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Compare Business Bank Accounts

We’ve compiled a list of the top business bank accounts available in the UK. Whether you are looking to switch from your current business account or you’re setting up a new company and looking for a business bank account for the first time we’re here to help. When you find the account you’re looking for click on the “See Deal” button to go to the providers’ website and complete the application process.

Santander Startup Business Current Account

Provider Account Fee Interest Rate Available To Action
logo None 0.1% AER Ltd companies, partnerships, sole traders and charities See Deal
Free banking for up to 18 months.

Barclays Startup Business Account

Provider Account Fee Interest Rate Available To Action
logo None 0% Ltd companies, partnerships, sole traders and charities See Deal
Free banking for 12 months

HSBC Startup Business Current Account

Provider Account Fee Interest Rate Available To Action
logo None 0% Ltd companies, partnerships, sole traders and charities See Deal
Free banking for 18 months

Lloyds Bank Business Account

Provider Account Fee Interest Rate Available To Action
logo £6.50 per month 0% Ltd companies, partnerships, sole traders and charities See Deal
Free banking for 6 months if you switch to Lloyds

Metrobank Business Current Account

Provider Account Fee Interest Rate Available To Action
logo None 0% Ltd companies, partnerships, sole traders and charities See Deal
No monthly account fee if your balance stays about £5,000

Natwest Business Current Account

Provider Account Fee Interest Rate Available To Action
logo £5 per month 0% Ltd companies, partnerships, sole traders and charities See Deal
Turnover up to £2m

Royal Bank Of Scotland Business Current Account

Provider Account Fee Interest Rate Available To Action
logo £5 per month 0% Ltd companies, partnerships, sole traders and charities See Deal
Turnover up to £2m

Tide Business Current Account

Provider Account Fee Interest Rate Available To Action
logo None 0% Ltd companies, partnerships, sole traders and charities See Deal
App based bank

The Co-Operative Bank Business Directplus Account

Provider Account Fee Interest Rate Available To Action
logo None 0% Ltd companies, partnerships, sole traders and charities See Deal
Free banking for 18 months

Ulster Bank Business Current Account

Provider Account Fee Interest Rate Available To Action
logo £8 per quarter 0% Ltd companies, partnerships, sole traders and charities See Deal

Provider Details

Santander Startup Business Current Account

See Deal
  • Account FeeNone
  • Interest Rate0.1% AER
  • Available ToLtd companies, partnerships, sole traders and charities
Free banking for up to 18 months.
Provider Details

Barclays Startup Business Account

See Deal
  • Account FeeNone
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
Free banking for 12 months
Provider Details

HSBC Startup Business Current Account

See Deal
  • Account FeeNone
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
Free banking for 18 months
Provider Details

Lloyds Bank Business Account

See Deal
  • Account Fee£6.50 per month
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
Free banking for 6 months if you switch to Lloyds
Provider Details

Metrobank Business Current Account

See Deal
  • Account FeeNone
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
No monthly account fee if your balance stays about £5,000
Provider Details

Natwest Business Current Account

See Deal
  • Account Fee£5 per month
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
Turnover up to £2m
Provider Details

Royal Bank Of Scotland Business Current Account

See Deal
  • Account Fee£5 per month
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
Turnover up to £2m
Provider Details

Tide Business Current Account

See Deal
  • Account FeeNone
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
App based bank
Provider Details

The Co-Operative Bank Business Directplus Account

See Deal
  • Account FeeNone
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities
Free banking for 18 months
Provider Details

Ulster Bank Business Current Account

See Deal
  • Account Fee£8 per quarter
  • Interest Rate0%
  • Available ToLtd companies, partnerships, sole traders and charities

How To Open Up A Business Bank Account

Bank in the UK are required by regulations to understand your business banking requirements, what your business does, how it is structured, who the owners are etc. The objective being to prevent criminals from abusing the banking system in the UK. As a result, any business looking to open up a bank account must provide a significant amount of information before the bank will consider the application.

 

Information Required

  • Business Information

    You must provide information on the company structure, date of incorporation, anticipated turnover and the contact details for both the business and the directors of the company. You may also be asked to provide some sort of business plan explaining what the company does, which countries it operates in, funding requirements etc.

  • Company Structure

    There are a range of company structures allowed by law in the UK including partnerships, limited liability companies, limited liability partnerships, sole traders, clubs and societies or charitable organisations.

 

What To Look For From A Business Bank Account

Business bank accounts from traditional high st banks are quite similar. They should offer online banking facilities, a chequebook and debit/credit card, a network of high st branches and customer service via call centre and online. Where the banks try to compete with each other is on things like overdraft facilities, interest rates and monthly/annual charges. Some bank accounts also charge fees on individual transactions like withdrawing cash, paying money in, writing a cheque or sending a bank transfer. It is very important to understand how these fees are structured to enable you to choose the right bank account for you. There are also a host of new banks based around online services and mobile apps. These banks often charge lower or no fees compared to high st banks but have no physical branches you can visit.


 

Bank Account Jargon Buster

  • AER

    The Annual Equivalent Rate is calculated as the amount of interest you would earn by having a set balance in the account for 12 months. The higher the AER rate the more interest you’ll earn. It is designed to help you compare different accounts.

  • BACS

    Bankers Automated Clearing Services allows you to make payments directly from your account to any other UK bank account. This system processes direct debits, salary payments, standing orders etc.

  • Direct Debit

    Direct Debits authorises companies to take payments from your bank account on an agreed date each month. They are designed for regular payments that might otherwise be forgotten. Direct Debits come with a protection guarantee if any mistakes are made.

  • Debit Card

    Debit Cards are used to make payments in person, over the phone or online. The amount paid is deducted from your account immediately so no interest can be charged by the bank (as with credit card payments). They are a useful alternative to petty cash for a small business.

  • Fees

    Fees are charges imposed by your bank and can be for a range of different activities. Fee’s vary between banks and it is important to understand your banks’ fee structure to avoid any nasty surprises on your account. Fee’s can be charged for everyday transactions like withdrawing cash or issuing a check. Fees can also be charged if you try to make transactions/payments while you have insufficient funds in your account.

  • Overdrafts

    Your account goes into overdraft when you spend more money than you have in the account. Most bank accounts allow for an overdraft but unless it is agreed in advance they will likely charge fees or interest for as long as the account is overdrawn.

Disclaimer: TheMoneyDaily’s service is not intended to be, nor should it be construed as financial advice. We help our readers make informed decisions and can introduce you to comparison services and provide impartial information and guides. Where appropriate, we may introduce FCA authorised partners who can provide services relating to financial products.