Best Business

Reliance Bank Business Banking

About Reliance Bank

Editorial Team

Reliance Bank is an ethical, customer-led bank that provides UK businesses and charities with simple banking services, including savings solutions. They were originally set up as The Salvation Army Bank by the founder of The Salvation Army, William Booth to provide finance solutions to the organisation. Over 130 years and one name-change later, they continue to finance The Salvation Army at the heart of their ethical banking offering.

See our full Reliance Bank business bank account review of features, fees and how they compare against other online and high street bank accounts.

Reliance Bank pros & cons

Pros of Reliance Bank

  • Free banking for 6 months
  • 24/7 management with online banking
  • Business savings with rates up to 4.40% AER
  • Overdraft available

Cons of Reliance Bank

  • Few online customer reviews
  • No mobile banking apps

Reliance Bank business current accounts

Reliance Bank offer a simple current account for easier money management.

Their Business Current Account is an ethical bank account for charities and businesses that turnover more than £250,000 and it costs £5 per month to have, plus transaction charges.

Though any fees are waived for six months if the account's average balance is kept above £5,000 and no more than 25 transactions are made in a given month.

Here is a summary of the Reliance business account fees:

Account nameReliance Business Current Account
Application feeFree
Monthly fee£5
Bank transfers25p
Card purchases25p
ATM withdrawals25p
Cash deposits (at NatWest or RBS)80p per £100
Cheque deposits (at NatWest or RBS)80p per £100
Interest (AER)0%


To be eligible for a Reliance Bank business account you must:

  • Be a sole trader, registered business or registered non-profit organisation
  • Be a UK-based business
  • Be a UK resident
  • Be 18 or older
  • Need the account for non-personal use
  • Turnover less than £500,000 each year

You'll need to provide the following:

  • Proof of identity (UK passport or photo card driving licence)
  • Proof of address
  • Tax residency (for sole traders)

Opening an account

Here's how to open a Reliance Bank business account:

  1. Download Reliance Bank's application pack from their website
  2. Make sure to read all the documents & then complete the application
  3. Send the application, along with a photocopy of ID, to Reliance Bank by post
  4. Once approved you can start banking


Reliance Bank offer arranged and unarranged overdrafts, subject to application. Unfortunately there is no information given on their site.

Reliance Bank business savings accounts

Reliance Bank offer business savings where your money is used to make and impact. These are the available accounts:

  • Instant Access - you can access your money when you need it, with no charges to withdraw. There is no minimum balance required, while the maximum amount you can hold is £10 million. Interest is paid into your current account at a rate of 2.15% AER.
  • Notice Accounts - there are two notice accounts available, a 35 day and a 90 day one. They both require an initial deposit and minimum balance of £5,000 and have a maximum balance limit of £10 million. The interest rate for the 35 day account is 2.20% and the interest rate for the 95 day account is 2.55% AER.
  • Fixed Term Deposits - no access with terms of one or two years. Both have a minimum limit of £1,000 and maximum of £2 million. The interest rates you'll earn are fixed for the terms at 4.05% or 4.40% AER.

Reliance Bank reviews

Reliance score an average 3.4 stars out of 5 on Trustpilot, but this is just from four reviews.

Information correct as of 29th January 2024.