Online Business Bank Accounts

We live in a digitally connected world, where everything seems to happen instantaneously. If you need quick access to a bank, an online business account could be the answer. Online banks boast a quick application times of just 5 minutes. Unlike traditional banks, there is no requirement to visit a branch to provide further details and documentation.

Once your account is open, an online business bank account will provide instant access to your finances. It is even possible through banks such as Tide and Revolut, to access a detailed analysis of your spending. Your balance, transactions and pending payments will be available at the touch of a button. Many of the online accounts will also provide mobile notifications, spending caps and useful financial management features.

Many of the online business accounts will integrate with accounting and invoicing software, such as Xero and FreeAgent. This means your transactions will sync automatically, so there is no requirement to manually enter information or upload statements.

Many of the online banks also specialise in international banking, through their borderless accounts. If you have clients outside the UK, there are banks such as Revolut, which will allow you to hold multiple currencies. Other benefits include fee-free foreign transactions and cash withdrawals.

There are a variety of online only business bank accounts available, which each provide some great benefits. The best online business bank account will be the one which provides the exact features you require.

Free online bank accounts

If you are looking for a free online business bank account, Cashplus and Tide both provide completely free accounts. Although, many online banks also provide business accounts which are free for an introductory period. Examples include, Anna, CardOneMoney and Acorn, which also provide competitive monthly fees once the initial free period ends.

Online business bank account no credit check

If you are looking for an account which is available to those with poor credit, there are online banks available. For example, Cashplus, Tide, Anna, Countingup, CardOneMoney and Acorn do not perform a credit check.

Online small business banks

If you are looking for the best online bank account for small businesses, there are some excellent options available. Many of the online small business banks will provide features such as business support advice and UK call centres. A great example is the CardOneMoney Business Account, which is designed specifically for small businesses. There is an annual turnover limit of £2,000,000 with the account, but you benefit from a range of merchant services.

An online account may not suit every business, as some traditional features may not be available. For example, if you need a loan, credit card or an overdraft, you are likely to require a traditional bank account. It may also be difficult to pay into an online business bank account, as there are no convenient high-street branches. Although, many online banks provide this facility through the Post Office branch network.

So, can you open a business bank account online? Yes, the process to set up a business bank account online is straightforward, as long as you meet the eligibility criteria. If you are planning on opening an online only bank account, the application can be completed entirely online. Whereas, a traditional bank will require you to visit a branch with a variety of documents.

It is possible to apply for a business bank account online in just 5 minutes. To speed up your business bank account online application, it is advisable to have the following information to hand:

• The names and addresses of all company directors and shareholders

• The full business address with postcode

• Contact details including a phone number and email address

• If you are a limited company or partnership, the Companies House registration number

• An estimate of the business’s annual turnover

If you are switching from another bank, many business account providers offer a switching guarantee. This means that your new account could be opened in as little as 7 days.