Business accounts made easy
- Business accounts made easy
- Make international payments quickly
- Get prepaid corporate cards
- Don't worry about the hidden fees
- Cutting edge multi-currency current accounts
Starting and managing a business is already complicated enough without having to fight to get a vaguely functioning bank account for it.
There is no universal “best bank account” that works for everyone, but we’ve picked five current accounts that are easy and fast to set up, mobile-friendly and efficient. You’re most welcome.
Revolut has made a name for itself as the company to go to if you travel a lot and need to juggle many different currencies at the same time. Its business account is no exception – it supports 29 currencies.
It has three tiers of pricing and an integration with useful services such as accounting software Xero and messaging software Slack. You can read more about it in our dedicated review.
We often say that there’s no such thing as free business banking, but Starling may actually be the exception to the rule – it’s as free as it gets. You’re charged for international money transfers and to deposit cash into your account at the Post Office, but that’s it – no monthly fees, and no fees to use your card or withdraw cash in the UK or abroad.
The app looks nice and tidy and categorises your spending to help you track where you spend the most, and it also supports a Xero integration. Our full review is here.
Anna is a bit of an overachiever – it deals with both your business banking and your invoicing, and its smart assistant can even chase due payments for you. It’ll dig out overdue invoices and ask you if you want Anna to send out a (polite) reminder to your client. It also creates personalised spending reports to help you figure out what you spend money on.
All this comes in return for a (fairly reasonable) monthly fee, but foreign currency transaction fees also apply – so unlike Revolut and Starling, Anna isn’t probably the best option if you travel for business quite a lot. Find out more in our full review.
Tide doesn’t charge a monthly fee, so you pay according to how much you use the account. Card payments are free, but you’re charged for both cash withdrawals and money transfers (unless it’s to another Tide account), so it’s worth doing your maths and trying to figure out how much it’s going to cost you before you sign up for it.
If you can live with this kind of pricing structure, it makes a very solid business account, with a cool app that allows you to create invoices and automatically organises your transactions into tags and categories. Tide can also be integrated with Xero. Read our Tide review for a full rundown of its features.
In return for a monthly fee, Monese offers an easy-to-set-up business current account and a nice app that can easily switch between your personal and business account. It charges a foreign currency transaction fee, albeit a small one, so again probably not the best option if you’re a frequent traveller.
Monese is also planning to release business euro accounts. Just like with your personal account, you’ll be able to instantly move money between your euro and sterling accounts without paying any fees, making it a good choice if your business operates on both sides of the English Channel. More on the Monese business account in our review.
These five all offer good business account options, but ultimately, what’s “best” for you will depend on what your business does and how it works. So here’s a list of the things you may want to think about before comparing business accounts, to help you figure out what’s best for you:
Ultimately, you’re the person who knows your business best, so try and use that knowledge to figure out what you need from an account and how you can get it for the lowest possible price.
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