Ongoing
Ongoing
No monthly fees
0% AER
Loan facility Subject to terms
Receive 1% cashback on purchases*
Open an account in minutes
No additional transaction or transfer charges
Ongoing
No monthly fees
0% AER
None
Sign up today and unlock 1 month of a paid plan without subscription fees. T&Cs apply
Business account: hold, send and receive funds in 28+ currencies, exchange at only 0.4% fees
Free smart debit cards for you and one team member: track and control spending in real-time
Ongoing
No monthly fees
0% AER
Various credit options available
*£50 voucher when you open a Tide business bank account. Enter code £50VOUCHER when you sign up. T&C apply.
Award-winning business account and no monthly fees
Not applicable
No monthly fees
0%
None
Instant Access Savings Pots, 1.6% AER interest (variable) paid monthly (Ts&Cs apply)
Apply for a business account in minutes, no monthly fees
"Free UK bank transfers, spending categories and 24/7 customer support"
Ongoing
No monthly fees
0% AER
Business overdraft available upon invitation
Simple online 5 minute application
Straightforward pricing – No annual or monthly fee
FSCS protection
£50 Annual platform fee
No monthly fees
0%
None
Free card transactions in 15 major currencies, 1.5% fee applies to other currencies.
Customised pricing for FX & same currency payments based on volumes
No monthly fee in the first 12 months. T&Cs apply
£8.50
0% AER
Please see ‘Credit facility’ information
No monthly account fee in the first 12 months, for new customers, thereafter a fee of £8.50 applies. T&Cs apply
Free invoice and accounting software provided by FreshBooks, with your Barclays business account, worth over £260 per year. T&Cs apply
Charges for some bank transfers and card payments apply
No monthly fee for three months
£12.50
0% AER
Not available
No credit checks & available to all business types
*LIMITED OFFER* Free business account for 3 months
Application takes minutes and your business account can be open on the same day you apply
No monthly fee for three months
£3.00
0% AER
Not available
Business account with integrated invoicing, accounting and bookkeeping features
Trusted by 50,000+ sole traders and UK businesses
Our comparison service features a selection of providers from whom we receive commission. This table is ordered according to our commercial arrangements.
Finding the right bank account is an essential part of your business.
We don't require credit checks
We have a quick online setup
We offer a direct debit payment
We keep fees low
Basic business bank accounts are ideal for business owners who may be experiencing difficulties with their credit score. These type of bank accounts offer you the option to open a basic account with no credit checks.
What they offer:
Debit cards
Online banking
The ability to pay into post offices or other establishments
Potential improvement on your credit rating
Quick setup and going to the branch is not required
Basic accounts generally offer no monthly fee, with fixed fees on payments in and out, withdrawals and deposits - meaning you'll always know what you're paying.
UK banks are more than likely going to reject business owners and directors who apply for a business current account if they have a poor credit history. Regardless of the company type for example; a limited company (a company which is a separate legal entity) – banks will still run a credit check on the directors and owners as standard.
Numerous banks will be more lenient with businesses, however this depends on the reason for the poor credit history. There are two types of bad credit which will not be overlooked, they are; bankruptcy and County Court Judgements.
Generally the bank will often decline a business because of the poor credit history, another reason for them declining the account is if the business owner or director has recently moved to the UK, or moved back therefore they are unable to provide the bank with any credit history.
For many directors and owners they just want to keep their personal finances separate to their businesses finances. Basic business bank accounts could be a cheaper option compared to the complex and pricey bank accounts.
If you are self-employed it is acceptable to use your personal current account. But, be aware that the bank can add fees onto your account if they see numerous transactions, which would ultimately turn into a business current account.
Benefits of basic current accounts
As with any bank account you can manage your account online and setup direct debits.
You will have access to pay money and cheques into any post office branch and some may also have access to a high street bank.
The process is very quick and does not involve a credit check. You will just need to confirm your ID.
A monthly fee is taken out of the account each month or annually depending on the account you choose. Also you will need to pay for cash withdrawals, this cost will be highlighted in advance.