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Tide Business Bank Account
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Tide Business and Savings Account
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| UK Resident |
Revolut Business Basic Account
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Virgin Money M Account for Business
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
HSBC UK Small Business Banking Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Virgin Money Business Current Account
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Tide Business Bank Account (CASS Switch)
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Monzo Business Lite Account
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Allica Bank Business Rewards Account - for over £250,000 turnover
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| UK Resident |
Starling sole trader account
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| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| Maximum balance | Unlimited |
| UK Resident |
Wallester Business
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| UK Resident |
Zempler Bank Business Account
More Information
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1.00 | 0% | 0% | 0% | 0% |
| Maximum balance | £500,000 |
| UK Resident |
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What is a business bank account?
If you are the owner of a business or a sole trader, a business bank account helps to separate your company finances from your personal finances. Additionally, they’re specifically designed to help you run your business with business-friendly services and features.
So, just like people have personal current accounts, businesses need bank accounts to carry out everyday transaction - from purchasing raw materials to paying employees and contractors.
How to find the best business bank account for you
Use the table above to compare business bank accounts, then click “view deal” next to your chosen option and follow the online application process on the bank’s own website.
It’s possible to have your online business bank account up and running in minutes, but to ensure the process is a smooth one, take the time to collect as much information as possible about your business before you apply. You should also check that your business meets any specific conditions set by the bank – such as its size or turnover.
What to look for in a business account
Your company’s specific banking needs will determine the best business bank account for you, because each bank offers different features. Take the time to compare them all to discover which one fits your business’s needs best.
How much do business bank accounts cost?
Business bank account fees vary between providers and according to various factors such as the account type, your account balance, and what kind of transactions are made using it.
Here are some examples of the types of additional fees you may be charged:
Monthly fee: ranges from £3 to £50
Cash withdrawals: charges of 20p to £1 per withdrawal
Cheques: you may be charged from 20p to £1 for each cheque written
Cash deposits: again, a charge of 20p to £1 may be levied for each deposit
Bank transfer: typically, 20p-£1 per transfer
It makes sense to review the transactions most frequently used by your business and see what fees they incur. This will help steer you towards the best business account for your specific needs. Read our guide to find out 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 separate your business and personal finances, but there's more to it than that. Here are some additional benefits of a business bank account:
Plug-in accounting software: Integrating FreeAgent, Xero or Quick Books into your bank account means that transactions are fed in automatically
Automatically save for tax: You can set up rules so that a percentage of each transaction is set aside for future tax payments
Benefit from multi-user access: This feature means that several users can operate the accounts
Track your invoices: Stay on top of your invoicing with automated tools
Get an overview of your budget and spending: Business accounts let you create budgets and automatically categorise transactions
Enjoy instant UK bank transfers: This lets you send and receive money instantly within the UK
Access personalised help when you need it: Many accounts offer 24/7 customer support
Ensures you meet legal obligations: Limited companies must have business bank accounts¹
“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”
Top tips for using business bank accounts
Keep your business and personal finances separate
Although it is possible to use the same account to make business and personal transactions if you're a sole trader or small business, it complicates things. Differentiating your mortgage, credit card payments, or food shopping from business transactions is a challenge, especially as your business starts to grow. It's better to keep things separate from the start so that you don't have to untangle things in the future.
Make use of introductory offers
Banks often try to attract new customers by giving them free business banking for a set period of time after they open a new account. Typically, this period lasts between three and 18 months. If you're starting a new business, introductory offers are a great way to keep costs down while you're getting established.
Look into app-based banks
A more recent addition to the banking landscape, app-based banks (aka challenger banks) do not have physical branches but operate instead as apps on a smartphone. Many of these banks offer a slew of innovative features for businesses.
How to switch to a new business bank account
1. Check for an easy switch
If your company has fewer than 50 employees, you're eligible to use the Current Account Switch Service. This quick, hassle-free service is available to smaller businesses for free.
2. Talk to your bank
If your business has more than 50 employees, you will need to speak to your current bank to find out how you can switch to a different business bank account provider.
3. Enjoy your new account!
Business bank accounts are often ready to use within minutes, so you can benefit from new features straight away. With others, you may need to provide additional documentation.
Business bank account FAQs
More on business bank accounts
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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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¹You can find out more about the legal accounting responsibilities of running a limited business on the GOV.UK website.
Last updated: June 9, 2023