40 Best Business Bank Accounts (2024)

40 Best Business Bank Accounts in 2024

·Updated 22/04/2024·

Choosing the right business bank account is essential for operating and growing your business in the UK. It is the best way to separate your business finances from your personal, offering spending insights, accounting features and much more.

Find the best business bank account that fits your needs from the UK's top high street and award-winning online challenger banks.

Tide Business Bank Accounts

Digital business accounts offering high interest & company formation for £9.99
Monthly fees range from £0 to £49.99, plus tax
Get a £50 voucher with code £50VOUCHER when you sign up (T&Cs apply)
Online-only accounts with 24/7 access with their app
Offer instant access savings add-on, earning a variable 4.33% AER
Deposit cash at PayPoint or Post Office branches
Automatically match, categorise & annotate digital receipts
Integrate with QuickBooks, Xero & other accounting software
FSCS-protected accounts are provided by ClearBank, covering deposits up to £85,000
Rated great on Trustpilot with 4.1 stars out of 5

Website Read our in-depth Tide review

Cashplus Business Bank Accounts

Bad credit-friendly business accounts that can be opened quickly
Offer a free & paid plan, charging £9 a month
Get up to 20 free bank transfers each month, then 30p every transfer
Manage the account 24/7 online from any device
Cash can be deposited at Post Office branches for a small fee
Integrates with accounting software such as Xero or QuickBooks
Access to finance including business overdrafts & credit cards
Offer free company formation with the choice to open a free account at the same time
Fully regulated online bank with deposits up to £85,000 covered by the FSCS

Website Read our in-depth Cashplus Bank review

Allica Bank Business Rewards Account

Digital business bank account that earns interest & cashback on spend
Only available to registered businesses that have been trading for over a year, have a minimum balance of £50k or a loan with Allica
No monthly fees & free bank transfers
Offers integrated savings pot with instant access & a variable rate of 4.33% AER
Plus up to 1.5% cashback rewards on card payments, once you spend over £10k in a month
24/7 access with online & mobile banking & get a dedicated relationship manager
Sync with Xero or Sage accounting software to save time & automate tasks
Switch to Allica hassle-free with the Current Account Switch Service (CASS)
Regulated bank covered by the FSCS, protecting eligible deposits up to £85,000
Rated an excellent 4.4 out of 5 on Trustpilot

Website Read our in-depth Allica Bank review

Airwallex Business Account

Online global business account with local account details in 60 countries
No opening charge or any monthly fees for holding
Local transfers & Direct Debits from Global Accounts are free
Hold money in more than 20 different currencies & transfer to over 150 countries
With access to market-leading FX exchange rates, from 0.5% above interbank rates
Get 10% cashback on your first $1,000 of international transfers (T&Cs apply)
Integrate top financial tools like Xero & Netsuite for full visibility on your business spend
Not covered by the FSCS, but bound by safeguarding requirements to ensure deposits are protected at all times
Score a 3.7-star rating out of 5 on Trustpilot

Website

Countingup Business Accounts

Account fees range from £3 to £18 per month, depending on monthly deposits
Available for small & self-employed businesses
All new customers get three months free to try
24/7 online & mobile banking
Cash can be paid in at Post Office or PayPoint branches
Benefit from their built-in accounting and invoicing software or give your account access for free
Hassle-free payment notifications, receipt capture & transaction categorisation
Provide e-money accounts backed by Sage & ING Bank, deposits are not covered by the FSCS
Rated an excellent 4.4 stars on Trustpilot

Website Read our in-depth Countingup review

Revolut Business Accounts

Multi-currency business accounts with plans for freelancers & companies
Monthly fees range from £0 to £79, with one month free on paid plans
Access your money online whenever you need & wherever you are (internet connection required)
Hold & trade money in more than 20 currencies
Free monthly international payment allowance (terms and conditions apply)
Integrate & automate popular accounting tools
Earn interest on paid plans, from 2.25% to 3.51% AER variable
Revolut is not a bank, they are authorised by the FCA but not eligible for the FSCS
Users rate them great with 4.2 out of 5 stars

Website Read our in-depth Revolut review

Cynergy Bank Business Current Account

Online-only business bank account offering interest
Earn 2.50% AER variable on balances up to £25,000 & 0.25% AER variable on balances above
The £25 monthly fee is waived for 12 months for new to Cynergy Bank customers
Offer available to new customers for a limited time only & Cynergy reserve the right to withdraw at any time, T&Cs apply
Apply in as little as 15 minutes & manage completely online with 24/7 access
Access to Faster Payments, CHAPS, SWIFT, SEPA & FX, fees apply
Offer a business savings account with variable interest of 4.00% AER & easy access
FSCS protection up to £85,000, on eligible deposits
Average rating on Trustpilot with a TrustScore of 3.5 stars

Website Read our in-depth Cynergy Bank review

ANNA Money Business Accounts

Three digital business accounts with prepaid cards & no credit checks
Monthly fees range from £0 to £49.90, plus VAT
Get free monthly transaction allowances & free transfers to other ANNA accounts
Manage the account 24/7 online or in-app
Get paid anywhere online with payment link & webpage
Earn 1% cashback on eligible card purchases
Built-in, automated invoicing & accounting tools
Register as a landlord, a business or an ecommerce business for free, when you open
No FSCS-protection on your money as ANNA are not a bank
Boast an excellent TrustScore of 4.6 stars

Website Read our in-depth ANNA Money review

Card One Money Business Account

Online business account with 10 minute application & no credit checks
Opening charge of £55 & monthly fee of £12.50
Prepaid Mastercard with free UK purchases included
Online and mobile account with 24/7 access
Get text alerts when you're paid & when you pay someone
Responsive customer service team, averaging answering the phone in four seconds
Connect your favourite accountancy software, like Xero or Sage
Part of the Equals Group, regulated by the FCA but not covered by the FSCS
Excellent TrustScore of 4.5 stars out of 5 on Trustpilot

Website Read our in-depth Card One Money review

Wise Business Account

International business accounts with low FX & money transfers fees
Costs £45 to open & then charges no monthly fees, just for transactions
Manage & open completely online with 24/7 access
Offer free prepaid business cards to help manage employee expenses
Hold, spend or receive in more than 50 currencies & make transfers to over 80 countries
Earn up to 4.66% variable on your money with Wise Interest, earn on USD & EUR too
Account integrates with popular accounting tools
Deposits not protected by the FSCS, regulated by the FSCS for e-money
Rated great with 4.3 stars by Trustpilot users

Website Read our in-depth Wise review

Starling Bank Business Current Account

Award-winning free business bank account with feature-rich paid add-ons
No monthly fees, you just pay for transactions
Cash deposits available at Post Office branches, deposit cheques in-app for free
24/7 account management with Starling Bank app or on desktop
Connect with Xero, QuickBooks or FreeAgent for easy accounting
Large business overdrafts available, subject to eligibility
Fully regulated UK bank with FSCS protection & a TrustScore of 4.3 stars
Awarded Best Business Banking Provider 2023 in The British Bank Awards

Website Read our in-depth Starling Bank review

Monzo Business Bank Accounts

Popular digital business bank accounts with integrated savings & more
Choice of a free account or paid account with more features for £5 a month
Available for both sole traders & limited companies
Manage & open accounts quickly online & by app with your phone
Save while you spend with an instant access savings pots, offering 1.6% AER
Integrate with popular accounting software like Xero or QuickBooks
Part of the Current Account Switching Scheme (CASS), helping you switch from your old bank hassle-free
Fully regulated challenger bank covered by the FSCS & authorised by the FCA
Rated great on Trustpilot with a TrustScore of 3.9 stars

Website Read our in-depth Monzo review

NatWest Business Bank Accounts

Accounts available for sole traders & new or small businesses
Get 24 months free banking when you switch or open a startup account
Then no monthly fee, just pay for transactions
24/7 mobile banking with their award-winning app
Get free access to FreeAgent accounting software
Arrange an overdraft, apply for a credit card, business charge card or savings
Switch in seven days with the CASS guarantee
Leading UK bank eligible for FSCS protection, up to £85,000
Awarded Business Start-up Bank of the Year in the Business Moneyfacts Awards 2024

Website Read our in-depth NatWest review

Mettle Business Bank Account

Completely free business bank account with no transaction fees
Available to sole traders & limited companies, with up to two directors
24/7 account management with their app
Create & send invoices easily within the Mettle app
Contactless Mastercard with free purchases & advanced control features
Free access to FreeAgent accounting software, or sync others
Earn variable interest up to 1.46% AER with savings pots
Created & backed by NatWest with FSCS cover on eligible deposits
Excellent TrustScore of 4.5 stars on Trustpilot

Website Read our in-depth Mettle review

Virgin Money Business Current Accounts

Monthly account fee of £6.50 with 30p bank transfers
Accounts for new, small and larger businesses
25 months free banking offered to all new businesses & switchers
Switch your account in seven days
24/7 mobile banking with their award-winning app
Earn up to 0.35% cashback on all eligible debit card transactions
Get Xero or Quickbooks free for three months when you open an account
Savings, debit cards & business finance available
Regulated bank benefiting from FSCS protection on eligible deposits

Website Read our in-depth Virgin Money review

HSBC Business Current Accounts

Monthly management fee from £6.50 with Kinetic account
Accounts for new, small & large businesses
12 months free banking for new & switching businesses
Part of the Current Account Switch service
Access with online & mobile banking
Experienced UK-based support team
HSBC choose the right price plan for you
Access to finance products & business overdrafts
Leading UK bank, providing accounts with FSCS protection

Website Read our in-depth HSBC review

Metro Bank Business Bank Accounts

Monthly account fee of £6 for businesses with less than £2 million turnover
Fee is waived for balances of more than £6k, with 30 free transactions for the month too
Accounts available for small & large businesses
24/7 online & mobile banking
Debit cards and credit cards are available
No charge for card purchases across Europe
Highly rated bank for customer service
Seven day Current Account Switch guarantee
Arranged overdraft & more available
Authorised by the FCA & offer FSCS-protected bank accounts

Website Read our in-depth Metro Bank review

Santander Business Current Accounts

Monthly account fee from £7.50
New businesses & switchers bank for free or for £5 for for 12 to 18 months, depending on account
24/7 online & mobile banking
Friendly UK-based customer support team
Receive up to £300 cashback per year
Switch your account in seven days
Savings & business finance available
Fully regulated UK bank covered by the FSCS
Awarded Best Business Current Account Provider & Business Bank of the Year in the Business Moneyfacts Awards 21 years in a row

Website Read our in-depth Santander review

Lloyds Bank Business Bank Accounts

Monthly account fees from £7, new businesses pay no fees for 12 months
Accounts available for new & small or larger businesses
Manage your account 24/7 online
Choose from their electronic payments or mixed-transaction tariffs
Experienced UK-based support team
Seven day Current Account Switch guarantee
Extra financial support with access to overdrafts & more
Popular bank in the UK, covering your business money up to £85,000
Awarded Best Service from a Business Bank in the Business Moneyfacts Awards 2024

Website Read our in-depth Lloyds Bank review

Barclays Business Bank Accounts

Management fees from £8 per month
Accounts for new businesses & SMEs
12 months free banking for new businesses
24/7 online & mobile banking
Electronic & mixed-payment price plans are available
Friendly UK customer support available Monday to Friday
Part of the Current Account Switch Service
Business finance & savings accounts available
Leading UK bank with eligible deposits covered by the FSCS

Website Read our in-depth Barclays review

Royal Bank of Scotland Business Bank Accounts

No monthly account fee, only pay for usage
Accounts available for new, small or established businesses
New businesses pay get free banking for the first 24 months
24/7 online & mobile banking
Debit, credit & charge cards available
Part of the Current Account Switch Service
FreeAgent accounting software for no charge
Savings, overdrafts & business finance available
Accounts covered by the FSCS, protecting eligible deposits
Awarded Business Start-up Bank of the Year in the Business Moneyfacts Awards 2024

Website Read our in-depth Royal Bank of Scotland review

Bank of Scotland Business Bank Accounts

Monthly management fee from £7
24/7 online & mobile banking
Accounts for new & small or larger businesses
12 months free banking for new businesses
Choose from their electronic payments or mixed-transaction tariffs
Experienced UK-based support team
Part of the Current Account Switch Service
Inclusive access to suite of practical business guides
Arranged overdraft & more available
Enjoy FSCS protection on funds up to £85,000

Website Read our in-depth Bank of Scotland review

TSB Business Plus Account

Monthly fee of £5 with free bank transfers
Account for businesses, even those just starting out
New & switching businesses receive 25 months free banking
Switch your account in seven days with the switch guarantee
Manage the account 24/7 online
Choose from their electronic payments or mixed-transaction tariffs
Experienced UK-based support team
Access to savings & finance products
Regulated bank authorised by the FCA & FSCS

Website Read our in-depth TSB review

SumUp Business Account

Online account available for sole traders, freelancers & small businesses
Comes with no monthly fee & free bank transfers
Offers a whole host of ecommerce tools & integrations
Manage the account 24/7 with online & mobile banking
Friendly customer support available 24/7 via online chat, email or phone
Create & send customisable invoices with their built-in accounting tools
Open an online account in a matter of minutes
Easily accept payments with their integrated POS features
Regulated by the FCA as an e-money account, not covered by the FSCS

Website Read our in-depth SumUp review

Cater Allen Private Bank Reserve Account for Business

No monthly account fee, only pay for usage
Accounts available for small to large businesses, including sole traders
Bank online, on the phone or by post
30 transactions at no cost per calendar month
Earn interest on balances over £500,000
Contactless debit card included, available in pounds, euros or US dollars
Switch your account in seven days
Access to business savings but no overdraft offered
Protected by the FSCS & part of the Santander group

Cater Allen Private Bank Business Banking

Website Read our in-depth Cater Allen Private Bank review

Handelsbanken Business Current Account

Maintenance & transaction fees vary for each business
Offers one current account but no savings solutions
Bank whenever with online & mobile banking
Direct line to an account manager & 24/7 support team
Best rated bank for account & relationship management
Multiple-currency accounts available
Part of the Current Account Switch Service
Access to business overdraft & other finance options
Get FSCS cover on your eligible business deposits

Website Read our in-depth Handelsbanken review

The Cumberland Business Current Accounts

Two options for businesses depending on preferred transaction type
Option A for businesses that work with cash & Option B for those that make more digital payments
Monthly account fee of £3 or £5, with 12 months free banking for all new businesses
Bank whenever with mobile & internet banking
Friendly UK-based customer support team
Integrates with leading UK accounting software, Xero
Switch your account in seven days
A range of savings products are available
Deposits protected up to £85,000

Cumberland Building Society Business Banking

Website Read our in-depth Cumberland Building Society review

The Co-operative Bank Business Bank Accounts

Accounts for startups, small businesses & charities
All new customers get 30 months free, then £7 per month with free transfers
24/7 mobile & online banking
Benefits for Federation of Small Business members with a dedicated current account
Community & customer focused bank with ethical values
Account fees are dependent on balance
Arranged overdraft & more available
Eligible deposits are protected by the FSCS
Awarded Best Charity Banking Provider in the Business Moneyfacts Awards nine years in a row

Website Read our in-depth The Co-operative Bank review

Unity Trust Bank Business Current Account

Accounts for like-minded businesses, charities & other non-profits
Monthly fee of £6 charged quarterly
Bank whenever with 24/7 online baking
UK-based customer support team
Part of the Current Account Switch Service
Services available at NatWest, RBS, Ulster Bank or Post Office branches
No debit card is issued with their current accounts
Corporate credit card is available, subject to eligibility criteria
Fully regulated & FSCS-protected, on deposits up to £85,000

Website Read our in-depth Unity Trust Bank review

Reliance Bank Business Current Account

Official bank of The Salvation Army with accounts for small or large business & charities
Monthly fee of £5, costing 25p for bank transfers
Six months of free everyday banking available on positive balances of £5,000 or more
24/7 online access with internet banking available
Business debit card & chequebook included
Counter services available at NatWest & RBS branches
Switch your account in seven days
Access to overdraft facility & savings accounts
FSCS protection of up to £85,000

Website Read our in-depth Reliance Bank review

Danske Bank Business Current Accounts

Choice of two tariffs, one that has benefits for digital businesses & the other a mixed-transaction tariff
Monthly fees range from £7 to £14, depending on business type
Accounts for small & large businesses
Managed 24/7 online & through their District app
Offer seven day Current Account Switch guarantee
Includes a free business Mastercard
Multiple savings accounts available
Protected by the FSCS for deposits under £85,000

Website Read our in-depth Danske Bank review

Allied Irish Bank (GB) Business Current Account

Accounts available for small or large businesses
Costs £10 each quarter plus transaction fees
24/7 access with their internet banking service & mobile app
Business debit cards available, purchases are charged a 55p fee
Sector focused experts are available to help with your business
Benefits from the Current Account Switch guarantee
Features savings and borrowing products
A range of interest rates available
Currently 15 business centres across England & Scotland
Deposits are covered by the FSCS

Website Read our in-depth Allied Irish Bank (GB) review

OakNorth Bank Business Current Account

Online business bank account that earns high interest
Up to 3.85% AER variable, with easy access
Accounts for businesses with complex corporate structures or multiple SPVs
Sign up to the waiting list for exclusive early access
Earn Vault & accrued interest can be reached in one working day
Access to business loans - OakNorth have already lent over £10 million up & down the UK
Part of the FSCS, covering eligible deposits up to £85,000
Score an excellent 4.8 out of 5 stars on Trustpilot

Website Read our in-depth OakNorth Bank review

State Bank of India UK Business Current Account

Accounts are available for businesses of all types & sizes that are registered in the UK or Europe
Annual account fee of £80, with most transactions costing an additional 60p
Fees waived & 25 free transactions offered on balances of £10,000 or more
24/7 online services, accessible by desktop or mobile app
Easy transfers between businesses within India and the UK
Help from specialist advisors
Arranged business overdraft available
Access to a range of business finance & savings
Deposits of up to £85,000 are covered by FSCS

Website Read our in-depth State Bank of India review

Monese Business Account

Mobile money business account for UK-registered companies
Monthly management fee of £9.95 with free UK bank transfers & card purchases
Cash deposits can be made at Post Office & PayPoint locations
Send money to more than 30 countries
Open an manage completely in-app, with no credit checks during applications
Save & separate money with savings pots
Offer 24/7 in-app support, available in 14 languages
Regulated by the FCA as an e-money account, not covered by the FSCS
Have an excellent Trustpilot score of 4.3 out of 5

Website Read our in-depth Monese review

Amaiz Business Accounts

Multiple accounts available from £0 to £99, plus VAT, per month
Plans for sole traders & limited companies
24/7 mobile banking live support with their app
Free cash deposits at Post Office branches
Integrates with FreeAgent accounting software
Accept card payments with their SumUp bundle
Enjoy automated invoicing & receipt management
Set aside money in Jar accounts for your savings goals
Not a bank, authorised by the FCA as e-money with no FSCS-protection
Rated a TrustScore of 4.3 out of 5 stars on Trustpilot

Website Read our in-depth Amaiz review

What is the best business bank account?

Here's what we think are the best business bank accounts and what for:

Best business bank accounts overall: Tide Business Bank Accounts · From £0
Best free business bank account: Starling Business Current Account · Free
Best for earning interest: Allica Business Rewards Account · Free
Best from a digital bank: Monzo Business Bank Accounts · From £0
Best from a high street bank: NatWest Business Bank Accounts · Free
Best for free company formation: Tide Business Bank Accounts · From £0
Best for bad credit scores: Cashplus Business Bank Accounts · From £0
Best for accounting & taxes: Countingup Business Accounts · From £3
Best for international business: Airwallex Business Account · Free

What is a business bank account?

A business bank account is type a bank account specifically designed for business transactions. It allows business owners to keep their personal finances separate from their business for easier management.

Business bank accounts typically offer features such as online banking, payment processing, and financial tracking and reporting. They can also offer additional services such as access to lines of credit, loans, and other financial services.

How much do business bank accounts cost?

Most business bank accounts come with an account management fee which usually ranges from £0 to £12.50 per month. Some accounts even charge an application fee which can be in the region of £60.

In addition, most standard transactions, such as bank transfers or electronic payments (direct debits, faster payments, etc), have small fees usually in the region of a few pence to £1, while others offer them for free either forever or within given limits.

However, some banks and online accounts offer free bank accounts where you could save on the monthly fee, transaction fees or even both.

Do business current accounts earn interest?

Unlike business savings accounts, the majority of business current accounts will earn very low or no interest at all.

Though more recently there are some business accounts that offer variable interest on positive balances, these include:

Wise Business Account - 4.66% AER
Tide Business Bank Accounts - 4.33% AER
Allica Business Rewards Account - 4.33% AER
OakNorth Business Bank Account - 3.85% AER
Revolut Business Accounts - 2.25% - 3.51% AER (depending on plan)
Cynergy Business Current Account - 2.50% AER
Monzo Business Bank Account - 1.60% AER
Mettle Business Bank Account - 1.46% AER
Cater Allen Reserve Account - 0.05% AER (£500,000+)

Take a look at our business savings guide to see accounts with higher interest rates.

Do you need a business bank account?

It is a good idea for most businesses to have a dedicated business bank account as there are many benefits, but not all businesses are to required to.

If you are self-employed as a sole trader, freelancer, or contractor you do not legally need a separate bank account because your personal and business income can be taxed together, if you are not registered.

However, if you are set up as a limited company you do need a business bank account because your business is considered legally separate from you and is taxed differently.

Who can get a business bank account?

Most businesses can open a business bank account, so long as they are registered as a business entity.

The criteria can vary depending on the provider but in general to be eligible for a business account you must:

Be a sole trader, partnership or a limited company registered with Companies House
Be 18 or over
Be a UK resident with the right to work
Have a UK-based business

Some providers don't offer their business accounts to certain business types, such as charities, industries or activities, so always be sure to check their individual eligibility criteria before applying.

What you'll need to apply for a business bank account

Depending on your business structure the requirements may vary, but for most business bank accounts we recommend you provide and have ready one of each of the following:

Proof of identification:

A full and valid passport
A full or provisional driving licence (photocard or paper document)
A national identity photocard

Proof of address:

A full or provisional driving licence
A bank or credit card statement from the last three months
A mortgage statement from the last 12 months
A council tax bill or exemption letter from the last 12 months
A letter or utility bill from the last six months

Business information:

Companies House registration number, if your business is registered
Details of your businesses turnover, tax information, other capital and registered address (if applicable)
Details of company directors or significant persons, such as name, date of birth, address, National Insurance number and contact details

High street banks can be opened in-branch or online but some are currently taking longer than usual to process. If you have a personal account with the bank this can fast track the process and some banks may even require you to have an existing account with them.

Alternatively, digital banks and online accounts tend to have automated applications through an app or online, and can be considerably quicker for new applications.

How to switch business bank accounts

If you're unhappy with your current business bank account provider, or you prefer a different offering you can switch accounts with very little effort, all for free using the Current Account Switch Service (CASS).

Before you switch you'll have to make sure your business is eligible: have less than 50 employees and turnover less than £6.5 million per year and that the account you want is offered by a participating bank.

Then, it's as simple as choosing a bank you'd like to move to, picking a switch date that works for you and then leaving it all to your new account provider to transfer all of your regular incoming and outgoings, remaining balance, possibly any overdrafts and all payee details.

The process takes roughly seven days and as mentioned before is completely free, guaranteed. Meaning if any charges do occur from interest or similar, once the switch has been completed, you'll be refunded.

The following banks and building societies are signed up to the service:

AIB (NI)
Allica Bank
Allied Irish Bank (GB)
Arbuthnot Latham & Co. Limited
Bank of Ireland UK
Bank of Scotland
Barclays
Barclays Private
C. Hoare & Co.
Card One Money
Chase
Clydesdale Bank
The Co-operative Bank
Coutts
Coventry Building Society
Cumberland Building Society
Danske Bank
First Direct
Halifax
Hampden & Co
Handelsbanken
HSBC CIIOM
HSBC Private Bank
HSBC UK Bank
Investec Bank
Isle of Man Bank
Lloyds Bank
Lloyds Private Bank
Metro Bank
Monzo
Nationwide
NatWest
NatWest International
Reliance Bank
Royal Bank of Scotland
Santander
Smile
Starling Bank
Thinkmoney
Tide
Triodos Bank
TSB
Ulster Bank
Unity Trust Bank
Virgin Money
Weatherbys Bank
Yorkshire Bank

Types of business accounts

There are a few types of accounts available, that are regulated differently and offer different access options:

High-street bank accounts - fully licensed bank accounts offering a traditional banking experience with in-person, online and app access.
Digital bank accounts - offered by fully licensed online banks, also known as digital or 'challenger' banks, with online and app access only.
Online current accounts - offered by financial technology companies that are not banks, also known as electronic money (e-money) accounts, with online and app access only.

Common business banking features

A lot of banks offer the same features as standard, which in some cases are all you need to get started. But there are extra tools and services that could help with a lot of businesses processes that not all offer.

These are some of the standard features you'll get with your business bank account:

Bank transfers
Direct debits
Standing orders
Cash services
Cheque services
Debit cards
Online banking
Mobile banking
Accounting software integrations

While some business accounts will also offer:

Interest
Finance
Overdrafts
Credit cards
International payments
Invoicing software
Ecommerce tools
Company formation

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for business bank accounts:

A business is defined as small when there are less than 50 employees and annual turnover is less than £10 million.

A challenger bank is any bank that sets out to challenge Britain's Big Four banking groups: HSBC, Barclays, NatWest Group and Lloyds Banking Group. The main challenger banks at the moment are Starling Bank, Monzo, Cashplus Bank, Virgin Money, Metro Bank, and TSB.

You could if you wanted to as a sole trader but its not recommended as it could get confusing as the business grows. If the business is registered as a limited company then no you wouldn't be able to use a personal bank account.

A range of business bank accounts are offered by the majority of high street banks, including: NatWest, Virgin Money, Metro Bank, Lloyds Bank, Bank of Scotland, Barclays, Santander, HSBC, TSB, Royal Bank of Scotland, and The Co-operative Bank.

An online-only business account is a type of account that has no branches and can only be accessed via an online banking portal or secure mobile app.

Electronic money, or e-money, accounts are similar to bank accounts in how they work but are offered as alternatives by Electronic Money Institutions (EMIs). E-money accounts are regulated by the Financial Conduct Authority (FCA) but don't offer protection from the Financial Services Compensation Scheme (FSCS).

Yes, fully licensed banks are insured by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 if the bank goes bust. If your account is not with a licensed bank, then they will have safeguarding requirements to operate in the UK.

Yes, you can switch with the Current Account Switch Service - a free service that switches your current account from one participating bank to another, within seven working days.

However, the service is only available to businesses with an annual turnover of less than £6.5 million and fewer than 50 employees.

This can vary from under 10 minutes, with online banks, up to four or more weeks, with more traditional banks.

Yes, there are a number of business banking providers that don't charge monthly fees, some that charge no fees all together (within limits) and the majority of high street banks offer free banking periods to startups and switchers. Take a look at our free business banking guide for more.

Yes, there are a number of business bank accounts that don't require any form of credit checks to open, meaning you could still be able to get one even with a bad credit history.

You might be able to. A business overdraft is not a standard feature but some accounts have arranged overdrafts available, subject to eligibility criteria and approval.

Yes, you can claim business costs for bank account fees, business loan interest and any charges you may incur on credit cards and overdrafts.

Technically you can but it isn't recommended because it might make accounting processes much more difficult and many banks may not approve of it.

Yes, in theory you can have as many business bank accounts as you'd like, as long as the banks approve them.