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Finding the right bank account is an essential part of your business
For a start-up, many banks will offer an introductory free banking period which means that you won't face monthly charges for using the account! However, other fees may apply.
If you are stuck when it comes to choosing the right business bank account, then speak to other business owners and learn about their experiences with branches in the area. Remember once you have the account, make sure you are reviewing it on an annual basis. Businesses are covered by the 7-day switcher guarantee.
It's a fact that people are more likely to divorce their other half than switch their business bank account. If you are worried about switching, then you shouldn't be as all business accounts are covered by a 7-day switcher guarantee. (Just make sure your bank is registered with this scheme!).
If you are savvy enough to use online banking regularly then you may want to ask other business owners what their thoughts are on the application. Standards of online banking vary and no one wants to go backwards when they are trying to move forward.
If you are having trouble setting up a business bank account or switching from your current one, then there are still options available where you can avoid credit checks.
What they offer:
Fees on the account can be paid monthly or annually. The account is simple and easy to use and it can also be cheaper than a standard business bank account!
If you are currently paying for a business account, it could be costing you more than it needs to, as there are free business bank accounts available. When you are growing your business, monitoring your outgoings is an important factor. There are likely to be costs which can be reduced, with your bank account being an excellent example. To help you find the best deal, we have created this guide to the best free business banking UK wide.
If you are familiar with business accounts, you will probably be aware of the many account options available. Many of the business accounts available will charge fees, such as:
However, we have good news! There are free business bank accounts available! Some business banks will charge for some of these facilities, while others could be completely free for your business. To find a free business bank account, the first step is to look at how you will use your account. Next, you should search for the accounts which do not charge for the transactions you make. For example, paying a small charge for your account each month could provide you with free business bank account transactions.
If you are looking for free business banking for life, look no further. There are a range of banks which offer a free business bank account for life, including Tide, Revolut and Cashplus.
The Tide Business Current Account is a free business bank account, available to both limited companies and sole traders. There are some charges to consider, including 20p per bank transfer and £1 for ATM withdrawals. Although, benefits include accounting software integration and free card purchases in the UK and abroad. If you are looking for a free small business bank account, the Tide account is designed specifically for small businesses.
The Revolut Start Business Account is another free business account. The account is available to limited companies, partnerships and sole traders, with no annual turnover limit. The account will let your hold 29 currencies, with a competitive interbank exchange rate. It is also possible to arrange multiple employee banks cards, the first debit card is free, however, subsequent ones are chargeable.
The Cashplus Business Current Account is a free account designed for limited companies, partnerships, sole traders and charities. The account also offers benefits such as no UK ATM fees, free bank transfers and wage payments. Although, you will need to pay a card issue fee when opening the account of £5.95.
In some situations, although a bank may provide free business bank accounts, they may charge other fees. For example, if you take cash out from the account you could be charged. Or, if you regularly make bank transfers, there may be charges which apply to the transaction. It is also common for businesses accounts to charge for transfers involving international money transfers.
Although a bank may provide free business current accounts, the charges for your regular transactions could make the account expensive to run in the long term. There are some banks which charge a competitive monthly fee, in exchange for free transactions and other benefits. For example, HSBC, Yorkshire Bank, Clydesdale Bank, Countingup, Santander, CardOneMoney, Acorn and Anna.
Finding a competitively priced business account is important, but you should also bear in mind other features. Think about what you want your free business current account to offer. What is important to your business? Are there some features which you will be willing to pay for? Popular examples include:
Another factor which you should always check are the service levels offered by the bank. There are many reviews available online from other customers, which will provide an honest insight. Once you understand what you require, you will be in a great position to compare and find the ideal accounts.
To help you in your search for the best free business account, we have developed our innovative account finder tool. It is completely free to use and there is no-obligation to open a new account. Whether you are a start-up or a business looking to switch, our tool will help you compare business bank accounts.
Simply select the ideal features using our quick filter tool, then compare fees and the length of any free introductory periods. As you compare the no fee business bank accounts, it is important to ensure your business meets the eligibility criteria. Many of the banks will offer deals to new customers, which have a turnover below a specific amount. You will also be able to compare the key bank account features and facts.
If you have compared accounts and found the perfect fee free business bank account, it is a simple process to open an account. For the online banks, the whole process is completed online.
If you are looking to open a traditional account, you will be able to open an account in branch or online. Although, once the online application form is completed, you will need to arrange an appointment to provide some key documents. At least one representative must sign a bank mandate to complete the account application.
Whichever account you choose, you will need to provide proof of ID and proof of address. The documents need to be provided for each company director or shareholder. To speed up the application form it can be useful to have the following available:
If you are not a UK resident, it may still be possible to open a free business bank account in the UK. In recent years many banks have provided greater flexibility to non-UK residents which need to open a UK account. By discussing the situation with the bank, they may provide a list of other acceptable forms of ID.
You will also need to provide some key company information:
Once you complete the application, the time it takes to open the account will depend on the individual bank. For example, some accounts will be open in less than 7 days, while others could take several weeks.
If you are searching for free business banking for existing businesses, you will probably be looking for a switching service. Many people are worried about moving bank accounts, as they are concerned that it may be difficult. However, the new bank will manage the whole process so switching to a free business bank account is very simple.
There are many banks which are members of the current account switch guarantee scheme, that promises that your account will be switched within 7 days. Although, it is possible to choose an exact transfer date. The bank will move everything across, including your regular payments. Once complete, your old bank will pass any accidental payments across to your new account for up to 13 months.
To use the switching service, you will need to provide details of your old bank account and the ideal switch date. Once the switch is complete, all you need to do is update your bank details on your business invoices and any parties who sends payments to you.
If you would like to discuss any of the free business bank accounts listed on our website, our team are available to help, contact us today.