Online Business Bank Account

Business banking, redesigned
Starling Bank
  • No monthly fees
  • Fast setup: apply in minutes
  • Seamlessly integrate with accounting software
  • 24/7 in-app support
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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.

We only work with providers who we trust to provide
a great deal and a fantastic service.

Cashplus Business
Tide
Starling Bank
Fair Everywhere
Anna

How we've helped others switch their business bank account

Finding the right bank account is an essential part of your business.

  • We're here to help you switch bank accounts
  • Over 10,000 businesses have used our service
  • We help people compare with ease
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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.

What's important?

  • Additional fees for paying with cash
  • Is your branch local enough for you to get to?
  • Many banks will offer support to start-ups whether that is a mentor or someone to help with software
  • All fees must be checked in case they are relevant to your business
  • It's not always the safest option to go with your current bank unless you have done the above and it fits into your businesses criteria!

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!).

What's important?

  • Don't just look at the free period, work out how much it will it cost after the fee free period
  • Ensure you know all fees relevant to your business to avoid surprises!
  • Switching can be done within 7 days
  • Make sure that those you bill are aware

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:

  • 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

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!

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How to find the best online business bank account

A business account is an ideal way to ensure your business and personal finances are kept separate. With so many business online banking benefits, features and options, it can be difficult to decide which account is ideal. There are traditional high-street banks and a growing number of online banking providers available to businesses across the UK. To help you understand the options available, this guide will take you through the various online business bank accounts available.

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Compare online bank accounts

If you are searching for the best online business bank account UK wide, the first step is to compare options. When comparing online business bank accounts, there are a variety of aspects to consider including:

  • The monthly fees you have to pay for the account
  • Transactional fees, such as charges for paying cash in, using your debit card and processing payments
  • The interest you could earn on your in-credit balance
  • The ability to borrow through a loan, credit card or overdraft facility

Think about the way you prefer to bank and the features you will regularly use. Ask yourself, do you need to pay cash into your account regularly? Will you regularly need to process payments in other currencies? Or, will you be using your debit card often? Once you understand how you bank, it will be possible to narrow down the most suitable online business bank account options.

As with all bank accounts, it is important to ensure you open the best online business bank account for you. Although the high street banks are still a popular choice, there are many online only banks available. These online banks are becoming a popular alternative and we can help you compare the options.

We have developed a free, no-obligation bank account comparison tool, which provides an easy to compare list of accounts. Through our tool you can find the following online business bank accounts:

  • The best accounts for start-up businesses
  • The ideal accounts for contractors and freelancers
  • Bank accounts with no credit check required
  • The best online small business accounts
  • Basic online business bank accounts

Simply select the options which you require, such as a quick application process or a long fee free period. You will then be provided with a list of the accounts which match your requirements. The list is conveniently laid out, with the key information, fees and eligibility requirements listed. Once you have compared the available options, we have provided a convenient link to the relevant website. From here you will be able to complete their quick application form.

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Read more about business bank accounts in our FAQ

When it comes to banking, there is a growing shift towards online business bank accounts. Although many high-street banks offer online banking, there are new banks which provide online only accounts. Business bank accounts are managed via the internet or using a mobile application. These types of business bank accounts offer many of the features provided by your traditional bricks and mortar banks. These online only accounts are often referred to as 'challenger banks' and 'mobile banks'.

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.

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Compare accounts today and open the best online business account!

Here at BusinessComparison, we specialise in helping your business secure the best deals. We know how crucial it is to access financial comparison services, so that your business can save time and money. Our comparison tools will help you find the ideal options, so you are free to concentrate on the important aspects. A smart and cost-effective online business account will set you up for simple financial account management.

Whether you are looking for advice about traditional account options or alternative online banks, our team are here to help. To find out more about fees, features, switching or opening a first online bank account, contact us today.

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