Luckily, this will all go away if you pay a fee of £9/month. Then, you’ll get unlimited free ATM withdrawals, both in the UK and abroad, and 20 free money transfers every month.

Pros

  • Great credit builder feature
  • Helps you register your business for free
  • Integrates with best-in-class accounting tools
  • Free ATM withdrawals from the UK or abroad on the paid plan

Cons

  • Transaction fees on the free plan are too high

14. Monzo — Simple, Error-Free Tax Management with Virtual Money Pots

Monzo is a fully regulated UK bank that follows the same rules as all UK high-street banks. If you’re looking for a reliable bank to open your business account, Monzo is the way to go.

Tax management is super simple with Monzo’s Tax Pot feature. Under this, a percentage of money from all your earnings is set aside in a separate account. For example, you can choose to set aside a certain percentage of each transaction as tax funds.

Monzo Business Bank

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Effective money management £5/month No minimum deposit 1.60% AER interest £5 for referring a friend £1 per deposit after free deposit each month

Monzo lets you create sub-accounts under your main account, called pots, where you can set money aside. For instance, you can save money and earn interest on it through the Monzo Instant Access Savings Pot. There’s no monthly minimum deposit required, and you get 1.60% AER interest on the saved funds.

If you choose the pro plan, you also get many exclusive perks that help you take your business forward. For instance, every Pro user gets six months of free access to the Xero accounting tool.

Monzo is also one of the few service providers on this list that directly offers loans. You can get one loan on your personal account and one on your business account.

The service can also handle cash and cheque payments. You can post cheques to Monzo for free, and you can use PayPoint for cash payments of £1 to £1,000 every six months.

Pros

  • Dedicated tax savings pot
  • Six months’ access to Xero for free
  • Can handle cheque and cash payments
  • Offers you loans directly with no third parties involved

Cons

  • Free plan doesn’t support business accounting or virtual cards

15. Starling Bank — Makes Migrating Easy with its Switch Guarantee

Starling Bank stands apart from the competition by charging zero transfer fees. Most business bank accounts require you to pay a small fee for every money transfer and ATM withdrawal unless you choose their most expensive plan.

But with Starling Bank, you never have to pay any fee for monthly usage, UK-bound transfers, or ATM withdrawals.

Starling Bank

Best For Monthly Fee Minimum Deposit Annual Percentage Yield  Sign Up Bonus Cost/Cash Deposit
Businesses on a budget No monthly fees £3 2.50%  Free National Trust day for a referral 0.7%

In fact, you don’t even have to pay any transaction fee for payments abroad. Plus, you can run your business bank account in both USD and Euros, which is perfect for multinational businesses that have bases on both continents.

Moving to Starling Bank is simple, thanks to its Switch Guarantee. Starling will take care of transferring your funds to your new account and will close your old account, meaning you get a smooth transition while barely lifting a finger.

To help you maintain your cash flow, Starling also allows short-term overdrafts, going into the red and borrowing from the bank.

The process is pretty simple and is relatively affordable. Apart from the interest rate, which varies from 15% to 35%, you won’t have to pay any other fee. If you accidentally go above the agreed overdraft limit, Starling won’t charge you a fine. However, your payments may not go through if you don’t have the funds to cover them.

Pros

  • In-app fee-free check deposit
  • Allows overdraft for a small fee
  • Switch Guarantee simplifies transitioning to Starling
  • Lets you open business accounts in both USD and EUR

Cons

  • Doesn’t support credit cards

Whеrе to Gеt thе Bеst Frее Businеss Bank Accounts

Wallester is one of the best options for free business bank accounts. It offers an unlimited number of physical cards and up to 300 virtual cards on its free plan, so you can streamline operations and enable your employees to handle spending.

While free business accounts can be a valuable choice for small businesses and startups seeking to minimize costs, weighing up the advantages and potential limitations is essential.

It’s crucial to read the terms and conditions carefully, as some free accounts may have restrictions or fees for certain services.

Paid business bank accounts, on the other hand, typically offer more extensive features and benefits, such as higher transaction limits, dedicated customer support, and access to a wider range of financial products.

Key Factors to Consider When Choosing the Best Business Account

Wondering how to zero in on the best business account? Let’s explore the key factors you need to consider, whether you’re looking for the best bank accounts for online business or the best business bank accounts for sole proprietorship.

Fees and Requirements

Fees, such as monthly maintenance charges, transaction fees, or minimum balance requirements, can add up. You can avoid unexpected costs by understanding your account’s fee structure and ensuring it matches your transaction volume and cash flow.

Additionally, meeting the account’s requirements, such as minimum balances, may help you avoid maintenance fees and ensure uninterrupted access to essential banking services. Naturally, the best-value business bank accounts will have pretty reasonable fees.

Interest Rates

While traditional business accounts typically offer minimal or no interest, some banks may provide interest-bearing options. These can be particularly beneficial if your business maintains a substantial balance in its account.

By choosing an account with a competitive interest rate, you can earn extra income on your idle funds, helping offset account maintenance fees or other banking charges.

Location

Selecting a bank with local branches or a strong regional presence can be advantageous, as it provides in-person assistance, access to ATMs, and the convenience of easily depositing cash or cheques.

Furthermore, regional banks better understand the local business landscape and can offer tailored solutions and expertise.

However, if your business operates primarily online or across multiple regions, a bank with a broad national or international presence may better suit your needs, allowing you to access your accounts and conduct transactions regardless of location.

Mobile App

A robust mobile app offers convenience by allowing you to manage your business finances on the go. With features like mobile cheque deposits, fund transfers, and real-time account monitoring, you can streamline your financial tasks and make quick decisions wherever you are.

Additionally, a well-designed mobile app enhances accessibility and efficiency, saving valuable time and enabling you to stay connected to your business financial management effortlessly.

Support 

Whether you encounter issues with your account, have questions about transactions, or require guidance on financial matters, having access to responsive and knowledgeable customer support can save you time and mitigate potential disruptions to your business operations.

A bank that offers robust support, such as 24/7 helplines, online chat, or dedicated business banking advisors, can provide valuable assistance, helping you navigate any challenges and facilitating a smoother banking experience for your business.

Integrations

Integrations allow your account to work seamlessly with various financial software tools, making tasks like expense tracking, payroll management, and financial reporting more efficient.

This not only saves time but also minimizes the risk of errors. Selecting an account that integrates well with your existing tools and software can enhance productivity, accuracy, and overall financial management. If you’re in retail or services, being able to connect POS systems to your account could make a big difference.

How Many Business Bank Accounts Should I Have?

The number of business bank accounts you should have depends on your business’s complexity and financial needs.

For many small businesses and startups, a single business account may suffice, offering a convenient way to manage daily transactions and keep finances separate from personal funds.

However, you may benefit from multiple accounts to streamline financial management as your business grows.

Common additional accounts include a business savings account to accrue interest on surplus funds, a merchant services account for processing card payments, and a dedicated tax account for setting aside funds for taxes.

How to Open a Business Account Online – A Quick Guide

Opening a business account online has never been easier, and here we will walk you through the essential steps, using Revolut Business as an example.

Step 1: Visit the Revolut Business Website and Select a Plan

Go to the official Revolut Business website and choose the type of business account you need. Revolut Business offers two types of account options for various business sizes and needs, such as Grow, Scale, and Enterprise.

Revolut pricing

Step 2: Create a Corporate/Freelancer Account

Depending on the nature of your business, select the type of account you want to operate.

Revolut Business

You’ll be asked to provide essential information about your business, including its name, industry, and location. Ensure you have all the necessary information, such as your business registration details.

Step 3: Complete the Application

Fill out the online application form with your details and the required business information. You may also need to provide identification documents to verify your identity.

Step 4: Verification Process 

Revolut Business will review your application and may request additional documentation for verification. This process typically involves taking a selfie on the Revolut Business website.

Step 5: Account Activation

Once your application is approved, you will receive access to your Revolut Business Account. You can then download the Revolut app, log in, and use your business account for various financial transactions.

Revolut Analytics

More Business, Accounting, and Financial Tools

Your business bank account is only the first of the financial tools you’ll need to manage your operations. Here are links to our guides on other key financial and business management software:

Conclusion – What’s the Best Business Bank Account to Get in 2024?

Our list of the best business bank accounts includes something for everyone. Whether you need a account to manage day-to-day business operations or are looking to streamline your employee spending with robust card controls, you’ll find something to your liking on our list.

No matter your specific needs, though, you can rely on Wallester Business, which is the best wallet for large companies. It offers unlimited physical cards, and get up to 15,000 virtual cards depending on the plan you choose.

Online Business Account FAQs

Which bank is best for business banking?

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Can I use any bank account for my business?

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References

Krishi Chowdhary
Tech Expert
Krishi Chowdhary
Tech Expert

Krishi Chowdhary has half a decade of experience writing buying guides and product reviews for numerous leading technology websites. He spent two years writing for Business2Community.com before joining Techopedia.com. He has a degree in Commerce and extensive experience in the technology industry. He's also the key driver behind TechReport.com's news content, delivering expertise insight into the latest tech and cybersecurity news daily.