Whether you’re a fledgling start-up or an established business looking to switch business bank accounts, use our comparison tool to make the right choice for your UK-based company.
- One of the best Apps in the sector
- No Monthly or Annual Fees
- Easy Invoice Creation Functionality
- Post Office Deposits Cost £1
- 20p charge for transfers between accounts
- 3% charge for cash deposits at Paypoints
Eligibility Criteria
You must be 18 years or over, a UK resident, and have a valid UK phone number.
To qualify for Tide’s Black Friday Deal and get £100 cashback, all you need to do is spend £500 or more via your new account with them within the first 90 days of opening. This deal is valid from 20/11/2023 – 30/11/2023.
- Ecommerce – Easy integration with Ecommerce via Apps and Plugins
- International payments – Send and receive money from 200 countries
- Block cards or set accounting limits with a tap
- Available for Limited Companies Only
- Accounts do not support cash or cheque deposit
- Instant Invoice Generation
- Good customer service via Live Chat
- Xero Integration
- Easy VAT submission to HMRC via App
- To open a business account, you’ll need a photo of your full driving licence or a photo of your valid passport.
- You can apply from outside the UK, but only if you’re a UK resident
- Anna carry out an identity check for new acccounts but not a credit check
Eligibility Criteria
You need a UK residential address to open an account. This account isn’t open to charities.
- Business Credit Builder Add-On
- Overdrafts of up to 2k
- Pay in via any Post Office
- £9 monthly fee for Business Extra Account
- £2 ATM Use
Eligibility Criteria
Your business must based in the UK. You’ll need verified ID such as passport or driving licence, the registration number of your company at Companies House and proof of business address.
- No credit check
- Speedy Application
- Cashback rewards programme
- No charges for failed payments
- UK Call centre
- Application fee is £55
- There isn’t any overdraft
- There is a minimum £12.50 per month account fee
- Withdrawals and transfers come with a cost
- No Credit Checks Needed
- No Branch Visits or Signatures Needed
- Online Banking, phone and SMS available
- Can withdraw money via any Barclays Bank, an pay in via the Post Office
- Functionalities are very basic without unique features
- Opening a new account comes with a £60 fee
- The monthly account fee is quite high
- Operations are not FSCS protected
- Most services come with small fees which will soon add up
- Quick application process
- Free to join and use
- Issuing invoices is easy
- App includes expense management functionality
- Good integration with all major accountancy software providers
- If you lose your card, it’s simple to free it from within the APP.
- As an e-money account it’s not FSCS protected
- You can’t pay out more than £10,000 per day
- There isn’t any overdraft or credit card available
- Cheque deposits are not available
- International payments are not available
- Typically one of the most cost-effective providers, although the sector is now very competitive
- 80% of payments are settled within 24 hours, and 35% of the total are instant
- complete transparency on all fees;
- No bank branches
- No cash deposits or transactions
- No credit or business loan facilities are available
Eligibility Criteria
Almost all businesses are eligible; there is no credit check required.
- Top-rated 24/7 support
- Budget and transaction categories to help manage spending habits
- Digital receipts for creating and storing important business information
- Basic version, fewer features than Pro
- No automatic allocation of funds to a “tax pot”
- No integration with accounting software like Quickbooks, Xero, or FreeAgent on Lite account
Eligibility Criteria
You must be a sole trader or the director of a registered limited company by shares (Ltd), based in the UK.
If you’re a limited company, your company must have an active status on Companies House, an active company director, at least one person of significant control listed on Companies House, less than 25% of persons of significant control or directors being corporate entities, make money mostly from selling goods and/or providing services (not mostly from interest or investment income), and be a tax resident in the UK only.
Why Compare Business Bank Accounts with Business Expert?
When starting or running a small business, choosing the right business bank account is crucial but can be overwhelming. There are many options to consider from traditional banks, online banks, and fintech companies. This is where using a comparison service like Business Expert can be extremely helpful.
Here are some key reasons why comparing business bank accounts on Business Expert is beneficial:
- Saves You Time: Instead of spending hours researching different business accounts on multiple bank websites, you can simply enter your business details on Business Expert and instantly see a list of recommended accounts based on your needs. This streamlined approach saves you significant research time.
- Comprehensive Options: Business Expert provides extensive coverage, comparing business accounts from over 30 top banks and fintechs. This includes the major high street banks as well as specialist business account providers. You get a complete overview in one place.
- Tailored Recommendations: The smart comparison tool asks you questions about your business to deliver personalized recommendations suited to your specific requirements, size and sector. This prevents you from becoming overwhelmed with irrelevant options.
- Detailed Account Information: Business Expert provides in-depth details on each account’s features, fees, interest rates, and small print. You can easily compare costs, benefits and policies across providers to make an informed decision.
- User Reviews: Real customer reviews on Business Expert provide transparent feedback on service quality and experience with various providers. This helps you select an account from a reputable bank that matches your needs.
- Quick & Easy Account Opening: Once you’ve chosen an account, Business Expert allows you to complete the application seamlessly online and start the account opening process rapidly.
Using Business Expert to compare and open a business bank account simplifies the entire process while ensuring you make the right choice for your company’s banking needs.