Startup business bank account

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Cashplus Business
Tide
Fair Everywhere
Anna

Compare start up business bank accounts

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

  • We can help you find the best bank account for your new business
  • We'll find you the longest free business banking period
  • We have helped thousands of startup's across the UK
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If you're just starting out, it's important to choose the right bank account from the beginning.

  • We compare the best business accounts for start-ups
  • We work hard to negotiate the best deals
  • We help people compare with ease

For a start-up, many banks will offer an introductory free banking period which means that you won't face a monthly account fee or charges for using the account! However, other fees may apply. What can you expect as standard from your new account for your day-to-day banking needs?

  • No or a low monthly fee
  • Debit card, allowing you to make card payments
  • The ability to transfer & make payments
  • Set up standing orders
  • Set up payments by Direct Debits
  • In some instances an agreed overdraft facility
  • Online banking facility
  • Banking mobile application
  • Text alerts

It important that you take the following into consideration when comparing;

  • Are there additional fees for paying with cash?
  • Is your nearest branch local enough for you to get to?
  • Double check the annual fee and ways to bank to make sure they work for you
  • Check the fees charged, some charge per month for having the account
  • Others charge fees for processing payments, Direct Debits and cash withdrawals
  • Many banks will offer support to start-ups whether that is a mentor or someone to help with new software tools

It's not always the best option to go with your existing 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 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 current account switch service guarantee.

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What is a startup business account?

Start-up business banks are similar to standard business accounts, as they all provide a way to manage your finances. However, there are some differences in terms of the account features, benefits and costs. Startup business banking accounts generally offer better incentives than accounts designed for an established business. Many banks will charge no fees for an initial period, as a way to support your business in its early stages. There are benefits designed to help you get your business off the ground, such as business advice and accounting software integration. Banks are keen for you to open startup business accounts, in the hope that you will become a long-term customer. This means that you can benefit from a variety of great perks.

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Which is the best start up business account?

There is no single bank which provides the best bank for start-up businesses, as each provides different features. The best start-up option will be the provider which offers the service benefits for your specific requirements. There are many high-street banks which provide startup business accounts, however 'challenger banks' are becoming a popular alternative.

These challenger banks are smaller than the traditional banks and usually specialise in providing an online alternative. Many of these accounts are designed specifically for start-ups, with features catering to the needs of a small operation. The following accounts are designed specifically for start-ups and include both high-street and online banking options:

Revolut for Business

Revolut for Business

This account is designed to save you time and money, ideal if you plan on regularly processing domestic and international electronic payments. Business customers can apply online and very quickly have an account up and running.
Tide Business Current Account

Tide Business Current Account

Designed to make small business banking as simple as possible, with a 5-minute online application. There are no monthly fees and you will receive a free MasterCard.
HSBC Business

HSBC Business

An account from a high-street bank which is designed to help new businesses grow. Featuring 18 months free banking, with a variety of online business support services including telephone banking.
Yorkshire Bank Business Current Account

Yorkshire Bank Business Current Account

This account is designed to save you time and money, ideal if you plan on regularly processing domestic and international electronic payments. Business customers can apply online and very quickly have an account up and running.
CashPlus Business Current Account

CashPlus Business Current Account

This bank was established in 2004 and operates across the UK. There are no credit checks and it is free to use UK ATMs, process bank transfers and pay staff wages.
Clydesdale Bank Business Current Account

Clydesdale Bank Business Current Account

Clydesdale Bank has years of experience in assisting startup businesses which operate in a range of industries. Includes 25 months free day-to-day everyday banking.
Anna Business

Anna Business

This is an account designed specifically for startups, small businesses and sole traders. The account includes a free invoicing service, which creates and chases late payments.
Countingup Startup Account

Countingup Startup Account

Clydesdale Bank has years of experience in assisting startup businesses which operate in a range of industries. Includes 25 months free day-to-day everyday banking.
Santander Business Current Account

Santander Business Current Account

Ideal for start-ups looking for traditional banking, such as cash deposits and withdrawals. It is possible to earn interest on your balances and you will receive cashback annually on your credit turnover.
CardOneMoney Business

CardOneMoney Business

This account is designed to provide easy access to your funds, through SMS, telephone and online management. There is a convenient online payment system to help you manage bills, invoices and wages.
Acorn Business

Acorn Business

Acorn was established in 2007 and now provides both personal and business accounts. They specialise in providing accounts to those with poor credit histories. Giving your company the financial service it needs to conduct transactions.
Fair Everywhere Business

Fair Everywhere Business

If you regularly conduct business at home and abroad, this account offers excellent currency rates. There are free international payments, money transfers and cashback rewards for using your account.
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Read more about business bank accounts in our FAQ

If you are starting a business, one of the first things you will need to do is to open a bank account. A business account will save you time, simplify your accounts and help you organise your businesses finances. In some situations, opening a bank account is a legal requirement. If you are running a limited company or partnership, by law you will need to open a business account. As you and your business are considered to be separate legal entities, your finances must be separate. If you are a sole trader you can use a personal account, although in many cases this is not practical. As a sole trader, using your personal account could mean you are in breach of your bank's terms and conditions. By separating your business finances from your personal accounts, your bookkeeping will be streamlined and simple. You will be able to easily monitor your business expenses, which will ensure you pay the correct amount of tax. If you ever need a loan, being able to show accounts will help you gain approval for the credit you require.

As a new business, there are benefits to opening a specific account designed for businesses starting out. These benefits can be invaluable to young businesses, in terms of low-cost banking and the range of additional features. When you're searching for the best current account for your business, consider which features are most important. For example, your bank could provide benefits such as:

  • No charges when you process a transaction or make a cash deposit into the account
  • A branch in a convenient location to you
  • Additional support, such as a business mentor or software advisor
  • No monthly or annual charges
  • A fee free period of up to 25 months
  • Online banking through a well-designed website or mobile app
  • Flexible borrowing through a business overdraft, loan or business credit card to help you find your feet
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How to find the best start up business bank account

Perhaps your personal bank provides a great service, but they may not be ideal for a startup venture. Taking the time to complete a start-up business bank account comparison, will help to make sure you open the best account available.

Here at BusinessComparison, we can help you find exclusive deals for your startup account. Whether you are opening your first business account or switching to a new start-up account. To help you compare start-up business accounts, we have developed a free, no-obligation comparison service. This innovative tool is designed to help you compare bank accounts for business.

Simply use the refine search and our useful tool will compile a list of matching accounts. It is possible to filter by features such as:

  • A quick application process
  • Banks with a long fee free period or no annual
  • The ability to open an overdraft
  • Banks for those with poor credit or declared bankrupt
  • A mobile banking app
  • Low fees to pay cash into the account
  • Accounts which will pay interest on your balance
  • Banks which provide low cost foreign transfers

Our comparison tool will provide you with a list of potential start up business accounts, which you will be able to easily compare. You will quickly be able to compare free banking periods, monthly costs and whether they provide accounts for start ups.

We have listed the product features and key facts, so you can see what each provider offers. Once you have found the right option for you, click the link which will take you to their website. From here you will be able to apply for a business account online and complete your application. Before you open your new current account, it is advisable to compare reviews from other businesses. There are reviews online, which will provide you with an insight into other customer experiences.

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How to open the best bank account for small business start ups

The process to open a current account is designed to be quick and simple. If you are opening an online account, it is likely the whole application will be completed online. For traditional startup banking accounts, you will be able to start the application online, however you will need to visit a branch to sign and open your banking facility.

You will need to provide your ID and address, alongside providing some key information. For example, your trading address, personal details, business details, including; annual turnover, Companies House registration number and information on the products and services you offer.

If you already have a current account for business, you may be interested in switching banks if you're unhappy with your current bank. Many of the startup bank accounts are members of a switcher guarantee service. If your current bank is a member, you will be covered by the 7-day switch guarantee.

To find out more about the range of products we compare, please contact our team today.

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