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A poor credit history can have an impact on opening a business bank account. Fortunately, there are some banking providers who specialise in business accounts for those with bad credit or don’t conduct credit checks at all.
Best business bank account for bad credit: Cashplus
Account fee | £0 |
---|---|
UK ATM Charge | Free |
Account software integration platforms | |
UK transfer charge | £0.20 |
Additional cards | Up to 20 additional cards |
Additional card fee | £5.95 |
Credit check | No credit checks to apply |
Small businesses and sole traders make up a huge part of the UK economy, and a growing number of banking providers are offering business accounts specifically tailored to their needs.
Best business bank account for small businesses, sole traders and freelancers: Tide
Account fee | £0 |
---|---|
UK ATM Charge | £1 |
Account software integration platforms | |
UK transfer charge | £0.20 |
Additional cards | 35 additional cards |
Additional card fee | Free |
Credit check | No - Tide performs an electronic check but no credit check |
There are a lot of factors to consider when starting up a business for the first time, and banking is one of them. Spending time to find an account that has all the features you need at the right price point will benefit you in the long run.
Best business bank account for beginners and startups: Amaiz
★★★★★
Account fee | £0 |
---|---|
UK ATM Charge | Free |
Account software integration platforms | |
UK transfer charge | £0.20 |
Additional cards | Only allowed one card at present |
Additional card fee | N/A |
Credit check | They conduct a soft credit check - they check your name against credit agencies, but do not report any of your information to credit score checking sites |
With bank branch visits on the decline and customers increasingly managing their money through digital channels, the range of features on offer through online banking has become a crucial part of any business bank account.
Best business bank account for app and online banking: Starling
Account fee | £0 |
---|---|
UK ATM Charge | Free |
Account software integration platforms | |
UK transfer charge | £0 |
Additional cards | No additional cards |
Additional card fee | N/A |
Credit check | Soft search with no impact on credit score |
Good for integrated accounting software - FreeAgent, Xero and QuickBooks.
Account fee | £0 |
---|---|
UK ATM Charge | Free |
Account software integration platforms | |
UK transfer charge | £0 |
Additional cards | |
Additional card fee | |
Credit check | Soft search with no impact on credit score |
Issuing invoices and getting paid is obviously vital to running a successful business. It’s now possible to create, send and keep track of invoices directly from some business bank accounts.
Best business bank account for invoice service: ANNA Money
Account fee | £0 |
---|---|
UK ATM Charge | Free up to £100 per month |
Account software integration platforms | |
UK transfer charge | £0 |
Additional cards | |
Additional card fee | |
Credit check | Soft search with no impact on credit score |
If you have customers or suppliers based overseas, then the ability to make or receive international payments from or to your business bank account will be an important factor.
Low currency conversion on international payments
Account fee | £0 |
---|---|
UK ATM Charge | £200 free monthly - 2% fee after |
Account software integration platforms | |
UK transfer charge | £0 |
Additional cards | |
Additional card fee | |
Credit check |
If you need a business account in a hurry, or you just don’t want to be caught up in a lengthy application process, choosing an account that’s quick to open might be at the top of your consideration list.
10 minute online application
Account fee | £0 |
---|---|
UK ATM Charge | 2% on all withdrawals |
Account software integration platforms | |
UK transfer charge | £0 |
Additional cards | One for each team member |
Additional card fee | Free for the first card for each team member, the fee for an additional card is £4.99 |
Credit check |
CardOneMoney
Account fee | £12.50 |
---|---|
UK ATM Charge | £1.50 |
Account software integration platforms | |
UK transfer charge | |
Additional cards | 4 |
Additional card fee | £5 |
Credit check | No credit check |
Handelsbanken is actually a Swedish bank, but this lesser known financial institution does have branches in the UK. With its business account, you are assigned your own dedicated account manager and also have access to 24/7 customer support over the phone.
The business current account is available in a range of currencies, which is great if you have international banking needs, and there is the option to apply for an overdraft. Customers can also use the corporate online banking portal, which includes accountancy software integration, plus the corporate mobile banking app.
There is a monthly fee involved, but the nature of the bank’s personalised service means that account fees are tailored to each business customer. This bespoke charging structure makes it difficult to compare Handelsbanken with other business accounts, but expect to pay the top end of the scale for the one-to-one customer support.
Metro Bank is unusual in that it’s a challenger bank that also has a branch network. And unlike its bigger high-street counterparts, those branches are open 7 days a week, 362 days a year. Business customers also get access to online and mobile banking to manage their finances on the go.
There are several types of business accounts on offer at Metro bank, which include an account for smaller businesses and an account for larger businesses (those with an annual turnover of more than £2 million).
There’s a monthly fee of £5 for the small business account, although if you keep your balance above £5,000 that fee is waived, and you’ll also get 50 transactions for free that month (rather than at the usual charge of 30p each).
A well-known name on the high street, Santander has four business accounts available depending on the type, size and banking requirements of your organisation.
Its two main business accounts come with periods of free banking or discounted fees for startups and switchers, plus the 1|2|3 Business Current Account offers the opportunity to earn annual cashback on your credit turnover.
As well as Santander’s own extensive branch network, there are also some banking services available at branches of the Post Office. There’s a mobile banking app and an online banking service for businesses looking to manage their day-to-day finances digitally.
There is a range of business accounts to choose from at Barclays, including ones designed for startups, charities, small firms or large businesses.
There are two main types of fees applicable on these accounts – monthly fees and individual transaction fees. There is a choice of price plans, and you can select the most economical one for you depending on the payments mix that your business normally requires (e.g. cash deposits vs electronic payments).
As with all the high-street banks, there’s the option for business customers to bank online, via mobile or in person at a branch. There’s also the opportunity to apply for other Barclays’ business products, such as overdrafts, loans and insurance.
One of the biggest banks in the UK, Lloyds offers different business accounts to startup businesses, established businesses and charities.
New account holders and people switching to a Lloyds business account can enjoy an initial 12 months of free banking. After that, there are transaction fees involved and a set monthly account fee, which is £7.
Customers can take advantage of mobile, online and branch banking, and have the option of applying for other financial services from Lloyds, including business overdrafts, credit cards and savings accounts. Business account holders can also choose from a range of card payment solutions from the Lloyds Cardnet service, which allows them to take customer payments in person, online or on the phone.
First of all, fees are often higher – you can get yourself a free current account pretty much anywhere, but it won’t be as easy for your business. Secondly, there are more options and different ways of approaching business banking, so the best deal for your business will largely depend on what your business looks like. But no worries, we’ll help you figure out how to approach this particular problem.
There are many factors to consider when choosing a business account, many of which apply whether you are a foreigner or a UK resident. It’s important to do your research and think about the following:
Unlike with most personal current accounts, many business accounts come with costs attached, which can range from a monthly fee simply for having the account, to a charge for paying in a cheque.
We outline the main types of business account costs below – bear these in mind when you’re looking at a bank’s pricing structure or an account’s terms and conditions:
Once you’ve researched and chosen which business account you’d like to go for, you’ll need to apply to that banking provider to open it. Many applications can now be done online or through a mobile app (especially given the growing number of digital-only accounts), although some banks with a branch network might ask you to visit in person.
Every business bank account will have a slightly different application process, but here is a general list of information and documents that you should have to hand:
Not every banking provider will ask you for all of this documentation, and on the flip side, there may be some who request even more detailed information about your business and its finances.
Most business bank account providers will also carry out some kind of credit check on you, although there are a few that will let you open an account without one (but be aware these products tend to come with higher usage fees). For more information on opening a business account without a credit check, check out our guide to opening a business account with a bad credit score.
Our awards are decided by the only votes that really matter – yours. We asked customers of eight major business banking providers to tell us about their experiences. Now we can reveal how they rated these UK banks. Learn more about the awards here.
Overall satisfaction | Customers who’d recommend | Issuer | Review | |
---|---|---|---|---|
★★★★★ | 97% | ![]() | Digital challenger bank Starling reigned supreme in our survey, scoring near-perfect marks, despite not having any branches. The customers we polled highlighted its easy-to-use app and low business banking charges. | Visit Starling |
★★★★★ | 94% | ![]() | Runner-up Barclays wasn’t too far behind Starling. The bank operates different business accounts depending on company size, and our survey respondents praised its “helpful” customer service. | Read our review |
★★★★★ | 93% | ![]() | Long-established Lloyds Bank also recorded an impressive “would recommend” score of 93% in our survey. It offers business accounts for new and established businesses as well as one for clubs and charities. Customers cited the bank’s reliability and account holder support as positive points. | Read our review |
★★★★★ | 90% | ![]() | Santander operates a range of different business accounts, some of which come with discounted fees for first-time customers. Customers in our survey praised this provider’s online banking features and “friendly” staff. | Read our review |
★★★★★ | 90% | ![]() | Although its branch network is mainly confined to Scotland, Bank of Scotland offers accounts to businesses across the UK. It has several business account options to choose from, and there is a dedicated resource centre especially for business account holders. | Read our review |
★★★★★ | 82% | ![]() | TSB relaunched on the UK high street in 2013, but its recent branch closures were highlighted by some business account holders in our survey. But TSB does offer an initial period of free business banking for six months, and some of our respondents were very happy with the customer service they had received. | Read our review |
★★★★★ | 81% | ![]() | HSBC, the largest bank in the UK, didn’t poll as strongly as some of its counterparts in our survey, posting a rating of 3.5 stars. Like some of the other banks here, it offers a free banking introductory period for startups or businesses switching their account to HSBC, after which fees apply. | Visit HSBC |
★★★★★ | 74% | ![]() | NatWest brought up the end of the table in this year’s business banking survey, with a star rating of 3. Three-quarters of the customers we polled would still recommend the bank to a friend, although there were mixed reviews about its level of customer service. | Read our review |
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Ultimately it depends on what you want the account to do and also on your circumstances; however, here are our top picks:
In August 2020, the business banking service quality survey was conducted by the BVA BDRC. SME customers with business current accounts were asked how likely they would be to recommend their provider, their provider’s online and mobile banking services, services in branches and business centres, SME overdraft and loan services, and relationship/account management services to other SMEs. The findings are reported below.
Ranking | Provider | Score |
---|---|---|
1 | Handelsbanken | 79% |
2 | Metro Bank | 67% |
3 | Santander | 63% |
4 | Barclays | 59% |
5 | Lloyds Bank | 55% |
6 | NatWest | 54% |
6 | Yorkshire Bank | 54% |
8 | Clydesdale Bank | 52% |
8 | HSBC UK | 52% |
10 | Bank of Scotland | 51% |
11 | The co-operative bank | 50% |
12 | TSB | 47% |
13 | AIB | 45% |
13 | Royal Bank of Scotland | 45% |
Ranking | Provider | Score |
---|---|---|
1 | Barclays | 73% |
2 | Metro Bank | 72% |
3 | Santander | 69% |
3 | NatWest | 69% |
3 | Lloyds Bank | 69% |
6 | Bank of Scotland | 65% |
7 | Royal Bank of Scotland | 63% |
7 | HSBC UK | 63% |
9 | Handelsbanken | 62% |
9 | Yorkshire Bank | 62% |
11 | Clydesdale Bank | 57% |
12 | TSB | 52% |
13 | AIB | 44% |
14 | The co-operative bank | 41% |
Ranking | Provider | Score |
---|---|---|
1 | Handelsbanken | 78% |
2 | Yorkshire Bank | 65% |
3 | Santander | 63% |
4 | Barclays | 61% |
4 | HSBC UK | 61% |
6 | Clydesdale Bank | 59% |
7 | Lloyds Bank | 58% |
7 | NatWest | 58% |
9 | AIB | 53% |
10 | Royal Bank of Scotland | 52% |
11 | Bank of Scotland | 51% |
11 | TSB | 51% |
Ranking | Provider | Score |
---|---|---|
1 | Handelsbanken | 86% |
2 | Santander | 66% |
3 | Metro Bank | 63% |
4 | Barclays | 59% |
5 | Yorkshire Bank | 58% |
6 | NatWest | 57% |
6 | Clydesdale Bank | 57% |
8 | Lloyds Bank | 56% |
8 | AIB | 56% |
10 | TSB | 53% |
11 | HSBC UK | 52% |
12 | Bank of Scotland | 50% |
13 | The co-operative bank | 49% |
14 | Royal Bank of Scotland | 48% |
Ranking | Provider | Score |
---|---|---|
1 | Handelsbanken | 73% |
2 | Metro Bank | 72% |
3 | Lloyds Bank | 61% |
4 | TSB | 58% |
5 | Yorkshire Bank | 55% |
5 | Clydesdale Bank | 55% |
7 | Santander | 54% |
7 | Bank of Scotland | 54% |
9 | HSBC UK | 53% |
10 | Barclays | 52% |
11 | NatWest | 50% |
12 | The co-operative bank | 47% |
13 | Royal Bank of Scotland | 40% |
14 | AIB | 38% |
Source: BVA BDRC. Use our free business plan toolkit including a walk-through guide, business plan template and example business plan.If you're setting up a business, a business plan is vital to your success.
The big high-street banks may also be more likely to offer a non-UK resident an international bank account, rather than a business account. As a minimum requirement, you’ll need ID and proof of address for the country you reside in for this.
But if you’re happy to run your business account online or through your mobile phone, there are now many digital-only business accounts available in the UK, thanks to the new digital challenger banks and other fintech providers entering this market.
The advantage of this for foreign applicants is that some (not all) of these digital banking providers do not require a proof of address, so you can easily open the account from abroad.
Also, if your company is a startup or if you plan to change banks, you may be offered a free banking period.
For more information on opening a business account without a credit check, read our guide to opening a business account with a bad credit score.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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