By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools. Switching has never been easier, so there’s no excuse for sticking with your existing bank if you’re unhappy.
| Bank or e-money provider | Switching offer | Link |
|---|---|---|
| Airwallex | Get up to £200 in rewards when you open a business account with Airwallex | |
| Revolut Business | Get an exclusive £100 welcome bonus when you deposit at least £0.01 | |
| Tide | Get a £200 cashback plus 6-month free accounting welcome bonus | |
| Monzo business | Earn interest on savings with Monzo’s Instant Access Savings Pots | |
| Allica Bank | Earn interest on savings with Allica Bank’s Savings Pots plus earn cashback on spend | |
| NatWest Start-up Business account | Free banking on everyday transactions for the first 2 years | |
| Counting Up | No monthly account fee for the first 3 months | |
| Zempler Business | No annual or monthly fee when you apply using the Finder link | |
| Mettle by NatWest | No monthly fees plus FreeAgent accounting software for free worth £150 a month |
Airwallex Multi-Currency Business Account
8.3 GreatThis bank account enables businesses to collect, hold and send money in multiple currencies. There are no monthly fees and accounts can be opened in a matter of minutes. Users will be able to transfer funds in more than 34 currencies into over 130 countries at competitive exchange rates. What’s more, you’ll be able to create virtual employee and expense cards for your business which will enable you to track spending and set spend limits. You can also use your multi-currency debit card to pay for expenses online or in person in different currencies with no transaction fees, provided you have the right currencies in your account. Further benefits include the option to connect your currency accounts with platforms like eBay, Shopify and PayPal, and the ability to sync your account with Xero to ensure your Xero transaction records are up to date for your accountant or bookkeeper.
Tide Business Bank Account (Free)
8.7 GreatTide is a fintech app that offers business accounts to small businesses and freelancers, hoping to relieve some of the financial stress that comes with a growing company. One of the ways it does this is to help new businesses register their limited company and open an account all in one go. Tide also stands out for the number of accountancy software packages it can integrate with, giving you more choices to find one that suits your business needs.
Monzo Business Lite
8.3 Great| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Monzo has teamed up with international money transfer company Wise to support international payments. Wise is a specialised money transfer service that shows its fees and exchange rates upfront. If you are keen to avoid any nasty surprises, then you can use Wise’s calculator before making your payment to see how much you will be charged. Limits on how much you can send are the same as your daily and rolling 30-day transfer limits tied to your Monzo Business account.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Zempler Bank Business Extra
8.7 Great| Minimum opening balance | £0 |
|---|---|
| Account fees | £9 per month |
| Interest (AER) | 0% AER |
Opening a business bank account with bad credit can be complicated. Most banks carry out a credit check when you submit your application and reject it if you don’t meet the requirements. All is not lost, though! Some companies, like Zempler, offer banking services perfect for businesses with poor or no credit history. There are no credit checks when you apply. The only thing that needs to be verified is your contact details.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £9 per month |
| Interest (AER) | 0% AER |
Allica Bank Business Rewards Account
8.3 GreatAllica Bank’s business current account is made for businesses with between 5 and 250 employees. It comes with no monthly fees and most transactions are free to make as well, though there is a fee for outgoing CHAPS payments.
You can earn up to 4.58% (please datafy) on instant access savings in the linked savings pot and up to 1.5% cashback on eligible spending. You’re also able to sync your accounts automatically with Sage or Xero, simplifying your accounting.
Each account comes with a dedicated relationship manager who understands your business and a UK-based customer support team.
NatWest Startup Account
7.4 GreatNatWest’s Start-up Business Bank Account has no monthly fee and no transaction fees for the first 2 years. It also comes with free access to accounting software, FreeAgent, and offers support to help your business grow, through NatWest’s Entrepreneur hub. The account is available for businesses that have been trading for less than a year with a turnover of less than £1 million. You’re able to do your banking online, through the app or in a branch, so it gives you plenty of flexibility to bank whichever way best suits your business.
Revolut Business Account (Basic)
8.7 GreatThe business account from Revolut enables you to create, send, manage and reconcile invoices, all within its Basic service. Revolut is known for its multicurrency approach, and its business account is no different. You can receive, hold and exchange money in more than 25 currencies worldwide with no hidden fees. You can set up as many sub-accounts in each currency as you need. In addition, you can get fixed foreign exchange rates for a set amount and date in the future, and you can spend like a local worldwide with your company debit card in 150 currencies. Each team member can get up to 200 virtual cards and 3 physical plastic cards. You can set card limits, track, freeze and unfreeze cards, as well as decide where cards can be used. If you’re looking for something a little more impressive, choose the Revolut Metal card, exclusive to Revolut’s paid plans. If you're a sole trader or a freelancer, you can't get this account but you can apply for Revolut Pro.
Countingup Business Account (Limited Company)
6.4 StandardThis two-in-one business account and accounting app is designed to make it easier to run your business. The account has built-in accounting software that automates bookkeeping and taxes to free up your time. New customers can benefit from a three-month free trial, after which the standard monthly pricing applies. There are three different pricing plans and how much you will be charged will depend on the total amount of monthly deposits your business makes. If your business has a quieter month, your subscription might decrease, while if you deposit a larger sum of money the following month, your subscription may increase. All plans include automated transaction categorisation, instant notifications, receipt capture to organise receipts, and invoice and billing features. Note that banking transactions will be charged a fee. The account can be opened in a matter of minutes via the app and you’ll receive a contactless Mastercard.
Mettle Business Account (Limited Company)
7.8 Great| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Mettle is the first standalone business banking app offered by one of the high street banks, NatWest Group. It lets business customers apply for an account in minutes, forecast business performance and create invoices. All of this can be done from its free-to-use app, which rivals the mobile app-based business accounts already offered by challenger banks. Mettle’s app has some of the highest ratings in both the Apple App Store and Google Play Store, showing it’s invested in a mobile-first customer experience.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
There are several reasons to switch bank accounts. These could centre around cost, customer service or new features at a rival bank. Here are a few things to think about:
If you’re looking for a freelance business bank account, check out our guide on best business bank accounts for freelancers.
There is no official business banking switch scheme. Instead, as long as you’re a small business with an annual turnover that does not exceed £6.5 million and you employ fewer than 50 people, you can use the Current Account Switch Service (CASS).
This means that your new business bank will switch your payments and transfer your balance, and your old bank will close your old account as long as you’re switching between banks and building societies that participate in the scheme.
Don’t get confused with the old RBS Business Banking Switch Scheme. This programme was one of the conditions for the government bailout of the RBS Group, which encouraged RBS business customers to switch to a number of challenger banks. It offered incentives such as “dowries” and financial contributions towards professional fees. But this scheme ended on 28 February 2021.
If you’re using the Current Account Switch Service, it’s very easy to switch business accounts. First, make sure you’re eligible to switch. Your business must have fewer than 50 employees and an annual turnover below £6.5 million. Then follow these steps.
As part of the Current Account Switch Guarantee, all your payments will be moved across, and any payments accidentally made to your old account will be automatically redirected to your new account.
If you’re looking to switch your business bank account, plenty of choices are available. Consider any switching incentive that’s on offer, and make sure your new business bank account has all the right features and functionalities for you. You can use our best business bank accounts guide to help make your choice.
If your business is small enough, the Current Account Switch Service should make switching accounts painless.
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