10 Best Business Bank Accounts for Ecommerce in 2024
If you run an e-commerce business, you’ll likely want a digital-first bank account that helps you sell online. I’ve researched the best accounts for this sector, focussing on ease of setting up, transaction fees, and useful features.
Bear in mind these these bank accounts (with the exception of Revolut and Airwallex) won’t actually receive payments for you. For that, you’ll need a payment gateway like Stripe, which you can then integrate with your bank account.
Find the best business account to help your entire e-commerce business thrive.
- What are the best business bank accounts for e-commerce?
- What is the Best Business Bank Account for Ecommerce?
- Revolut Business Account
- Airwallex Business Account
- Anna Money
- Tide Business Bank Accounts
- Cashplus Business Bank Account
- Cynergy
- Starling Business Bank Account
- Wise Business Account
- Mettle Business Account
- Monzo Business Bank Accounts
- What is an ecommerce bank account?
Revolut Business Account
- Account Fees: £0 for the basic plan; premium plans from £19/month.
- Transaction Fees: Free bank transfers and card purchases; specific fees for international transactions outside of free allowances.
- Overdraft Facilities: Not available.
- Integration with E-commerce Platforms: Revolut is one of the only banks that offers its own payment gateway. Revolut Pay integrates easily with platforms like Woocommerce and Shopify etc meaning you can take payments and see the transactions right into your Revolut account. Fees start from 1% + £0.20, with no hidden fees or charges.
- Invoicing Integration: Smart invoicing is available for easier billing processes.
- Customer Support: 24/7 access to customer service.
- Trustpilot Score: Great, 4.2/5.
- Additional Benefits: Multi-currency support, fixed future FX rates, cryptocurrency transactions, business insurance options, and financial product discounts.
>>Read our in-depth Revolut business review
- Easy integration with Ecommerce via Apps and Plugins
- 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
- No physical branches
Eligibility Criteria
- You must be at least 18 years old.
- Your business must have a physical presence in the EEA and Switzerland.
- You must be a sole trader, freelancer, limited company, partnership, LLP or PLC.
- Charities/trusts and other high-risk organisations are not eligible.
- Businesses operating from outside the supported countries are excluded.
FSCS Protection: No, Revolut is not protected by the FSCS.
Trustpilot Score: 151,826 reviews with an average rating of 4.2/5
Anna Money
(Best for eCommerce Integrations)
Anna Money is way ahead of competitors when it comes to e-commerce integrations, allowing direct linking with Shopify, Woocommerce, Amazon, eBay, and Etsy.
You can also link with payment gateways like Stripe, Square, Paypal or Gocardless.
If you’re an e-commerce business, this really does make your life a lot easier!
As an example, when you link your eBay account with ANNA, all your sales and the VAT collected from customers flow directly into the ANNA app, merging seamlessly with your recorded expenses. This centralization simplifies VAT Return preparation by eliminating the need to download and merge sales and expense spreadsheets. Refunds issued to customers are also integrated, ensuring accurate VAT totals.
- Account Fees: £0 for the Pay as You Go account; the Business account is £14.90 + VAT per month, and Big Business starts at £49.90 + VAT per month.
- Transaction Fees: Bank transfers cost 20p; card purchases are free.
- Overdraft Facilities: Not available.
- Accounting Integrations: Integration with standard accounting software is supported.
- Customer Support: 24/7 customer service via Live Chat, with a promise to refund the monthly subscription if the response time exceeds 10 minutes.
- Trustpilot Score: Excellent 4.6/5.
- Additional Benefits: Virtual cards issued instantly, personal payment link, easy deposits at numerous locations, compatibility with Apple Pay/Google Pay, co-worker debit cards with spending limits and automatic expense sorting, real-time updates on account activity, free direct debits, and cashback on certain business expenses.
>>Read our in-depth Anna Money Review
- 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.
Airwallex Business Account
- Account Fees: No account fees or transaction fees for 110+ countries.
- Transaction Fees: The only charge is an FX margin fee of 0.5-1% above the interbank rate when you exchange currencies.
- Overdraft Facilities: Not offered
- Integration with E-commerce Platforms: The Airwallex payment gateway effortlessly connects with Shopify, WooCommerce, and Magento, allowing e-commerce businesses to settle payments in various currencies directly into a Global Account
- Invoicing Integration: Integrates with Xero, Sage, Netsuite.
- Customer Support: Award-winning customer support highlighted, indicating a strong emphasis on providing quality assistance to account holders.
- Trustpilot Score: Great, 3.8/5.
- Additional Benefits: Multi-currency accounts, instant issue of multi-currency corporate cards, automation of bill payments, expense management for better control and visibility, and easy global payments acceptance through links and plugins.
>>Read our in-depth Airwallex Review
Tide Business Bank Accounts
- Account Fees: £0 for the Free account; Plus, Pro, and Cashback accounts have monthly fees starting from £9.99 + VAT.
- Transaction Fees: 20p for transfers in and out on the Free account; allowances vary for paid accounts.
- Overdraft Facilities: Not available.
- Integration with Accountancy Software: Connects with most accounting software, aiding e-commerce operations.
- Invoicing Integration: Allows for easy creation and sending of invoices.
- Customer Support: Priority in-app support for paid accounts; phone support and 24/7 legal helpline for Plus and above.
- Trustpilot Score: Great, with a TrustScore of 4.3/5 stars.
- Additional Benefits: Expense cards for staff, scheduled payments, multi-account holding, and exclusive member perks for paid accounts. Cashback option available with the Cashback account.
>>Read our in-depth Tide review
- One of the best Apps in the sector
- No Monthly or Annual Fees
- Easy Invoice Creation Functionality
- ATM withdrawals cost £1
- 20p charge for transfers between accounts
- 3% charge for cash deposits at Paypoints
Eligibility Criteria
- You must be at least 18 years old.
- You must have a UK residential address.
- You must be the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
- Charities/trusts and other high-risk industries are not eligible.
- Businesses operating from outside the UK are excluded.
FSCS Protection: Yes, Tide is FSCS protected.
Trustpilot Score: 19,375 Reviews with an average rating of 4.1/5
Cashplus Business Bank Account
- Account Fees: £0 monthly fee for the Cashplus Go account; the Business Extra account has a £9 monthly fee.
- Transaction Fees: Bank transfers cost 30p each; card purchases are free.
- Overdraft Facilities: Overdrafts up to £2,000 available, subject to credit history.
- Accounting Integrations: Seamless integration with popular accounting software such as QuickBooks, Xero, and FreeAgent.
- Customer Support: UK-based, available from 8am to 8pm Monday to Friday, and 8am to 4pm on Saturdays.
- Trustpilot Score: Average 3.5/5.
- Additional Benefits: FSCS protection, instant account number and sort code provision, up to 20 business debit cards, Google Maps integration for tracking and tagging payments, 24/7 fraud monitoring, cash deposit at any UK post office, and a Cashplus API for developing new applications.
>>Read our in-depth Cashplus Business Review
- 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.
Cynergy Business Current Account
- Account Fees: £25 per month for the business current account, which includes up to 100 standard electronic transactions per month. The account fee does not cover cash, CHAPS, SWIFT, or SEPA payments. New customers can enjoy 12 months of free business banking, subject to terms and conditions.
- Transaction Fees: Bank transfers and card purchases are free. ATM withdrawals have a 1.50% fee (minimum £1.50), cash deposits at HSBC branches are charged at 65p per £100, and cheque deposits at HSBC branches cost 30p.
- Overdraft Facilities: Information on business overdrafts is not prominently provided.
- Accounting Integrations: Not explicitly mentioned, suggesting a focus on core banking services without direct integration features for accounting software.
- Customer Support: Operates completely online with customer service available, but there are no physical branches in the UK.
- Trustpilot Score: Great 3.9/5.
- Additional Benefits:
- Interest-earning business current account with 1.50% AER variable on balances up to and including £25,000, and 0.25% AER variable on balances above £25,000.
- A standalone easy-access business saver account offering 4.00% AER variable interest.
- Eligible deposits are FSCS protected up to £85,000.
Starling Business Bank Account
- Account Fees: Free, with no monthly charges.
- Transaction Fees: Free bank transfers, card purchases, and ATM withdrawals in the UK. International payments and cash deposits at the Post Office may incur fees.
- Overdraft Facilities: Available from £1,000 to £50,000 with a 1.75% arrangement fee.
- Accounting Integrations: Integrates with Xero, QuickBooks, FreeAgent, and other business services.
- Customer Support: 24/7 via app, phone, and email.
- Trustpilot Score: Excellent, with a 4.4-star average.
- Additional Benefits: FSCS protection up to £85,000, automated business spending categorisation, receipt capture, and saving spaces. Free UK bank transfers and no fees for overseas card transactions.
>>Read our in-depth Starling Business Review
- Fast account set-up
- No monthly fees or fees overseas
- Integrations with Quickbooks, Xero & FreeAgent
- Fully regulated and FSCS protected
- Phone and App based customer service 24/7
- Pay Cash in via Post Office
- Euro and Dollar accounts are available
- There isn’t any overdraft facility
- There are no branches
- Starling charges for paying in money
- You can’t earn interest
- Depositing cash comes with a fee
Eligibility Criteria
All directors with access to the account must be UK residents. The business must not be a holding company, dissolved, in liquidation or engage in any activities set out in our terms and conditions. Evidence of your trading activities so we understand that your business does what you say it does. We can’t accept Companies House documents for this. Credit Checks May Apply
Wise Business Account
- Account Fees: £0 monthly fee; one-time fee of £45 to open an account.
- Transaction Fees: Variable, depending on currency and type of transaction.
- Overdraft Facilities: Not available.
- Accounting Integrations: Allows connections to popular accounting software.
- Customer Support: Offered online, in-app, and by phone, with a focus on security through dedicated teams and 2-factor authentication.
- Trustpilot Score: Great, 4.2/5.
- Additional Benefits: Multi-currency accounts with local bank details in over 70 countries, business debit cards without foreign currency transaction fees, and 0.5% cashback on eligible transactions.
>>Read our in-depth Wise Business Account Review
- Typically one of the most cost-effective providers
- 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
- You must be 18 years of age or older.
- Almost all businesses are eligible, but you must provide proof of address for the account representative.
- Your business must operate within the supported countries.
- high-risk companies and charities/trusts operating outside certain countries are not eligible.
FSCS Protection: No, Wise is not FSCS Protected.
Trustpilot Score: 217,184 reviews with an average rating of 4.3/5
Mettle Business Account
- Account Fees: Free, with no monthly or transaction charges.
- Transaction Fees: Free bank transfers; does not support international payments, cheque deposits, or cash transactions through branches.
- Overdraft Facilities: Not available.
- Accounting Integrations: Offers integration with FreeAgent, Xero, and QuickBooks; FreeAgent access included with at least one transaction a month.
- Customer Support: In-app support available 7 days a week.
- Trustpilot Score: Excellent, with a 4.6 out of 5 score.
- Additional Benefits: Interest on savings starting from £10 at 1.46% AER, FSCS protection up to £85,000, customizable invoice templates, and automated tax estimation.
>>Read our in-depth Mettle Business Bank Account Review
Monzo Business Bank Accounts
- Account Fees: Free for the ‘Lite’ account and £5 per month for the ‘Pro’ account.
- Transaction Fees: Generally free for UK bank transfers; £1 charge for cash deposits via PayPoint; limitations on cash deposit amounts.
- Overdraft Facilities: Not available.
- Accounting Integrations: Integrated accounting (Xero, FreeAgent, Quickbooks) available with the ‘Pro’ account; not available with the ‘Lite’ account.
- Customer Support: 24/7 support available.
- Trustpilot Score: Great, 3.8/5.
- Additional Benefits: Tax Pots, multi-user access, in-app invoicing, and virtual cards available with the ‘Pro’ account. Both accounts offer mobile and web access, budgeting features, and FSCS protection up to £85,000.
>>Read our in-depth Monzo Business Bank Account Review
What is the Best Business Bank Account for eCommerce?
Revolut gets our top vote as the best overall bank for e-commerce. With its own payment gateway and superb multicurrency support, it’s quick to open and easy to use. They also offer a portable Revolut card reader.
ANNA offers the best e-commerce account for eBay sellers due to its seamless integration of sales, VAT, and expenses in one place, facilitating easy VAT return filings directly to HMRC.
Airwallex is the best e-commerce account with Amazon or eBay integration, making it ideal for online sellers.
Tide is the best overall challenger account for ecommerce with a range of excellent features, competitive pricing and fast access to finance. They also have their own Tide Card Reader meaning you could take payments for your e-commerce brand in person, integrating it directly.
| Bank | Account Fees | Payment Gateway | Trustpilot Score | Apply Now |
|---|---|---|---|---|
| Revolut | £0 – £19/month | Yes | 4.2/5 | Apply |
| Airwallex | £0 | Yes | 3.8/5 | Apply |
| Tide | £0 – £49.99/month | No | 4.3/5 | Apply |
| Cashplus | £0 – £9/month | No | 3.5/5 | Apply |
| Anna Money | £0 – £49.90/month | No | 4.6/5 | Apply |
| Cynergy | £25/month | No | 3.9/5 | Apply |
| Starling | Free | No | 4.4/5 | Apply |
| Wise | £0 + £45 opening fee | No | 4.2/5 | Apply |
| Mettle | Free | No | 4.6/5 | Apply |
| Monzo | Free – £5/month | No | 3.8/5 | Apply |
What is an eCommerce bank account?
An e-commerce bank account is specifically designed for businesses that operate online, selling goods or services through the internet. This type of account caters to the unique financial needs of e-commerce businesses, offering features and services that facilitate online transactions, manage cash flow efficiently, and integrate with e-commerce platforms and payment gateways.
Key features of e-commerce bank accounts often include:
- Online Payment Integration: Seamless integration with various online payment gateways and services, allowing businesses to accept payments from customers through multiple channels (credit cards, debit cards, e-wallets, etc.).
- E-commerce Platform Compatibility: Ability to easily connect with major e-commerce platforms like Shopify, WooCommerce, Amazon, and eBay, making it simpler to track sales and manage finances directly from the e-commerce dashboard.
- Multi-Currency Transactions: Support for transactions in multiple currencies, which is essential for businesses selling to international markets.
- Fast Settlement Times: Quick processing of online transactions, ensuring that funds are available in the business account promptly.
- Fraud Protection and Security: Advanced security measures to protect against fraud and unauthorized transactions, which are critical for online transactions.
- Accounting and Bookkeeping Integration: Direct integration with accounting software like QuickBooks, Xero, or FreshBooks, facilitating real-time financial tracking and easier bookkeeping.
- Automated Invoicing and Billing: Tools to generate and send invoices automatically, track payments, and manage subscriptions or recurring billing.
- Customer Support: Dedicated support for e-commerce businesses to address any issues related to payments, integration, or account management.
E-commerce bank accounts are beneficial for online retailers, digital service providers, and any business that relies heavily on online sales channels.
Do You Need a Bank Account for an eCommerce Business?
For an eCommerce business, having a dedicated bank account is crucial for several reasons. Firstly, it helps separate personal finances from business transactions, which is essential for accurate bookkeeping and tax purposes. It simplifies the process of tracking income, expenses, and profit, making financial management more straightforward.
Secondly, a business bank account is necessary to process customer payments. Whether you’re using payment gateways like PayPal, Stripe, or direct bank transfers, having a business account often provides more credibility with these services and your customers. It may also offer features tailored to business needs, such as higher transaction limits or the ability to accept various currencies.
Furthermore, a business bank account is often required to establish merchant services or obtain business loans and credit lines. Banks and financial institutions typically require a business bank account to assess your business’s financial health and transaction history before offering financial products or services.
Lastly, having a business bank account can enhance your business’s professionalism. It reassures customers and suppliers that they are dealing with a legitimate entity, which can help build trust and credibility in your e-commerce brand.
What are the Benefits of an eCommerce Bank Account?
A bank account for e-commerce provides several key benefits:
- Streamlined Transactions: Easily manage incoming payments from customers and outgoing payments to suppliers or service providers.
- Financial Organization: Keep personal and business finances separate, simplifying bookkeeping and tax filing.
- Payment Processing: Access to various payment gateways and merchant services to accept payments online from different channels.
- Currency Management: For businesses dealing internationally, the ability to manage multiple currencies and benefit from better exchange rates.
- Credit Access: Potential eligibility for business loans, credit lines, or overdraft facilities to help with cash flow.
- Professional Image: Enhances your business’s credibility with customers and partners by using a business account for transactions.
- Financial Tools: Access to business banking services such as invoicing, accounting software integration, and expense tracking.
- Security: Enhanced protection against fraud and unauthorized transactions, providing peace of mind.
- Financial Insights: Many banks offer analytics and insights into your finances, helping you make informed business decisions.
- Growth Support: Banking services often include support and resources for business growth and expansion.
How Much Do eCommerce Bank Accounts Cost?
The cost of e-commerce bank accounts varies widely depending on the provider, account type, and the services you require. Some key factors affecting the cost include:
- Monthly Fees: Some accounts charge a monthly maintenance fee, which can range from £0 to £50 or more, depending on the complexity of the services offered.
- Transaction Fees: Fees per transaction may apply, especially for international payments, card payments, and currency exchanges. These can be a fixed amount, a percentage of the transaction, or both.
- Payment Gateway Fees: If you’re using the bank’s payment gateway for processing online payments, there could be additional charges. These might include setup fees, monthly fees, and transaction fees, typically around 1% to 3% of the transaction amount plus a fixed fee.
- Currency Conversion Fees: For businesses dealing in multiple currencies, banks may charge a fee above the base exchange rate for converting currencies, often ranging from 0.5% to 3%.
- Additional Service Fees: Costs for extra services like overdrafts, wire transfers, cheque processing, and rapid transfers can add up. These are usually specific amounts per service.
- Integration Fees: Fees might apply for integrating your account with e-commerce platforms or accounting software, though many banks offer this as part of their service package.
Many e-commerce bank accounts offer tiered pricing, allowing businesses to choose a plan that fits their needs and budget. It’s common to find free basic accounts for startups and small operations, with fees increasing as you opt for more advanced features or higher transaction volumes.
What You’ll Need to Open an eCommerce Business Account
Opening an e-commerce business account typically requires the following:
- Business Information: Including your business name, type (e.g., sole proprietorship, limited company), registration number (if applicable), and contact details.
- Proof of Business Registration: Documents proving your business is legally registered, such as a certificate of incorporation for companies or a business license for sole traders.
- Personal Identification: Valid photo ID (passport, driving license) for the account holder(s) and possibly other key individuals in the business.
- Address Verification: Recent utility bill, bank statement, or lease agreement in your name or your business’s name to verify the business and personal address(es).
- Financial Information: Estimated annual turnover, details of your business activities, and sometimes a business plan or recent financial statements.
- Ownership and Control Details: Information about major shareholders, directors, and persons of significant control (PSC) for companies. This is part of the Know Your Customer (KYC) compliance.
- Tax Information: VAT registration number if applicable and information on your business’s tax residency.
- E-commerce Platform Details: Information about where you sell online, such as your website URL or e-commerce platforms like eBay, Amazon, or Shopify.
- Banking Preferences: Details of your banking needs, such as the need for a multi-currency account, payment gateway services, and integration with accounting software.
- Application Form: Completed application form, which can usually be filled out online or in-person, depending on the bank.
Our Review Methodology
Business Expert evaluated and reviewed 10 e-commerce account providers, including a diverse mix of traditional banks, digital-only banks, and fintech firms, which are prominent either by assets or by their relevance and innovation in the e-commerce sector.
For each account, we analyzed over 10 data points, focusing on criteria crucial to e-commerce business owners. We scored each provider based on the ease of integration with major e-commerce platforms, transaction fees, currency handling capabilities, customer service quality, and additional features beneficial for online businesses, among other factors. This data was compiled from the financial institutions’ websites and verified through communications with company representatives.
To ensure our guide remains current and comprehensive, we continuously seek out and assess new entrants in the market. Our editorial team rigorously reviews these new providers against the established criteria to maintain consistency and accuracy in our evaluations.
FAQs
Should I open a new bank account for dropshipping?
Yes, opening a new bank account specifically for your dropshipping business is a good practice. It helps keep personal and business finances separate, simplifies accounting, and provides a clear financial overview of your business activities.
What bank account do I need for Shopify?
While you don’t strictly need a business bank account to operate on Shopify, it’s widely advised to have one if you’re starting or expanding your ecommerce business. Your account should be a checking or current account that’s able to receive transfers and capable of handling payouts in a currency Shopify supports for your region. Keep in mind, accounts set up solely for wire transfers may not work with Shopify Payments.
