How to get a business account

1

Work out what your business needs

Some businesses are legally required to hold a business account.

2

Decide if a business account will help

The features of business account might help simplify your accounting.

3

Find the type of business account you need

It's important to know which type of account is best suited for you.

4

Calculate the fees and interest rate

You might need to pay a monthly fee, though you might also earn interest.

5

Check the terms and conditions

Make sure you are happy with all the details of your account before you open it.

Business Account Deals

10 results found, sorted by affiliated products first. How we order our comparisons. Commission earned affects the table's sort order.
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Winner of 2020 UK Fintech Awards Best Banking Technology.
Tide Business Bank Account
Account fee
No account fee
Free Banking Duration
-
Interest rate
0% AER
Your Tide Mastercard is free to use worldwide, in any currency. ATM withdrawals £1, 20p transfers in and out of accounts. Utilise free inbuilt tools to automate your financial admin. FSCS protected.
This account is available to limited companies and sole traders.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
UK Resident
British Bank Awards 2021 Finalist: Best Business Banking Provider.
Cashplus Bank Business Bank Account
Account fee
No account fee
Free Banking Duration
-
Interest rate
0% AER
Instant online decision, no paper forms and no interview required. You will get your account number and sort code within minutes of completing your application.
The account is available to limited companies, partnerships, sole traders and charities. Funds are FSCS protected.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
UK Resident
Unlimited Free Transfers For 6 Months. T&Cs apply.
Anna Business Current Account
Account fee
No account fee
Free Banking Duration
-
Interest rate
0% AER
Receive 1% cashback on purchases, issue multiple debit MasterCards with limits for your employees.
ANNA business account comes with instant invoice generator & HMRC recognized VAT filer. Control expenses & automate bookkeeping.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
UK Resident
Virgin Money Business Current Account
Account fee
£6.50 per month
Free Banking Duration
25 months
Interest rate
0% AER
25 months' fee free day-to-day banking for start-ups and switchers. Includes free MasterCard business savings, debit card cashback, plus digital money management tools.
From 15th April 2021, this account is available for eligible businesses with up to £6.5m turnover.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
UK Resident
CardOneMoney Small Business Account
Account fee
£12.50 per month
Free Banking Duration
6 months
Interest rate
0% AER
We aim to open your account in a matter of hours with no credit checks or signatures required. Pay in cash and cheques, make and receive international payments and grow your business effortlessly with CardOneMoney.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
UK Resident
Mettle by Natwest Business Account
Account fee
No account fee
Free Banking Duration
-
Interest rate
0% AER
Mettle is 100% free with no transaction charges or hidden fees. We’re also by NatWest which means you can have confidence knowing we’re part of a trusted and regulated bank. Built for sole traders and limited companies with up to two owners.
Maximum account balance is £100k for limited companies and £50k for sole traders. 18 or over. Built for up to 2 owners (though only one owner can access the account) with UK residency. 
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
Maximum balance£50,000
UK Resident
Acorn Account Business Account
Account fee
£12.50 per month
Free Banking Duration
-
Interest rate
0% AER
You can open a fully online managed business account in as little as 4 hours with no credit checks. Enjoy benefits such as paying in cash and cheques, making and receiving international payments with IBAN and SWIFT and a fully managed online account.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
UK Resident
British Bank Awards 2020 Winner: Best Newcomer.
Countingup Business Current Account
Account fee
No account fee
Free Banking Duration
-
Interest rate
0% AER
Open an account in minutes, get account number, sort code and Mastercard in days. Business account and automated bookkeeping in one to manage business admin. £500 max monthly deposit on this plan. Available to limited companies and sole traders.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
Eligibility
Maximum balance£120,000

Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.

What is a business bank account?

baker

A business bank account allows you to conduct your everyday business transactions, such as paying staff, buying raw materials, or paying for services.

If you are a business owner, a business bank account keeps your company's finances separate from your personal bank account transactions, and usually comes with different features and services.

Some banks set specific conditions on your business bank account depending on the size of your business, or the amount of turnover.

You can open a business bank account online in minutes. Using our comparison table above you can compare business bank accounts and fill out the online application when you've chosen one that suits you.

To make the process as smooth as possible, it's worth gathering as much information as you can before you try to open your business bank account.

What to look for in a business account

The best business bank accounts differ depending on your banking needs. Different business accounts offer varying features, so pick one that offers what your business needs.

Business bank account costs

Fees for business banks accounts can vary significantly depending on the type of account, the amount of money being held and the nature of the transactions.

Many business accounts charge a yearly or monthly fee. Some business bank accounts may be free for an introductory period, which range from three moths all the way up to 18 months. Some may be free for basic banking features, but charge fees for add-on features or facilities.

Some examples of fees you may have to pay:

  • £3 up to £50 monthly fee

  • 20p to £1 to withdraw cash

  • 20p to £1 write a cheque

  • 20p to £1 pay money in

  • 20p £1 send money by bank transfer

It's a good idea to check the fees for the transactions your business uses the most. Doing this can help you pick the best business account for your needs. Here's more on how much a business bank account costs.

The benefits of a business bank account

The primary benefit of using a business bank account is that it helps you keep your business finances separate from your personal finances.

But a business bank account offers more than that. Some additional benefits of business bank accounts include:

  • Accounting software integrations: Connect your bank account with FreeAgent, Xero or Quick Books, so transactions, are fed in automatically
  • Tax Pots: Set aside a percentage of each transaction for tax payments
  • Multi-user access: Allows multiple users to operate the accounts
  • Invoicing: Lets you send of keep track of invoices
  • Budgeting and spending categorisation: Create budgets and automatically classify transactions into categories
  • instant UK bank transfers: Send and receive money instantly within the UK
  • 24/7 customer support: Access to personalised help whenever you need it
  • Meet legal obligations: A limited company must have a business bank account¹


"Business accounts can help you keep track of your professional spending. Just like with personal current accounts, you should compare to find one with the best features for you.

"Make sure you know what fees and charges will apply to your account before you open it."

Our top tips for using business bank accounts

  • Keep your business transactions separate form your personal finances. Although it is possible to run your business and personal life using the same account if you're a sole trader or small business, it can get complicated quickly. Differentiating your mortgage, credit card payments, or food shopping from business transactions is a challenge, especially if your business starts growing. It's better to keep things separate from the start so you don't have to untangle anything in the future.

  • Make use of introductory offers. Often banks will list attractive introductory offers of free business banking to draw in customers. Typically, these can range from three to 18 months or more. If you're a new business, these are a great way to keep costs down to a minimum as you get established.

  • Look into app-based banks. These are a somewhat recent addition to the banking landscape. Also commonly known as challenger banks, app-based banks have no physical locations, but operate as apps on a smartphone. Many of these banks now offer a slew of innovative features for businesses.

How to switch to a new business bank account

1

Check if you can use the Current Account Switch Service

Businesses with fewer than 50 employees can use the Current Account Switch Service, which is quick, simple, stress free and costs nothing.

2

Larger businesses should speak to their current bank

If your business has more than 50 employees, speak to your account provider about switching over to a different bank.

3

Enjoy the features of your new business bank account

Many accounts will be ready to use within minutes, though for others you may need to provide additional documentation.

Explore business and current account guides

See more guides

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Why compare bank account deals with money.co.uk?

Comparing business accounts could save you money. Our multiple award-winning comparison service makes sure you get the lowest fees and rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.

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We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.

Last updated: 13 August 2021