Best business bank accounts 2023

Best business bank accounts in UK

Whether you’re just starting out or you’re a well-established business, choosing the right Business bank account is essential. With so many different options available, it can be tough to know where to start. That’s why we’ve put together this guide to the best business bank accounts in the UK.

What to consider when choosing a business bank account

When choosing a business bank account, there are a few key factors to consider:

• Monthly fees: Some business bank accounts charge monthly fees, while others are free. If you’re on a tight budget, you’ll want to choose an account with no monthly fees.
• Transaction fees: Some business bank accounts charge fees for transactions such as bank transfers, card payments, and cash withdrawals. It’s important to compare the transaction fees charged by different banks before you choose an account.
• Interest rates: Some business bank accounts pay interest on in-credit balances. If you’re likely to have a large balance in your account, you’ll want to choose an account with a high interest rate.
• Overdrafts: If you think you might need to use an overdraft, it’s important to compare the overdraft rates charged by different banks.
• Features: Some business bank accounts offer additional features such as online banking, mobile banking, and accounting software integration. Consider which features are important to you when choosing an account.

The best business bank accounts in the UK

Here is a list of the best business bank accounts in the UK, based on the factors listed above:

• HSBC Business Current Account: The HSBC Business bank Account is a good all-round option for businesses of all sizes. It has no monthly fees and offers a range of features, including online banking, mobile banking, and accounting software integration.
• NatWest Business Current Account: The NatWest Business bank Account is another good all-round option for businesses of all sizes. It has no monthly fees and offers a range of features, including online banking, mobile banking, and accounting software integration.
• Lloyds Bank Business Current Account: The Lloyds Bank Business Current Account is a good option for businesses that need access to a large overdraft. It also offers a range of other features, including online banking, mobile banking, and accounting software integration.
• Barclays Business Current Account: The Barclays Business Current Account is a good option for businesses that need to make international payments. It also offers a range of other features, including online banking, mobile banking, and accounting software integration.
• Santander Business Current Account: The Santander Business Current Account is a good option for businesses that need access to a large overdraft. It also offers a range of other features, including online banking, mobile banking, and accounting software integration.
• Starling Bank Business Account: The Starling Bank Business Account is a good option for businesses that want a fee-free account with a range of features, including online banking, mobile banking, and accounting software integration.
• Monzo Business Account: The Monzo Business Account is another good option for businesses that want a fee-free account with a range of features, including online banking, mobile banking, and accounting software integration.
• Tide Business Account: The Tide Business Account is a good option for freelancers and small businesses. It’s free to use and offers a range of features, including online banking, mobile banking, and accounting software integration.
• Revolut Business Account: The Revolut Business Account is a good option for businesses that need to make international payments. It’s also free to use and offers a range of other features, including online banking, mobile banking, and accounting software integration.
• Wise Business Account: The Wise Business Account is a good option for businesses that need to make international payments. It’s also free to use and offers a range of other features, including online banking, mobile banking, and accounting software integration.
• Metro Bank Business Current Account: The Metro Bank Business Current Account is a good option for businesses that need access to a large overdraft. It also offers a range of other features, including online banking, mobile banking, and accounting software integration.
• Virgin Money Business Current Account: The Virgin Money Business Current Account is a good option for businesses that want a fee-free account with a range of features, including online banking, mobile banking, and accounting software integration.

Which business bank account is right for you?

The best business bank account for you will depend on your individual needs and requirements. Consider the factors listed above when choosing an account, and make sure you compare the different options available before you make a decision.

Here are some additional tips for choosing the best business bank account for you…

Business bank accounts in the UK fully detailed

What is a business bank account?

A business bank account is a bank account that is specifically designed for businesses. It allows businesses to separate their personal finances from their business finances, and it can provide a range of benefits, such as:

• Access to a business overdraft
• Free or low-cost transactions
• Dedicated account manager
• Online and mobile banking
• Accounting software integration

Types of business bank accounts in the UK

There are a variety of different business bank accounts available in the UK, each with its own features and benefits. Some of the most common types of business bank accounts include:

• Business current account: This is the most basic type of business bank account. It allows businesses to make and receive payments, and it may offer some additional features, such as online banking and mobile banking.
• Business savings account: This type of account is designed to help businesses save money. It typically offers a higher interest rate than a business bank account, but there may be restrictions on how often businesses can access their money.
• Business overdraft account: This type of account allows businesses to borrow money from their bank to cover unexpected expenses or to finance growth.
• Business credit card account: This type of account allows businesses to make purchases on credit. Business credit cards can be a useful way to build business credit and to earn rewards on spending.

How to choose the best business bank account for you

The best business bank account for you will depend on your individual needs and requirements. Consider the following factors when choosing an account:

• The size of your business: If you have a small business, you may want to choose an account with low monthly fees and free transactions. If you have a larger business, you may need an account with more features, such as a dedicated account manager and online banking.
• The type of transactions you make: If you make a lot of international payments, you’ll want to choose an account with low international transaction fees. If you make a lot of cash deposits, you’ll want to choose an account with a branch network.
• The features you need: Consider which features are important to you, such as online banking, mobile banking, and accounting software integration.

How to open a business bank account

To open a business bank account, you will typically need to provide the following information:

• Business details: This includes the name of your business, its registered address, and its contact details.
• Bank details: This includes the name of the bank where you want to open your account and the type of account you want to open.
• Identity documents: This includes proof of your identity and address, such as a passport or driving license.
• Business documents: This may include your business registration certificate, articles of association, and memorandum of association.

Once you have provided all of the necessary information, the bank will review your application and let you know if you have been approved.

Benefits of having a business bank account

There are a number of benefits to having a business bank account, including:

• Keeps your business finances separate: A business bank account allows you to keep your personal finances separate from your business finances. This can help you to track your business income and expenses more easily, and it can also protect your personal assets in the event of business bankruptcy.
• Builds business credit: Having a business bank account can help you to build business credit. Business credit is a rating that is used by lenders to assess the risk of lending money to your business. A good business credit rating can help you to qualify for loans and other forms of financing at lower interest rates.
• Improves your business image: Having a business bank account can help to improve your business image. It shows that you are a serious business owner and that you are committed to financial responsibility.
• Makes it easier to accept payments: A business bank account makes it easier to accept payments from customers. You can provide your customers with your bank account details so that they can make bank transfers or send you cheques. You can also use your business bank account to accept credit card payments.

Conclusion

A business bank account is an essential tool for any business. It can help you to keep your business finances organized, build business credit, and improve your business image. When choosing a business bank account, be sure to consider the size of your business, the type of transactions you make, and the features that are important to you.