Best Business Bank Account and Business Account platforms
Business Economic Syndicated News 
By Lucy Wayment on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs
In this detailed guide, easily compare different providers, including traditional high street banks, digital platforms, and challenger banks. Plus, find out what documents you need to open an account today, and what rewards are currently available.
You can jump straight to the relevant section for you or read on for a comprehensive guide to the best bank accounts in the UK right now.
On this page:
What you need to open a business bank account
UK Finance has teamed up with UK banking providers to pull together some guidelines on what you need before you apply for a small business bank account.
These rules only apply to existing businesses that have a turnover of less than £6.5 million, have a clearly defined ownership structure and have all its owners operating in the UK.
In general, UK Finance recommends that you get the following bits of documentation ready in advance. Most business current account providers will be looking a few key pieces of information.
One document to prove your identity:
- Your full and valid UK or foreign passport
- Your national identity photocard
- Your full UK paper driving licence
- Your full UK or foreign photocard driving licence as issued by a member state of the EU or the EEA
One document to prove your address in the UK:
- Your full UK driving licence;
- Your full UK or foreign licence photocard driving licence as issued by a member state of the EU or EEA
- UK or foreign bank or credit-card statement (must be less than three months old and not printed from the internet);
- UK mortgage statement (less than 12 months old and not printed from net);
- Council tax bill, payment book or exemption certificate (must be less than 12 months old);
- A letter or bill from a utility company (less than six months old, avoid mobile phone bill).
Business-wise, you’ll need:
- Your Companies House registration number (if you have one)
- Details about your business including turnover, tax information and other capital
- Details of all company directors or partners, including name, date of birth, address and National Insurance number
You can move through this guide on UK Finance to make sure you meet the requirements.
Once you’ve collected your documents, it’s time to choose an account. If you’re wondering how to choose an account, check out our FAQ section at the bottom.
- Monthly fee
- FSCS protected
We’ve rounded up all the providers on the market and separated into:
Digital banking platforms
Digital banking platforms burst onto the scene in the 2010s and have established themselves as an alternative to the traditional model of banking. Instead of physical branches, digital banking platforms are app-based and do not offer in-person support.
What are the benefits of digital banking?
- Wide range of integrated solutions, such as expense cards,
- Cutting-edge technology
- Often lower monthly fees or banking transactions
Comparison table of digital banking platforms:
| Bank/Banking platform | FSCS protected? | Features | Monthly Fees |
|---|---|---|---|
| Revolut Business | Yes | Hold, exchange and transfer currencies with real exchange rate, issue free corporate cards to employees, integrate with accounting software | Basic: £10/month Grow: £30/month Scale: £90/month |
| Tide | Yes | No monthly fees Open in minutes Free Making Tax Digital tools | Free: £0 Smart: £12.49 Pro: £24.99 Max: £69.99 |
| Airwallex | No | Multi-currency account with 20+ currencies Free local transfers to 120+ countries Invoice and expense management included | Explore: £0 (if you maintain a minimum balance of £10K each month); £19/month if not. Grow: £49/month |
| WorldFirst | No | Send payments in 100+ currencies Receive, convert and hold in 20+ currencies Earn up to 1.2% cashback with the World card | £0 |
| Zempler Bank | Yes | No monthly fees UK telephone support from real humans Free MTD software | Business Go: £0 Business Extra: £9 Business Pro: £19 |
| Equals Money | No | Send, receive and manage funds in 38 currencies Expense management software Fix a current exchange rate for a future transaction up to 24 months in advance | Contact sales |
| Wise | No | 24/7 customer support Send money abroad in 23 currencies from 0.33% One-off £50 fee to access all Business account features Earn 0.5% cashback on debit card with no foreign transaction charges | £0 |
| Monzo | Yes | No monthly fees with Lite 24/7 customer support #1 ranked for overall service quality for SME current accounts | Lite: £0 Pro: £9/month Team: £25/month |
| Starling | Yes | No monthly fees Free invoicing No fees on UK payments, in or out | £0 |
| ANNA | No | Invoicing software included 0.95% charge on incoming transfers on Pay as You Go plan | Pay as You Go: £0 Business: £22.90 a month + VAT |
| OFX | No | Receive, hold and spend in 25 + currencies Expense management Corporate cards | Standard: £0 Full Suite: £125 |
| SumUp | No | No monthly fees Instant, free transfers Free MTD software | £0 |
Source: SmallBusiness.co.uk
Revolut Business is ideal for businesses that travel and trade overseas. With its multi-currency accounts, you can hold, exchange and transfer over 25 currencies with the real exchange rate and can spend in over 150 currencies. Revolut Business offers a no-fee currency exchange allowance that varies depending on your plan.
In addition to the multi-currency account, Revolut Business has a wide range of benefits for small businesses, including:
- Card machines
- Online payment gateway
- Point of Sale (POS)
- Expense management
- Employer of Record (for global hires)
- HR & Recruitment
Revolut recently received its banking licence, meaning it is covered by FSCS protection and authorised as a bank.
Right now, Revolut Business are running a promotion in association with Smallbusiness.co.uk. You can earn £100 if you click on the link below and complete the following steps:
- Follow the steps for opening a Revolut Business account;
- Successfully complete the KYC (Know Your Customer) and KYB (Know Your Business) checks.
- Top-up your account by a minimum of £0.01.
You must use the link below to receive this promotion. Offer ends 31 December 2026.
Tide’s Free Business Account has a number of features that make it a solid option for sole traders, startups and SMEs. As well as no monthly fees and free UK card payments, you receive free MTD tools and can accept Tap to Pay on iPhone.
A downside of the Tide Free plan is that you only have 5 free transfers per month (charged at 20p per transaction afterwards). This will make the account more suited for freelancers or startups with limited outgoing payments.
If you are going to be spending in non-GBP, the Tide Smart, Pro or Max accounts may be better suited to your business with 0% FX fees and lower fees for transfers to/from foreign bank accounts.
Tide is authorised by the Financial Conduct Authority as an Electronic Money Institute but its bank accounts are powered by ClearBank.
Airwallex’s Explore account is designed for small businesses looking to move and manage funds globally. With 200+ countries which you can make transfers to and 180+ countries which you can accept payments, Airwallex is a great option for small businesses with international suppliers and clients with no monthly fees – provided you maintain a £10K balance.
As well as a multi-currency account, the Explore plan includes invoice software, expense management, and payment links. It also integrates with Xero and QuickBooks accounting software.
Airwallex is authorised by the Financial Conduct Authority as an Electronic Money Institute.
Founded in London in 2004 with the vision of giving SMEs the opportunity for global growth, WorldFirst is a good option for businesses exporting, scaling online or managing global operations.
With WorldFirst, you can send payments in 100+ currencies and receive, convert and hold funds in 20+ currencies.
There are no monthly account fees, although charges are incurred by making payments and converting currency. Local payments in GBP cost £0.30 per transaction, international payments cost £4, while currency conversion is up to 0.50%. However, receiving payments is free.
WorldFirst is authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institute.
Zempler Bank is best for microbusinesses that are digitally focused and won’t be making regular payments or transfers.
This is because one downside to Zempler Bank is that you only get three free payments and transfers per month, after which each transaction will cost 35p; receiving money in payments and transfers is free.
If you will be paying in cash, bear in mind that you can only pay this in at any UK Post Office with a £4 minimum fee (or 0.55% ee of the total amount paid). Cash withdrawals in the UK cost £2.
Right now, Zempler Bank have an offer where you can register your company and apply for a business bank account and they’ll refund you the £100 Companies House fee.
The Equals Money Business Current Account is an alternative to a traditional business bank account. Alongside a multi-currency account which can send, receive and manage funds in 38 different currencies, manage expenses and, with the Business Tier expenses card plan, issue up to 20 physical cards and 50 virtual cards.
You will need to contact the sales team to get a quote for the Business Current Account.
Equals Money is authorised by the Financial Conduct Authority as an Electronic Money Institute.
Countingup offers comes with automated bookkeeping, business insights, professional invoices and automated receipt scanning as key features along with tax calculated and filed for you.it even comes with a tax pot and lets you know how much you should be saving to cover your upcoming taxes. Note that Countingup doesn’t have an IBAN for international payments but you can apply for one with its partner, CurrencyFair. All accounting features appear in all of the accounts; these include receipt capture and real-time tax estimate, free VAT filing, and the ability to give your accountant access to your data. A three-month free trial is offered, then its pricing structure is as follow:
- £3 a month if you deposit up to £750
- £9 a month if you deposit between £750 and £7,500
- £18 a month unlimited deposits
Countingup has account limits: the self-employed can only keep up to £60,000 in their account, while limited company accounts are capped at £400,000.
The Wise Business Account allows you to hold money in 40+ currencies and make mass payments in over 70 countries using the mid-market exchange rate.
There is a one-off £50 set up fee to get every Wise Business feature.
Wise integrates with a range of accounting software providers, including Xero, IntuitQuickbooks and FreeAgent.
Wise is authorised by the Financial Conduct Authority as an Electronic Money Institute.
Monzo came top in an Independent service quality survey for overall service quality, with 85% of Monzo customers saying they would recommend Monzo as a business current account provider to other SMEs.
The Lite account is fee-free and allows you to make free, instant UK bank transfers and accept contactless payments with your smartphone anywhere that you have mobile data or a WiFi connection.
Making Tax Digital software is also included in the Lite package, as well as insights into how much your business is getting paid and spending.
Starling Bank have two business accounts: the Business account, and the Sole Trader account.
Multi-award winning Starling Bank offer business accounts for limited companies and sole traders, with 24/7 support and no monthly fees for both account types.
Included with a Starling sole trader account is free, HMRC-recognised Making Tax Digital (MTD) software, free spending insights, and free invoicing software. Business Account users also receive this free invoicing software and spending insights, although the MTD software is replaced by Accounting Plus, which submits VAT returns directly to HRMC, and costs £7 per month until April 2027, when it rises to £14 per month.
The Business Account also has multi-currency accounts, allowing you to manage Euros and US Dollars with a real exchange rate and 0.4% fee.
The ANNA Money Business Account is a great banking platform for sole traders, startups and limited companies as alongside banking services, you receive:
- Invoicing software.
- Employee expense cards.
- Money-savings pots for taxes, salaries and other expenses.
- Send and receive international payments.
Although ANNA Money has a Pay As You Go account, which has no monthly fees and only pay for what you use, many businesses may find that the 0.95% charge on incoming transfers makes the Business plan (£22.90 a month + VAT) more viable.
Right now, you can get your 2025/2026 Self Assessment prepared and file for free by ANNA Money. If you have already paid for accounting software they’ll refund you.
ANNA Money is authorised by the Financial Conduct Authority as an Electronic Money Institute.
The SumUp Business Account is best for existing clients who use SumUp payment terminals as this allows you to have access to your money in just one day, even on weekends and bank holidays.
Alongside these banking perks, the SumUp Business Account provides integrated invoicing, expense categorisation, dedicated support available 7 days a week, exportable transactions and a free MTD for Income Tax tool.
The OFX business account is a multi-currency account that allows you to receive, hold and spend in 30+ currencies.
The Standard plan is fee-free and allows instant conversion of FX at competitive market rates. You can only make 50 domestic GBP payments via FPS per month, after which each transaction costs £0.20. There are no costs to receive domestic into the Global Business Account using ACH, FPS, SEPA or international funds when using SWIFT.
The plan also comes with 24/7 service with real-life human support via phone, email and online chat.
OFX is authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institute.
A challenger bank is a smaller, newer retail bank created to compete with established UK banks, such as Barclays, HSBC and NatWest. In comparison to digital-only banks or banking platforms, challenger banks usually have physical branches which customers can visit. They are usually fee-free or have low fees, and can offer perks such as budgeting or invoice tools.
| Bank | FSCS protected? | Features | Monthly Fees |
|---|---|---|---|
| Allica Bank | Yes | Competitive savings accounts linked to account 1.5% cashback on spend 150 free Faster Payments a month | £0 |
| Virgin Money | Yes | 0.25% cashback on debit card purchases 90+ branches across the UK 6 months of Xero fee-free (T&Cs apply) | £0 for M Account for Business |
| Metro Bank | Yes | 75+ branches open across the UK Borrowing solutions up to £60K | £0 (if monthly balance above £6K is maintained) |
| Unity Trust Bank | Yes | Ethical banking option Free transactions UK-based call centre | £7 |
| Reliance Bank | Yes | Ethical banking option Lending options up to £3M UK-based customer support team | £7.50 |
| SBI UK | Yes | Free transfer of Rupees to India/ Nepalese Rupees to Nepal 12 branches across the UK 25 free transfers per month | £0 (if monthly balance above £10K is maintained) |
| Handelsbanken | Yes | Over 200 branches across the UK High customer satisfaction for account/relationship management | £25 |
| Cynergy Bank | Yes | 12 months free banking Wide range of competitive savings accounts | £5 |
Source: SmallBusiness.co.uk
Best challenger business bank accounts
Allica Bank is designed for established businesses that have been operating for at least 12 months looking to switch to a bank without monthly fees.
To open an Allica Bank Business Current Account, you need to be able to deposit £50,000 or more from your registered business and maintain a monthly account balance of £10,000 (otherwise you will be charged £25 per month).
This means that Allica Bank may not be suitable for startups or small businesses with a low account balance.
Alongside no monthly account fees, Allica Bank offers competitive savings accounts, up to 1.5% cashback on card spend, and a dedicated relationship manager.
Virgin Money is now part of Nationwide and are handling their business accounts. The M Account for Business is best suited for startups and small businesses with an annual turnover under £1M.
There are several free perks to the account alongside no monthly account fees, such as free UK bank transfers, a free insights platform to help power up your business data, and 6 months of Xero fee-free.
For small businesses in the Construction industry, you can receive additional offers, including £4 Costa Coffee voucher every month for a year, 0.5% unlimited cashback on trade supplies, and money off breakdown cover and business insurance.
Metro Bank have a wide range of perks linked to its Business Bank Account, suited for SMEs with a turnover of up to £2M a year. This includes free access to their invoicing software, Invoice It, as well as integration with Xero accounting software.
The Metro Bank Business Bank Account has no monthly account fees if your balance stays above £6,000 every day for the month. This may make the account not suitable for some startups or freelancers unless they are switching.
You can open a Metro Bank Business Bank Account online without visiting a branch. Borrowing solutions available up to £60K.
Unity Trust Bank are an ethical banking option for socially minded organisations in the UK. They focus on serving organisations that create positive social impact and use finance to help build a better society.
Unity Trust Bank charges £7 for its monthly account fee but has free transactions.
Unity Trust Bank does not have any physical branches, instead operating entirely online. Customers who receive funds in cash or cheques can deposit funds at a local NatWest, RBS and Ulster Bank, or cash only at the Post Office.
Competitive savings accounts available, including instant access, 32-day notice account, and 12-month fixed term.
Reliance Bank is another ethical banking option, aiming to deliver positive societal outcomes aligned to the mission of The Salvation Army.
Reliance Bank excludes businesses involved in harm to people (including alcohol, weapons, and conflict minerals), harm to the planet (such as fossil fuel energy) or unethical practices (such as corruption or tax evasion).
The Reliance Bank Business Current account is £7.50 per month.
SBI UK are a good option for businesses making regular transfers to India or Nepal, with free remittance and no transfer fees. There are no account fees provided that you maintain the minimum balance of £10,000.
You can make 25 free transactions a month, after which standard charges apply.
SBI UK also have competitive savings accounts, including easy access and fixed-term accounts.
Handelsbanken have over 200 branches across the UK, and with a direct line to your account manager and relationship team at your local branch, it’s easy to see why they came top in BVA BDRC’s independent SME survey for services in branches and business centres, and for relationship/account management.
Handelsbanken also came top for overdraft and loans services in the same survey, making them a good option for businesses looking to grow.
However, the high monthly account fees (£25 per month) may make Handelsbanken more suited to medium-sized businesses looking for a private banking experience.
Handelsbanken does have corporate savings accounts, including instant access and notice accounts, although they do not display the interest rates to non-customers.
Cynergy Bank Business Current Account offers a generous 12 months’ free banking period and then costs a reasonable £5 a month. If you’re after a good return on your business takings, it could be the account for you. You can Earn 3.50 per cent AER variable on balances up to £10,000 and 0.10 per cent AER variable on amounts above that. Cynergy has decent support for international businesses: you can open accounts in GBP, EUR and USD, and make International payments in seven major currencies. We also like that you get a fair share of free transactions.
Standard UK bank transfers and debit card transactions are free up to 100 transactions per month. You’ll only be charged for ATM withdrawals, which you can make at HSBC branches, as well as deposits.
The account is FSCS protected but please note that there is no overdraft facility. To be eligible for an account, your business must be based in the UK and registered with Companies House, where applicable.
High Street banks are established retail banks that have physical branches, usually on a town or city’s high street. They provide banking services to individual consumers as well as small and medium-sized businesses, and often have an ATM either inside or on an exterior wall.
| Bank | FSCS protected? | Features | Monthly Fees |
|---|---|---|---|
| HSBC Small Business Account | Yes | No monthly fees Free day-to-day standard electric transfers made in Internet Banking and app Borrowing solutions up to £100K | £0 |
| The Co-operative Bank Business Bank Account | Yes | No monthly fees Ethical banking option Free access to payment request tool, Go Get Paid | £0 |
| Lloyds Bank | Yes | Add multiple users for free Unlimited free debit cards Instant decision on £5,000 overdraft for startups | £8.50 (after 12 months) |
| Barclays | Yes | Free simple electronic payments Free Direct Debits and standing orders Free ATM withdrawals | £8.50 (after 12 months) |
| Santander | Yes | Award-winning mobile app £1,000 free cash deposit at Santander cash machines per month Discount with BrightHR | £9.99 (after 12 months for startups or switchers) |
| NatWest Start-up Business Account | Yes | 2 years free banking on everyday transactions Free access to FreeAgent accounting software Takes 10 minutes to apply | £0 |
Source: SmallBusiness.co.uk
The HSBC Small Business Banking Account no longer has a monthly maintenance fee and does not charge for standard domestic digital transactions.
Alongside fee-free UK digital banking and no monthly account fee*, you’ll be eligible for the HSBC Small Business Growth Programme. Access free bite-sized training courses from HSBC’s partners, including Microsoft, Google and WIRED, as well as events and webinars to gain valuable insights, business skills and insights. You’ll also have a range of borrowing solutions that could help your business grow.
(*Free UK digital banking and free bank transfers means day-to-day standard electronic transfers made through Business Internet Banking and HSBC UK Business Banking app are free. Other Charges apply e.g. Cheques and CHAPs. See Business Price List for details. Subject to application, eligibility, credit check, and T&Cs. A full list of prices and charges applicable can be found in HSBC UK’s Business Price List at business.hsbc.uk/legal)
Key features:
- No monthly account fees
- Borrowing options up to £100K
- 3 months free Making Tax Digital software (£5.99 + VAT per month afterwards)
The Co-operative Bank is an ethical banking option for small businesses. There are no monthly fees linked to the Business Bank Account and no charges for receiving or sending Faster Payments. Customers also get free access to payment request software, Go Get Paid.
Barclays have helped over 900,000 UK businesses with their banking. As well as 24/7 fraud protection and support, Barclays Business Banking has free electronic payments, meaning you won’t be charged for making or receiving Faster Payments.
Barclays Business Banking costs £8.50 per month. However, for the first twelve months after switching or opening an account there are no monthly account fees.
The Lloyds Bank New Business Account is the dedicated account for startups who have been trading for less than a year with an annual turnover of £3m or less. It has free electronic payments in, making it ideal for small businesses receiving regular payments, and from 10 July 2026 there will no longer be charges for electronic payments out (currently first 100 are free, then £0.20 per transaction).
After a twelve-month period, you will be charged £8.50 per month (this is set to rise to £10 per month on 10 July 2026).
Key features
- Free electronic payments in
- Monthly account fees start after 12 months
Santander’s Business Current Account has no account fees for the first twelve months for startups or switchers (£9.99 per month afterwards). For businesses receiving up to £1,000 in cash each month, Santander does not charge cash deposits up to this amount per month at Santander cash machines.
Santander customers can also benefit from a 30% discount with BrightHR.
Key features
- No monthly fees for 12 months (£9.99 afterwards)
- Specialist fraud teams on hand
- 30% discount with BrightHR as a Santander customer
NatWest’s Start-Up Business Account is designed for new businesses that have been trading for less than a year and have a turnover of less than £1m. There are no monthly account fees, although there are charges for everyday banking after the first 24 months (such as 35p per automated payment in/out).
This may mean that startups receiving or making regular payments each month find their banking charges exceed High Street competitors’ flat monthly fee. Please check their business account charges on their website.
All NatWest business bank accounts have FreeAgent accountancy software included for free to help with Making Tax Digital regulations.
Key features
- No monthly account fees
- FreeAgent accountancy software included for free
- 24 months free banking on everyday
| Bank Provider | Offer details |
|---|---|
| Barclays | £400. Set up two direct debits and spend minimum of £200 on your debit card for three consecutive months. |
| Anna Money | First month is free |
| Revolut Business | £100 |
| Tide | £50 Spend £100 on your Tide Card within 30 days of account opening and get £50. Enter code MTD50 when you sign up. |
| Zempler Bank | £100 refund for Companies House fee |
| Lloyds Bank | No fees for first 12 months |
| NatWest | Free banking on everyday transactions for first 24 months. |
| Metro Bank | Switch and receive 31 months with no monthly account maintenance fees. |
| Virgin Money | 6 months Xero fee free |
Source: SmallBusiness.co.uk
*Please check terms and conditions
Get a business bank account quote today – click here.
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