Log in Join
SBI Bank UK

SBI business bank account comparison and review

Discover how SBI business banking compares to other banking options available to business owners.

No reviews yet. Write a review
Avatar

By

Matthew Boyle

Updated

Fact checked

SBI UK is a subsidiary of State Bank of India. It has been active in the UK since 1921, offering current accounts and savings for individuals and businesses, as well as loans.

Compare SBI’s business accounts

Updated regularly
Name Product Account fee Bank transfers Requires credit check Accounting integrations Arranged overdraft Account management Key benefits Business bottom txt Link
Business Current Account
Business Current Account
£80 per year (waived if balance over £10,000)
£0.60
N/A
Branch, online & phone
View details
loading
1 - 3 of 3
Updated regularly
Name Product Interest rate and type Interest paid Invest Term Open via Incentive Apply link
State Bank of India – Limited Access Savings Account
State Bank of India – Limited Access Savings Account
2.15% AER variable
Monthly
£1 - £5,000,000
1 day notice
Open via: branch
Go to site
View details
State Bank of India – Business Savings Account
State Bank of India – Business Savings Account
1.7% AER variable
Monthly
£10,000 - £1,000,000
1 day notice
Open via: branch
Go to site
View details
State Bank of India – Notice Savings Account
State Bank of India – Notice Savings Account
2.25% AER variable
Monthly
£1 - £5,000,000
35 days notice
Open via: branch
Go to site
View details
loading

What types of account are available for business owners?

  • Business current account. If you maintain a balance of at least £10,000, you’ll pay no annual fee, nor a fee for your first 25 transactions of the month. Other than that, you’ll pay 60p for every credit or debit transaction and an annual fee of £80.
  • Business savings account. This instant-access savings account pays interest on balances. If you maintain a balance of at least £10,000, you’ll pay no annual fee. Interest is not paid on balances below £10,000.
  • Business fixed deposit account. A business savings account with terms between one month and five years. Again, a £10,000 balance is required to earn interest.

You can create accounts for dollars or euros. The fees and charges will differ on these accounts. You’ll pay a 2.5% fee for making card transactions overseas. When withdrawing money outside the UK, you’ll pay £2 plus 2.5% of your withdrawal (excluding SBI ATMs in India, which are also free).

How to apply for an SBI business banking account

You can apply for an SBI business account in a local branch, via the SBI UK website or by calling 0800 532 532.

Pros and cons

Pros

  • Current accounts and savings accounts are available.
  • A vast choice of terms available on savings accounts.
  • No fees if you maintain a balance of at least £10,000.
  • You can open accounts in multiple currencies.

Cons

  • A £10,000 balance is required to earn interest and avoid fees.
  • Only 12 branches in the UK.

Our verdict

An SBI business account gives you the opportunity to open both a current and savings account, and also accounts in multiple currencies. But other than that it’s pretty basic and doesn’t offer any extra features to help your company thrive. See our guide to the best business bank accounts to find one that’s better suited to you and your business.

Get started by visiting SBI’s website and sign up for an account. If you have read this review and decided that SBI’s account is not for you, you can also compare other business bank accounts on the market.

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.

More guides on Finder

Go to site