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How We Can Help With UK Business Bank Comparison

Finding the right business current bank account can become a little time-consuming.

• We're here to help you switch bank accounts

• Or open a new business current account

• Over 10,000 businesses have used our service

• We help people compare business bank accounts in the UK with ease

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Startup Business Bank Accounts

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 for a set amount of time. However, other fees may apply.

What's important to note with startup bank accounts?

• Additional fees for paying with cash

• Do you need to make cash deposits and payments at a local branch?

• Is your branch local enough for you to get to for everyday banking needs?

• Many banks will offer support to start-ups, whether that is offering a mentor or someone to help with software

• Check any set-up and monthly fees to ensure that you're happy with the charges

• It's not always the best option to go with your personal current bank, unless you have done so already!

If you are stuck when it comes to choosing the right business bank account, our comparison service will help you find the best current account. Remember, once you have opened it, make sure you are reviewing it on an annual basis. Just like a personal account, you'll be covered by the 7-day current account switch guarantee.

Switching Business Bank Accounts

It's a fact that people are more likely to divorce their other half than switch their bank account. If you are worried about switching, then you shouldn't be as all business bank accounts are covered by a 7-day current account switch guarantee. As long as your bank is registered with this scheme.

What's important when switching business bank accounts?

• Don't just look at the free period, work out how much it will it cost after the fee free period

• Ensure you know the fees you will be charged per month or per activity to avoid surprises

• Switching can be done within seven days

• Make sure that those you bill are aware of the change of account details

Completing your application and switching providers is straight forward and your new bank will do most of the work for you - so you have no need to worry and can get back to what you do best. Standards of online banking vary and no one wants to go backwards when they are trying to move forward.

Help Getting a Bad Credit or No Credit Business Current Account

If you are having trouble setting up a business bank account or switching from your current one because your company has adverse credit or no credit history, then there are still options available where you can avoid credit checks.

What these types of business bank account typically offer:

• Debit cards

• Online banking

• The ability to pay into post offices or other establishments

• Potential improvement on your credit rating over time

• Quick setup and going to the branch is not required

Fees on this kind of business bank account may be due monthly or annually. Our bad credit bank account comparison tool is simple, easy to use and it can also be cheaper than a standard business bank account! Use our comparison service to see what's available for you.

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Check Your Business Credit Score for Free

To access the best rates on business finance solutions, your business needs a good credit score. Click the link below to learn more about the importance of credit building and credit scoring for your business, including how to check your business credit score for free at

Check Your Business Credit Score for Free at Capitalise

Compare Business Bank Accounts

We help businesses secure the best business bank account UK-wide. Are you just starting out and need to get a business current account for the first time? Or, are you simply looking to compare deals and switch to the most suitable provider? Whatever the reason, we can help you compare and save!

What Type of Business Bank Accounts Are Available?

Whether you are a small start-up or a large organisation, a business current account is almost always essential. As a limited company, you will need a separate banking facility from your personal accounts, because the business is a separate legal entity. It is not a legal requirement if you are self-employed, although it will help organise your finances.

There are many types of current accounts for businesses, such as those with overdrafts, online account management, free business accounts to mobile apps and balance text alerts. If you hold a business bank account, you can keep your personal and business finances separate. Having a business bank account will make applying for a business credit card or loan more straightforward in the future.

Deciding which business account is the best, is exactly the same as comparing personal accounts, it is important to find the best fit for your requirements.

Business banking options are different to personal accounts, as they often charge a monthly account fee and transaction fees. Although, by comparing the available accounts you may be able to reduce or completely avoid charges, especially in the early days.

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The Advantages of a Dedicated Business Bank Account

The main advantage of a dedicated business current account is that you can easily track the finances of your company, which makes accounting much easier. Whether you are looking to calculate business spending, your earnings or your expenses, it is much quicker with a dedicated business account. It is also much more straightforward to calculate any taxes which you owe when you submit your tax return.

There are a variety of banks which offer free banking introductory periods, such as 18 months free banking. This is their way of supporting you in the early days,

although many also offer support teams and 24-hour account access. It is also possible to benefit from low-interest rates on balances, which is ideal if your account is rarely using its overdraft.

Although you are likely to pay for your service eventually once your free banking period ends, there are some features which you will benefit from. There are some banks which provide free extras as part of their paid accounts, such as free accounting software.

Banking for Business Startups

If you are a start-up, one of your first steps will need to be opening your business account. There are a variety of options available, including business bank accounts with no minimum balances and free introductory banking offers.

Your business account bank may offer a great service; however, they may not offer the same benefits. When opening your first bank account for business, think about how you will use it and what you need.

Business Bank Accounts for Those with Bad Credit

There are many banks that offer business accounts to those with a poor or no credit history. If you have been turned down in the past, there are still some good banks for business accounts available. There are banks with no credit check, yet they still offer many of the benefits you may require. For example:

• Business bank cards

• Online banking and apps

• The ability to pay cash into post offices and other convenient establishments

• A quick account setup without visiting a branch

• The potential to improve your credit rating through good account management

Business Bank Accounts for Sole Traders

Although a sole trader or partnership does not legally require a business account, it can be useful. A personal account can sometimes be used for business transactions, but it can make it difficult to organise taxes. Some consumer bank accounts may also have terms and conditions that do not permit business transactions. There are many benefits to opening a business account, such as being able to make deposits using your business name. The account will also provide detailed transactions, which will make it much quicker to understand your businesses finances. If you prefer, there are some banks which will allow you to use your personal account for business banking. However, you should check with your bank beforehand.

How to Compare Business Bank Accounts for UK Companies

The fees or charging structures for business accounts can be complex and time-consuming to compare, with limited comparison tools reviewing them like for like. We understand that it can be difficult to compare the options available, so we have created a free, no-obligation comparison service. Our service is designed to help you find the ideal bank account, whether you are a contractor seeking a contractor bank account, have bad credit or you are a small business. Whether it is your first account or you'd like to switch your business banking.

It may seem easy to open a business account with your personal bank, but they may not offer the features required or might not be the best deal for your specific kind of enterprise. There are a variety of account requirements, so we have split the available options into different sections. You will be able to compare:

• The best startup bank accounts

• The ideal business banks for contractors

• Banks which do not conduct a credit check

• Ideal accounts for small businesses

• Or anyone seeking a basic business account

There are many offers and benefits which banks offer as a way to attract new business customers. Although you may be tempted by a free initial banking period, consider the cost of the account once the free period ends. You should also consider the various fees charged by the bank. Some banks may charge you for each transaction that is processed through your account. The best business bank is the one that works for your specific needs. Whether it's via your online banking or business bank card.

The best account will match the way you prefer to bank, and the number of transactions processed through your account. For example, if you will be paying electronically, look for an account with a low fee for electronic transactions. If you receive lots of cash and cheques, you should look for an account that offers low fees to pay in cash or even free business banking options.

We recommend that you compare the following when choosing between business bank accounts:

• Any additional fees when you pay cash into the account?

• The location of your local branch, is it convenient?

• Do they provide start-up support, such as business mentors or free accounting software?

• What is the cost of the account and are the fees relevant to your business requirements?

It is always worth comparing business bank account ratings and reviews, as they will give an honest insight into the service. If you regularly use apps, the design and ease of use can vary significantly between banks. By understanding the individual reviews, you may find that it is worth paying slightly more for an account. Especially if it means you benefit from great online business bank account management.

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How to Switch a Business Bank Account

There are a variety of business current accounts available, even a business account for small businesses. If you decide an account fits your business requirements, it is possible to switch in just 7 days.

Comparing and switching personal current accounts has led to an increase in competition, which has encouraged more people to compare. However, there is less publicity relating to switching business accounts versus switching your personal bank accounts. The business bank switching process is designed to be simple, so you will be free to concentrate on running your business. Simply make sure that the businesses you work with are aware of your new account details.

If you decide to switch your business account, you will be covered by a 7-day switch guarantee. This means you can quickly close the old account without any expensive charges.

To speed up the process, it can help to have the following information to hand:

• Your Companies House registration number, if you have one

• Details about your business income, turnover and capital

• The name, date of birth and addresses of all directors or partners

• Proof of identity, such as a passport or driving licence

• Proof of address

If you have found a great business current account, it is still important to compare other options each year. The benefits, charges and types of accounts offered change regularly, so it is worth comparing your business banking on an annual basis.

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Find Out More To Help With UK Business Bank Comparison in Our FAQs

What are the pros and cons of UK business bank accounts?

Some of the pros of having a business bank account include:

• It helps you keep business transactions separate from personal finances

• It can help prevent you from having personal legal liability

• It can help build a credit history for your business, which could be beneficial if you want to take out a loan or another business financial product in the future

Some of the cons of business bank accounts can include:

• There can be fees payable for the account itself or for certain kinds of transaction

• Most business banks do not pay interest on positive balances

• Having a business bank account to manage as well as personal accounts involves a little more admin

Is there a minimum balance requirement for business bank accounts?

Some business bank accounts do have minimum balance requirements or require a certain amount to be paid into the account each month or annually. Sometimes, they will allow these requirements to be broken, but it will incur a fee or stop you from receiving certain features or benefits. 

It’s essential to check the terms and conditions of a new business bank account before you sign up to make sure it suits your specific needs.

Are business bank accounts protected in case the bank becomes insolvent?

UK business bank accounts are generally protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per bank or building society. 

For sole traders, where the business is not legally a separate entity from the individual, this £85,000 limit would be for any personal and business accounts combined if with the same bank for both.

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