25 Best Business Bank Accounts for Startups (2024)

25 Best Business Bank Accounts for Startups in 2024

·Updated 10/01/2024·

There are lots of challenges when launching a new business, but banking shouldn't have to be one of them. With a business bank account for startups you can get a better deal, like up to 30 months free, and still benefit from great features and helpful resources.

Find the best business bank account for your startup or new business by choosing from our list of top UK startup bank accounts.

Tide Business Bank Accounts

Digital bank accounts covered by the FSCS suitable for new businesses
Register a business & open an account for free (saving £12)
Receive £80 cashback with code £80CASHBACK when you sign up (T&Cs apply)
Syncs with QuickBooks, Xero or Sage accounting software
Easily upload receipts & automatically match them to transactions
Manage the account 24/7 online or on mobile app
Trustpilot rating of 4.3 stars out of 5
Offer an instant access savings account with 4.33% AER
Paid accounts with extra features from £9.99 to £49.99 plus VAT

Website Read our in-depth Tide review

Cashplus Business Bank Accounts

Free online account available for startups with no credit score
Register a limited company for free & open a bank account
Offer accounting integrations with Xero, QuickBooks & Sage
Expense cards, business credit cards & overdrafts available, eligibility criteria applies
Get free transfers each month, once used you'll pay 30p per payment
Have 24/7 access to your account, either online or mobile banking
Rated 3.8 stars out of 5 on Trustpilot
Fully regulated challenger bank with FSCS protection on deposits
Paid accounts with 0.5% cashback on spend available for £9 per month

Website Read our in-depth Cashplus Bank review

ANNA Money Business Accounts

Digital accounts starting from £0 per month, suitable for new businesses
Just pay for transactions: 20p local transfers & £1 ATM withdrawals
Built-in invoicing & accounting software
Register a business for free, with a fast & simple process
Get 1% cashback on card purchases
Manage the account 24/7 online
4.5 star rating on Trustpilot, however deposits do not benefit from FSCS protection
Upload receipts with ease, categorise transactions & auto-match expenses
Free tools available to help with the admin side of starting a business
Paid accounts with free transaction allowances available for £14.90 to £49.90, plus VAT

Website Read our in-depth ANNA Money review

Countingup Business Accounts

Low-cost business accounts made for startups & sole traders
Monthly fees start from £3 to £18 per month, based on how much is deposited
Maximum balance limits apply; £50,000 for freelancers & £120,000 limited companies
Make the most of their integrated accounting & invoicing tools
Manage the account 24/7 online
Rated 4.4 stars on Trustpilot though accounts are not covered by the FSCS
Capture digital receipts & automatically match to expenses
All new customers receive a three month trial where all transactions are free
After the trial, transfer fees cost 30p & withdrawals cost £1

Website Read our in-depth Countingup review

Revolut Business Basic

Free accounts eligible for startups, including sole traders
No monthly fees to pay plus get five free local payments each month, 20p thereafter
Connects with accounting software like Xero or QuickBooks
No charge for sending money to other Revolut accounts
Multi-currency account that can hold more than 28 different currencies
24/7 online & mobile management
Trustpilot rating of 4.2 stars, although your money is not covered by the FSCS
Support available by email or in-app chat, no priority on free accounts though
Effortless invoice management or get paid with payment links or QR codes
Paid company & freelancer accounts available from £5 to £79 per month

Website Read our in-depth Revolut review

Airwallex Business Account

Free online multi-currency account suitable for new businesses
With no monthly fees or charges to open
Integrates with ecommerce platforms like Amazon, Shopify & WooCommerce, & accounting tools like Xero
Offers built-in free expense management with borderless corporate & employee cards
Along with online payment accepting for an all in one platform
Rated 3.9 stars out of 5 on Trustpilot
Funds are not covered by the FSCS but are protected by safeguarding so funds are protected at all times
Open multi-currency accounts with local bank details in 23+ currencies in 60+ countries
Transfer to 150 countries, where 70% of transfers arrive the same day

Website

Cynergy Bank Business Current Account

Online business bank account with no monthly fees for the first 12 months
Offer is available to new customers for a limited time only, T&Cs apply. Monthly fee of £25 afterwards
Fee covers all standard electronic transactions (excludes cash, CHAPS, SWIFT & SEPA)
Get access to Faster Payments, CHAPS, SWIFT, SEPA & FX, fees apply
Deposit cash at HSBC branches
Applications can be completed in as little as 15 minutes
Manage the account online with 24/7 access
Get 2.50% AER variable on balances to £25,000 & 0.25% AER on anything over
Regulated bank benefiting from FSCS protection up to £85,000, on eligible deposits

Website Read our in-depth Cynergy Bank review

Starling Bank Business Current Account

Online current account suitable for new businesses & startups
No monthly or transaction fees for electronic payments & withdrawals
Syncs with leading accounting software like Xero & QuickBooks
Arranged business overdrafts available
24/7 mobile banking with their award-winning app
Rating of 4.4 stars on Trustpilot & eligible deposits protected by the FSCS, up to £85,000
UK customer service team, available 24/7
All card purchases are free

Website Read our in-depth Starling Bank review

Wise Business Account

International business account suitable for startups & new businesses
No monthly fees apply with fixed rate transfer fee of 65p (this varies by currency)
6x cheaper to send money than with a traditional bank
50% of payments are instant or take an hour
£45 one-off application fee & £3 to get debit card
Sync with QuickBooks or Xero accounting software
24/7 online & mobile banking
Rated 4.2 stars on Trustpilot & deposits may be covered by the FSCS
Live-chat customer support team available 24/7
Hold 50 different currencies & transfer to more than 80 countries

Website Read our in-depth Wise review

Monzo Business Bank Accounts

Offer a free account suitable for startups with a single director
Pay nothing for instant UK bank transfers
Integrated tax & 1.60% AER savings pots available
Bank wherever with online & mobile banking
Fully regulated UK bank, protected by the FSCS
Instant payment notifications & smart receipt capture
Award-winning customer support available 24/7
Instant access savings pot offering 1.60% AER available
On £5 a month paid accounts, available for multiple-director startups

Website Read our in-depth Monzo review

Mettle Business Bank Account

Completely free business bank account by NatWest, created for startups & sole traders
Maximum balance limits apply; £50,000 for freelancers & £100,000 limited companies
Connect & use FreeAgent accounting software for no charge
Online-only account management accessible 24/7
Rated 4.6 stars on Trustpilot with FSCS protection on deposits
24/7 in-app customer support from real people
Manage invoices easily with Mettle Invoicing
Get notified when you get paid or when you pay for something
Open savings pots with 1.46% AER interest to help fund your goals

Website Read our in-depth Mettle review

NatWest Start-up Business Account

Designed for startups in their first year of trading with an annual turnover of less than £1 million
24 months free banking for new businesses
No monthly fees thereafter just pay for the services you use
Free access to FreeAgent digital accounting software
Access financial help with loans, credit cards, overdrafts & business savings
Eligible deposits up to £85,000 are covered by the FSCS
Awarded Moneyfacts Best Service from a Business Bank 2023
24/7 banking with mobile & online or visit a branch
With a large network across England, including mobile ones
Business know-how guides & startup tools available

Website Read our in-depth NatWest review

Barclays Start-up Business Account

Available for startups with annual turnover of less than £400,000 & that have been trading for less than 12 months
No standard banking fees apply to new businesses for 12 months
Monthly fee of £8 or £8.50 thereafter, depending on tariff
Choose from their electronic payments or mixed-transaction tariffs
All accounts are covered by the FSCS, up to £85,000
Get specialist advice from teams of startup experts
Awarded Moneyfacts Business Start-up Bank of the Year 2023
Multiple borrowing products & savings offered
24/7 online & mobile management
Easily track & chase payments with their invoicing tools

Website Read our in-depth Barclays review

Santander Business Current Account

Two plans available for startups within their first year of trading
New businesses pay nothing or a discounted monthly fee of £5 for 18 months, depending on account
Standard monthly fee of £7.50 or £12.50 after the free period
Awarded Moneyfacts Best Business Current Account Provider & Business Bank of the Year 2023
Savings accounts, credit cards & overdrafts offered
Regulated bank benefitting from FSCS protection
24/7 online & mobile management, or visit one of the 400+ branches UK-wide
Friendly & experienced customer support team
Earn interest & up to £300 cashback a year

Website Read our in-depth Santander review

Virgin M Account for Business

Available for startups that turnover less than £1 million per year
Only pay for what you use with no monthly account fees
Automatic £1,000 overdraft offered on account opening
Other borrowing & savings solutions available
24/7 account management with their app
Currently has over 130 branches in the UK
Benefits from FSCS protection on funds up to £85,000
UK customer support available Monday to Friday, or contact on socials or in the app
Earn 0.35% cashback on eligible card payments

Website Read our in-depth Virgin Money review

Lloyds Small Business Account

New businesses in their first year that turnover less than £3 million can apply
12 months free banking period for startups
Account fee of £7 after with free electronic payments
Get three months Business Finance Assistant accounting for free
Expert support available, helping 100,000 new businesses each year
Access to finance products including overdrafts
24/7 online & mobile banking
One of the big four banks in the UK offering FSCS protection
Dedicated business management team available to help

Website Read our in-depth Lloyds Bank review

HSBC Kinetic Current Account

Account for startups with one director
New businesses receive 12 months of free banking
Normal monthly fee of £6.50 with free direct debits & standing orders
Business credit cards & overdrafts are available
Offered HSBC Kinetic Savings Account upon application
24/7 account management with their app
Leading UK bank with FSCS protection on deposits up to £85,000
In-app or phone support available Monday to Friday
Business partners with leading brands for great offers

Website Read our in-depth HSBC review

TSB Business Plus Account

Account available for startups & new small businesses
With 25 months free banking period for all new customers
£5 monthly fee after, unless an average balance of £10,000 is maintained then no charge
Choose from their electronic payments or mixed-transaction tariffs
Finance & business savings accounts are available
Your money is covered by the FSCS up to £85,000
Bank online or by mobile 24/7, or visit in-branch
Customer support available Monday to Friday, 8am-6pm & Saturday, 9am-2pm
Access specialist startup business tools & guides

Website Read our in-depth TSB review

The Co-operative Directplus Account

New businesses get 30 months of fee-free banking if balance is kept above £1,000
Normal £7 monthly fee after the 30 month period
Lending products & savings accounts offered
Eligible deposits up to £85,000 are protected by the FSCS
Manage the account 24/7 online
Or there are 50 branches available across England, Scotland & Wales
Ethical & sustainable bank with community values
Customer service available via text, phone or online, Monday to Sunday

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

Cumberland Building Society Business Current Accounts

Suitable for startups expecting to turnover less than £250,000
Must also live within their branch operating area
New businesses pay no fees for 12 months
Two current account options available thereafter, depending on preferred transaction type
Option A (£5pm) for those that work with cash & Option B (£3) for those that make more digital payments
Both accounts are covered by the FSCS
Bank from anywhere with online & mobile banking
Internet Banking customers have exclusive access to their eSavings account
Connect Xero for seamless accounting features
Friendly Customer Care team, based in Carlisle

Cumberland Building Society Business Banking

Website Read our in-depth Cumberland Building Society review

Bank of Scotland Small Business Account

Startups in their first year that turnover less than £3 million can apply
No fees for 12 months for new businesses
Account fee of £7 thereafter with free electronic payments
Access their digital know-how learning platform which includes free resources & workshops
Business savings & overdrafts are available
Benefits from protection on deposits up to £85,000, by the FSCS
Manage the account 24/7 online or by mobile app
All branches are located across Scotland
Access to a designated management team to help support your business
Personalise the account & choose when to get alerted

Website Read our in-depth Bank of Scotland review

Royal Bank of Scotland Start-up Business Account

Designed for startups within their first year, turning over no more than £1 million per year
24 months free banking for new businesses
No minimum monthly fee thereafter just pay for the services you use
Includes free access to their FreeAgent accounting software
Business loans, credit cards & overdrafts available
FSCS-protected accounts, covering eligible deposits up to £85,000
Manage the account wherever with online & mobile banking
Branches are mainly in Scotland, but also England & Wales
Experienced UK-based support team
Business know-how guides & tools available

Website Read our in-depth Royal Bank of Scotland review

Cater Allen Reserve Account for Business

Free account available & suitable for new starting businesses
Benefit from 30 free transactions each month
Free debit card available in euros & US dollars included
Borrowing options available but no overdrafts
Manage the account 24/7 online or bank by phone or post
Part of Santander Banking Group offering FSCS protection
Earn interest on balances over £500,000
Move money between different currencies with no conversion fees

Cater Allen Private Bank Business Banking

Website Read our in-depth Cater Allen Private Bank review

SumUp Business Account

Online-only account suitable for new businesses & ecommerce starters
No monthly with free instant transfers & three ATM withdrawals free each month
Access their suite of products to help accept payments or sell online
24/7 management through the web or mobile app
This is an e-money account, meaning your money is not protected by the FSCS
Integrates with leading accounting software
Create & chase invoices with their own invoicing tools
Contactless Mastercard with free transactions, great for tracking expenses
Email, phone or live chat support available

Website Read our in-depth SumUp review

What is the best startup business bank account?

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

Best startup business account overall: Tide Business Bank Accounts · From £0
Best free startup account: Starling Business Current Account · Free
Best for new businesses with no credit score: Cashplus Business Bank Accounts · From £0
Best for registering your business: Tide Business Bank Accounts · From £0
Best for built-in accounting: Countingup Business Accounts · From £3

What is a startup bank account?

Startup business bank accounts are accounts specifically designed for new and early-stage businesses. They provide a range of banking services tailored to the needs of startups, making it easier for them to manage their finances, receive payments, and carry out day-to-day business transactions.

How much do startup bank accounts cost?

Many banks offer new startup businesses completely free banking periods usually ranging from a few months to 30 months. Once the free period is over you'll usually need to pay an account management fee and for services you use, such as bank transfers, withdrawals and deposits.

Is there any specific eligibility criteria for startup business accounts?

In order to open a bank account with a traditional bank your business will need to be a new startup (trading for less than a year) and your turnover will need to be less than an amount specified by the provider, this can be in the range of £1 million to £6.5 million per annum.

How to open a startup business bank account

Opening a startup bank account is slightly different to opening a generic business account.

The documents and information you'll need to provide when applying will differ from those needed from established businesses, since you'll have much less trading history.

In general you should need:

Proof of identification - a passport or driver's licence
Proof of address - a recent bank statement or utility bill
Business information - the registered address, contact details, expected yearly turnover, credit history, and the Companies House registration details if applicable

How to choose a startup business account

While cost may be a big factor in your business banking decision, it should not be the only thing you consider. A lot of startup-specific bank accounts offer bespoke support from industry professionals, experienced business teams or even a community of like minded startups.

It is also not unusual to have access to advanced bookkeeping or accounting software, that can automate a lot of processes, saving you time if you're unsure on what you're doing, and saving you money not having to hire an accountant.

If your business doesn't use cash then it might be a good idea to look at online banks since they tend to have lower transaction fees. Similarly, if you handle a lot of cash then a high street bank may offer a more relevant and cheaper banking solution.

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:

Usually banks stipulate that businesses are eligible to open a startup account if the business is less than a year old and fits their specified annual turnover requirements.

Most startup bank accounts come with fee free banking periods, up to 30 months, as well as bespoke startup support and tools, such as a dedicated business advisor or helpful accounting features.

The time it takes to open your new startup bank account varies depending on what provider you go with, but in general opening an account with a traditional bank can take up to three weeks whereas online accounts can sometimes be opened the same day as applying.

Many business bank account providers offer free everyday banking periods to new and startup businesses. Some even offer accounts with no monthly fees under certain eligibility criteria.

Startup business bank accounts offer specific features geared towards newly formed businesses. Things like integrated and automated invoicing, startup guides including advice from industry pros and so much more.

Compare Startup Business Bank Accounts