Small Business Bank 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.

We only work with trusted providers that offer a great deal and a fantastic service.

Compare the Best Small Business Accounts

Finding the right bank account for a small business can make a real difference

  • We're here to help small businesses save money

  • We support small businesses by negotiating the best deals

  • 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 offering 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.

You're more likely to divorce your other half than switch your business bank accounts. 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 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're comfortable using online banking, 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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A Guide to Small Business Banking

Every small business begins with a great idea, but there is more to creating a successful business than an idea alone. From choosing a name and premises to arranging insurance and business banking, there are many aspects to consider. As a small business, choosing the right bank account is an opportunity to start putting the foundations in place for your venture.

Whether your business is a start-up, an SME, or you're a sole trader or freelancer, there are many small business banking options. Finding the ideal small business banking provider can be difficult, especially if you are unsure which features are available.

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What Small Business Bank Accounts Are Available

Finding an account with features which suit your business's requirements can be a great boost for your business. Whether you require a basic free account or a paid account with premium features, there are great options available. To begin, decide how you want your business banking to be run and how you would prefer to bank. There are three main business banking channels:

  • In-branch

  • Online

  • Telephone

There are some banks which offer all three, whereas some choose to offer a specific banking channel or two.

Banking with High Street Branches

Traditionally business banking was completed within local branches. This service is still provided by both the large and some smaller banks, with many businesses relying on their services. If your business needs to visit a branch to pay in cash, it may be worth opening an account locally. Think about branch opening times, location, counter services and any business advice they provide, when comparing business banks.

Small Business Online Banking

As more people look for a 24/7 banking service, banks are looking for ways to meet their requirements. In many situations, this is via online bank account access through websites and mobile apps. The high-street banks offer online banking, however, not all small banks provide online account access.

An increasing number of challenger banks are opening, specialising in providing an entirely online small business banking service. If visiting a high street branch is not important to your business, there may be advantages when opening an entirely focused online business account. You will be able to access your account from your home, office or while on the go via your mobile. The only requirement is that you have a strong internet connection, Wi-Fi access or mobile data in order to connect.

Many online banks understand that businesses need account services from time to time. With some banks, it is possible to access business banking counter services through your local post office. By comparing options, you will be able to find the best online bank for small businesses.

Small Business Telephone Banking

If you prefer to conduct your business banking away from the internet, telephone banking is another option. Almost every bank offers telephone banking, which enables you to call and manage your account over the phone. This type of service is often available outside of normal working hours, which is ideal if your business requires flexible account management.

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What Are The Benefits of Small Business Banking?

If your business is a limited liability company, you're legally required to open a business bank account. This is because you're considered a separate entity from the business, so your finances cannot be combined.

If you operate as a sole trader, the decision to open a business bank account is completely up to you. You can legally use a personal account for business transactions, although business banking will provide a range of benefits.

Simple Accounting Through Business Banking

If your personal and business finances are mixed, it can make it difficult to separate and understand the transactions. When submitting your accounts for tax purposes, a separate business account will be simple and quick to process.

Small Business Banking Terms And Conditions

Although the service provided by your personal bank may be ideal, you might not be able to use the account. Within their terms and conditions, the bank could state that the account cannot be used for small business banking. If you attempt to use your bank for business transactions, the bank could close your account.

Your Business Will Appear More Professional

If you are trading using a business name, you will already appear professional. However, when clients need to pay, an account with your personal name can appear unprofessional.

Small Business Saving Accounts

If you are looking to open a business account, it is also worth considering a savings account. A business savings account can provide great financial benefits. For example, an easy way to save for a large purchase, create a financial cushion or save for expansion costs.

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What is the Best Small Business Bank Account?

The best small business bank account is the one which most closely matches the requirements of your business. The main difference you'll notice between a personal account and a business account is the expense. It's quite common for banks to charge a monthly fee for their business accounts.

However, as a small business, this fee is often waived for an introductory period. Depending on the bank, you may also be charged a fee for certain transactions. The best business account for small businesses will be the one with the lowest charges for your regular transactions. For example, some accounts provide free online payments, but charge for cheque and cash transactions. In these situations, if your business handles many cash and cheque transactions, an alternative bank may be more suitable.

You should also consider how you prefer to bank, as not all banks will provide the services you require.

For example, if being able to bank online is the most important factor, you may not require a high street bank. Instead, an online small business banking provider with a great website and app may be ideal. However, if you prefer speaking to a cashier in person, you may need a traditional bank in a nearby location.

It's common for banks to offer different benefits, influencing your decision on which is the best small business banking option. For example, you could access free business advice, interest on credit balances and free accounting software integration. By comparing options, you will be able to open an account with the best benefits for your business.

Small business banking reviews are also something which you should read before opening a small business current account. There are many independent reviews online which will give you a great insight into the service offered by banks.

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Can You Open a Free Business Bank Account?

Yes! Small businesses can easily take advantage of free business bank accounts. As with paid business bank accounts, there's a wide range to choose from, so it's best to compare them to find the one with the best features and benefits for your small business.

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Small Business Bank Account Comparison

We understand how difficult it can be to search for the ideal bank account, so we have developed an easy-to-use comparison tool. Our small business banking comparison service will help you compare deals, whether you are opening your first account or switching. There are many good banks for small businesses, and we've partnered with those offering great benefits and competitive fees.

Are you looking for a small business bank account with no fees or an account offering several premium features? Simply select your preferences using the 'refine search' and we will provide you with a list of matching accounts. Our list of potential accounts makes it easy to compare monthly fees, key features and the length of free periods. Once you have chosen a bank, follow the link to their website, where you will complete the application process.

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How to Open a Small Business Bank Account

Once you have made a decision, opening a small business account is a straightforward process. If you open an account with a traditional bank, you will need to make an appointment to provide your documents. However, it is often possible to begin the application online, which will speed up the process. If you open an account with a challenger bank, you can open a small business bank account online or via their mobile phone app. This is ideal if you are not located within easy access of a traditional high street bank.

Whichever bank you choose for your business banking, you will need to provide the following information:

  • A passport, driving license or national ID card, to prove the identity of all company directors

  • National Insurance number

  • A bank statement, utility bill or council tax statement, to prove your address

  • Contact details

  • Company name and registration number, along with details on its incorporation; limited company, partnership etc

  • An estimate of your annual turnover

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Find the Best Business Bank Accounts for Small Businesses

If you're searching for the best business bank account UK-wide, we're here to help. As the number of business bank providers rises, there are an increasing number of options, benefits and deals available. As business owners ourselves, we understand your requirements and have teamed up with the leading providers. We're here to help you compare options and find the best account for your small business.

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