Best Business

Rizq Business Banking

About Rizq

Editorial Team
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Rizq are a new digital banking platform offering online accounts to small and medium businesses. They were founded in 2020 and are the first financial technology company to bring fully-digital, Sharia-compliant business accounts to the UK.

See our full Rizq business account review and see how they compare with other UK business bank account providers.

Rizq pros & cons

Pros of Rizq

  • Ethical banking with competitive features
  • Free Mastercard & virtual business card
  • Friendly support from real people that treat you like a priority
  • 24/7 access with mobile & online banking

Cons of Rizq

  • No transaction insights or analytics, yet (coming soon)
  • No customer support available by phone
  • Deposits are not protected by the FSCS

Rizq business account

These are some of the main benefits of banking with Rizq:

  • Open an account in minutes - apply online for free with an application that takes minutes, not hours
  • Ethical & Sharia-compliant - enjoy interest-free banking that aligns with your ethical values
  • Complete control - set spending limits, freeze or block cards all from within their handy app
  • Priority support - get the help you need, when you need it with support from real people
  • Virtual & physical cards - spend your way with a free business card or use virtual cards for greater protection online
  • Give back to those that give - support charities that share your beliefs with their integrated donation feature

Rizq offer one current account to UK businesses:

  • Business Account - available to limited companies for £5.99 per month

Here is a summary of the fees associated with a Rizq business account:

Account nameRizq Business Account
Application feeFree
Monthly fee£5.99
Bank transfers19p
Card purchasesFree
ATM withdrawals£200 free each month (99p after)

Eligibility

To be eligible for a Rizq business account you must:

  • Be a limited company, registered with Companies House
  • Be a UK resident and above 18 years old
  • Provide valid a ID and proof of address

Opening an account

Here's how to open a Rizq business account:

  1. Download Rizq's app from the App Store or Play Store
  2. Complete their digital application - Rizq will confirm your eligibility
  3. Verify your ID - you'll need to upload a picture ID and a video of yourself
  4. Once approved, you can start banking

Rizq reviews

On Trustpilot, Rizq has an average 3.6 star rating from over 40 reviews, with 71% of giving them 5 stars.

Rizq has been rated 3.7 stars on the App Store, with two 5 star reviews and one 1 star review.

While receiving 3.3 stars on the Google Play Store from over 70 reviews.