Basic business accounts

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Our comparison service features a selection of providers from whom we receive commission. This table is ordered according to our commercial arrangements.

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Cashplus Business
Tide
Starling Bank
Fair Everywhere
Anna

How we've helped others find the best basic bank account

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
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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.

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Basic bank accounts

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.

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Benefits of basic current accounts

There is no single bank which provides the best bank for start-up businesses, as each provides different features. The best start-up option will be the provider which offers the service benefits for your specific requirements. There are many high-street banks which provide startup business accounts, however 'challenger banks' are becoming a popular alternative.

These challenger banks are smaller than the traditional banks and usually specialise in providing an online alternative. Many of these accounts are designed specifically for start-ups, with features catering to the needs of a small operation. The following accounts are designed specifically for start-ups and include both high-street and online banking options:

Online accounts

Online accounts

As with any bank account you can manage your account online and setup direct debits.
Pay into a local Post Office branch

Pay into a local Post Office branch

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.
No credit checks

No credit checks

The process is very quick and does not involve a credit check. You will just need to confirm your ID.
Simple fee structure

Simple fee structure

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.
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