Promoted
The Co-operative Bank Business Bank Account
- Free everyday digital business banking* and rated ‘Excellent’ on Trustpilot
- Ideal for start ups and growing businesses who bank digitally
- No monthly fee, plus free automated debit and credits, debit card purchases, ATM withdrawals and manual credit
*Charges apply for cash and cheque transactions and other special services e.g. foreign and CHAPS payments. You can deposit cash in branch and in the Post Office for £1.50 per cheque or £1.50 per £100 of cash deposited. An overdraft arrangement fee applies and where security is required, additional security fees may apply. Application subject to status (including credit checks and an assessment of your financial circumstances), eligibility and T&Cs. Mobile banking is subject to eligibility.
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Get £100 cashback when you open a Tide business bank account*
Tide Business Bank Account
Tide Business Bank AccountCash DepositsFast OpeningNo Hard Credit Check
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Monthly Fee:Free
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Bank Transfers:Free for one year*
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Overdraft:No
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Account Access:App & Online
Great For:
- Apply online in minutes with no credit checks or paperwork needed
- This account comes with no monthly maintenance fees
To Consider:
- 20p per bank transfer after the first year
- Tide is a digital-only service. There are no physical branches for in-person banking or face-to-face support
Great For:
- Apply online in minutes with no credit checks or paperwork needed
- This account comes with no monthly maintenance fees
To Consider:
- 20p per bank transfer after the first year
- Tide is a digital-only service. There are no physical branches for in-person banking or face-to-face support
Features:
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
Criteria:
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
*If you complete the application and spend £1000 within 60 days of opening an account we’ll give you £100 cashback. Enter code BCA100 when you sign up. T&C apply. FSCS-Protected, Bank Account by ClearBank.
No monthly account fee and free UK digital banking*
HSBC UK Small Business Banking Account
HSBC UK Small Business Banking AccountBranch AccessCash DepositsGlobal Currency Accounts
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Monthly Fee:£0
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Bank Transfers:Free*
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Overdraft:Yes**
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Account Access:App, Online, Branch & Post Office
Great For:
- No monthly account fee and free UK digital banking*
- Comprehensive features: A full range of business banking services.
To Consider:
- Available to Small Business Banking customers who are typically small enterprises with borrowing needs of up to £100k and whose everyday banking needs don’t need the support of a Relationship Manager. Please note, government lending schemes are subject to different terms.
Great For:
- No monthly account fee and free UK digital banking*
- Comprehensive features: A full range of business banking services.
To Consider:
- Available to Small Business Banking customers who are typically small enterprises with borrowing needs of up to £100k and whose everyday banking needs don’t need the support of a Relationship Manager. Please note, government lending schemes are subject to different terms.
Features:
- No monthly account fee and free UK digital banking*
- A full list of prices and charges applicable can be found in HSBC UK’s Business Price List at business.hsbc.uk/legal
Criteria:
- Sole traders, limited companies, partnerships, limited liability partnerships and non-charitable clubs/associations/societies can all apply
- Must be a tax resident in the UK but not the Channel Islands or the Isle of Man
- **Borrowing is subject to application, eligibility, affordability and credit check. T&Cs, fees, charges and rates apply. For loans, you don’t need to open or maintain an HSBC Business Current Account unless a debenture or fixed charge over book and other debts is required.
*Free UK digital banking and free bank transfers means day-to-day standard electronic transfers made through Business Internet Banking and HSBC UK Business Banking app are free. Other charges apply e.g. cheques and CHAPS. See Business Price List for details. Subject to application, eligibility, credit check and T&Cs.
Free day-to-day online business banking* and access online, via app or in branch
Virgin Money M Account for Business
Virgin Money M Account for BusinessBranch AccessCash Deposits
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Monthly Fee:Free
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Bank Transfers:Free
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Overdraft:Yes
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Account Access:App, Online & Branch
Great For:
- Free online business banking (excluding CHAPS & international)
- Link up your business to market leading tools, such as Sage, Xero, Google, Shopify and more
To Consider:
- Up to £1million annual turnover
Great For:
- Free online business banking (excluding CHAPS & international)
- Link up your business to market leading tools, such as Sage, Xero, Google, Shopify and more
To Consider:
- Up to £1million annual turnover
Features:
- Free day-to-day online business banking (excluding CHAPS and international payments)
- Earn 0.25% Cashback on debit card purchases. Terms and exclusions apply
- Manage all your business data in one place using Virgin Money’s M-Track insights platform. Link up your business to market leading tools, such as Sage, Xero, Google, Shopify and more, to track them from one simple dashboard
Criteria:
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
*excluding CHAPS and international payments
Get £200 Cashback with a Tide business bank account and savings account. Earn up to 4.00%**
Tide Savings Business Bank Account & Savings Account
Tide Savings Business Bank Account & Savings AccountCash DepositsFast OpeningNo Hard Credit Check
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Monthly Fee:Free
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Bank Transfers:Free for one year*
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Overdraft:No
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Account Access:App & Online
Great For:
- Apply online in minutes with no credit checks or paperwork needed
- This account comes with no monthly maintenance fees
To Consider:
- 20p per bank transfer after the first year
- Tide is a digital-only service. There are no physical branches for in-person banking or face-to-face support
Great For:
- Apply online in minutes with no credit checks or paperwork needed
- This account comes with no monthly maintenance fees
To Consider:
- 20p per bank transfer after the first year
- Tide is a digital-only service. There are no physical branches for in-person banking or face-to-face support
Features:
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
Criteria:
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
**To be eligible for the £200 Cashback offer, open both a Tide Instant Saver and Tide Business Bank Account. Ts&Cs Apply. Up to 4% AER (variable). Interest rates are tiered, with the top rate for balances between £1M and £10M. The top rate includes a 0.26% savings boost. New Tide Members get these rates free for 4 months, after which your Tide plan’s rates apply. For full offer T&Cs visit tide.co/savings. FSCS-Protected Bank Account by ClearBank.
Get a £100 business bonus when you open an account and add just £0.01*
Revolut Basic Business Account
Revolut Basic Business AccountFast OpeningGlobal Currency AccountsNo Hard Credit Check
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Monthly Fee:£10
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Bank Transfers:10 Free per month
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Overdraft:No
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Account Access:App & Online
Great For:
- Multi-currency accounts, physical and virtual cards plus spend management tools
- Compatible with accounting software and create invoices in app
To Consider:
- Only 5 free local transfers and no free international transfers
- An e-money product with no branch access
Great For:
- Multi-currency accounts, physical and virtual cards plus spend management tools
- Compatible with accounting software and create invoices in app
To Consider:
- Only 5 free local transfers and no free international transfers
- An e-money product with no branch access
Features:
- Multi-currency accounts – receive payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- International payments – Send and receive money from 150+ countries
Criteria:
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
*Open a Revolut Business account and add money (as little as £0.01) to your account by 31 March 2026 to receive a £100 welcome bonus. Available for new Revolut Business customers in the UK only. Fees, promotion terms and T&Cs apply.
One month free trial. T&Cs apply.
Airwallex Explore Business Account
Airwallex Explore Business AccountFast OpeningGlobal Currency AccountsNo Hard Credit Check
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Monthly Fee:Free*
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Bank Transfers:Free
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Overdraft:No
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Account Access:App & Online
Great For:
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
To Consider:
- Deposit £10,000 p/month or hold £10,000 to be free, if not £19 p/month
- An e-money product with no branch access
Great For:
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
To Consider:
- Deposit £10,000 p/month or hold £10,000 to be free, if not £19 p/month
- An e-money product with no branch access
Features:
- Open multiple accounts per entity. Collect and hold in 20+ currencies
- Expense management for cards and reimbursements
- Free local transfers to 120+ countries and domestic transfers. Access to interbank FX rates and batch transfers
- Multi-currency and employee cards with zero international fees
- Includes 5 free employee card users and up to 10 company cards
- Online card and local payment method acceptance globally
- Bank feeds sync with Xero. ApprovalMax, WorkflowMax by BlueRock Integrations
Criteria:
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
Get your first month of Pro or Team completely free*
Monzo Business Lite
Monzo Business LiteCash DepositsFast Opening
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Monthly Fee:Free
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Bank Transfers:Free
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Overdraft:Yes
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Account Access:App & Online
Great For:
- For sole traders and small businesses wanting a free, simple digital current account
- Get instant notifications for all account activity to stay in control of your cash flow
To Consider:
- Online account management only, no phone or branch access.
- Not currently available for charities or partnerships.
Great For:
- For sole traders and small businesses wanting a free, simple digital current account
- Get instant notifications for all account activity to stay in control of your cash flow
To Consider:
- Online account management only, no phone or branch access.
- Not currently available for charities or partnerships.
Features:
- Free, instant UK bank transfers
- 24/7 customer support
- Mobile and web access
- The Monzo banking essentials
Criteria:
- Only sole traders or limited company directors in the UK can apply.
*Your first month of Pro or Team is free, after that Pro is £9/month and Team starts from £25/month. Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
Apply for an overdraft at the Application Stage
Zempler Bank Business Account
Zempler Bank Business AccountCash DepositsNo Hard Credit Check
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Monthly Fee:Free
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Bank Transfers:3 free per month
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Overdraft:Yes
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Account Access:App & Online
Great For:
- There are no credit checks to open an account
- Great bank account for Sole Traders & new Ltd Companies, as no monthly or annual fees on the account
To Consider:
- 0.55% fee to pay in cash at the Post Office (£4 min fee)
- FX transaction fee of 2.99% on non-sterling transactions
Great For:
- There are no credit checks to open an account
- Great bank account for Sole Traders & new Ltd Companies, as no monthly or annual fees on the account
To Consider:
- 0.55% fee to pay in cash at the Post Office (£4 min fee)
- FX transaction fee of 2.99% on non-sterling transactions
Features:
- 24/7 app & online servicing and UK based customer service team
- FSCS protection – up to £120,000
- Deposit cash into any of the UK’s 11,500 Post Offices.
- Invoicing tools that allow you to create and send invoices easily
Criteria:
- Available to UK registered companies or UK-based sole traders
- Application made by UK Director
- UK Director 18+ years old
Get 2 Years Free Banking on Everyday Transactions
NatWest Start-Up Business Bank Account
NatWest Start-Up Business Bank AccountBranch AccessCash Deposits
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Monthly Fee:Free
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Bank Transfers:Free
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Overdraft:Yes
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Account Access:App, Online & Branch
Great For:
- 2 Years Free Banking on Everyday Transactions
- FreeAgent accountancy software is free for as long as you retain your bank account
To Consider:
- Overdraft applications are subject to status. Security and product fees may apply.
- Standard Tariff applies to transaction fees after 2 years.
Great For:
- 2 Years Free Banking on Everyday Transactions
- FreeAgent accountancy software is free for as long as you retain your bank account
To Consider:
- Overdraft applications are subject to status. Security and product fees may apply.
- Standard Tariff applies to transaction fees after 2 years.
Features:
- Get 2 years free banking on everyday transactions
- *Free Agent is Making Tax Digital Compatible
- Branch & Online Access
Criteria:
- For businesses trading for less than 1 year & turnover of less than £1m
- Applicants must be 18+ and owner or director with no Bankruptcy, County Court Judgement or Court Decree.
Eligibility criteria & terms apply. *FreeAgent is free for as long as you retain your account. Optional add-ons may be chargeable
Get 2 Years Free Banking on Everyday Transactions
Royal Bank of Scotland Start-Up Business Bank Account
Royal Bank of Scotland Start-Up Business Bank AccountBranch AccessCash Deposits
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Monthly Fee:Free
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Bank Transfers:Free
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Overdraft:Yes
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Account Access:App, Online & Branch
Great For:
- 2 Years Free Banking on Everyday Transactions
- FreeAgent accountancy software is free for as long as you retain your bank account
To Consider:
- Overdraft applications are subject to status. Security and product fees may apply.
- Standard Tariff applies to transaction fees after 2 years.
Great For:
- 2 Years Free Banking on Everyday Transactions
- FreeAgent accountancy software is free for as long as you retain your bank account
To Consider:
- Overdraft applications are subject to status. Security and product fees may apply.
- Standard Tariff applies to transaction fees after 2 years.
Features:
- Get 2 years free banking on everyday transactions
- *Free Agent is Making Tax Digital Compatible
- Branch & Online Access
Criteria:
- For businesses trading for less than 1 year & turnover of less than £1m
- Applicants must be 18+ and owner or director with no Bankruptcy, County Court Judgement or Court Decree.
- The switcher service offer is not available to existing NatWest or Ulster Bank customers.
Eligibility criteria & terms apply. *FreeAgent is free for as long as you retain your account. Optional add-ons may be chargeable
$100 sign up bonus*
WorldFirst Global Business Account
WorldFirst Global Business AccountFast OpeningGlobal Currency AccountsNo Hard Credit Check
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Monthly Fee:Free
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Bank Transfers:Free*
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Overdraft:No
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Account Access:App & Online
Great For:
- Earn ongoing cashback and avoid foreign transaction fees in 15 currencies with the World Card
- Receive and spend in 20+ currencies by opening free multi-currency accounts with no monthly fees
To Consider:
- No branch access: no cash or cheque deposit services.
- No overdraft facilities
Great For:
- Earn ongoing cashback and avoid foreign transaction fees in 15 currencies with the World Card
- Receive and spend in 20+ currencies by opening free multi-currency accounts with no monthly fees
To Consider:
- No branch access: no cash or cheque deposit services.
- No overdraft facilities
Features:
- A unified platform to simplify cross-border payments, manage money and expand internationally
- Pay in 100+ currencies to 210+ destinations
- WorldFirst helps sellers to global with access to over 130 online marketplaces and payment gateways
Criteria:
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
Enjoy up to 1.2% cashback on all your monthly card purchases. Sign up for a multi-currency account now to receive an exclusive USD100 bonus. *T&Cs apply.
Business expense and corporate financial management account
Wallester Business Expense Account
Wallester Business Expense AccountCash DepositsGlobal Currency AccountsNo Hard Credit Check
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Monthly Fee:Free
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Bank Transfers:No
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Overdraft:No
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Account Access:App & Online
Great For:
- Streamlining company spending with virtual and physical cards, automation, and a real-time dashboard for complete expense control
- Open accounts and issue cards quickly without visiting a bank
To Consider:
- Wallester is not a business bank account, you don’t get traditional banking features like transfers, overdrafts or loans.
- Wallester is a business expense and corporate financial management account
Great For:
- Streamlining company spending with virtual and physical cards, automation, and a real-time dashboard for complete expense control
- Open accounts and issue cards quickly without visiting a bank
To Consider:
- Wallester is not a business bank account, you don’t get traditional banking features like transfers, overdrafts or loans.
- Wallester is a business expense and corporate financial management account
Features:
- Free package with 300 free virtual cards and an unlimited number of free physical cards
- Free multifunctional dashboard for tracking and managing expenses
- No top-up fee (in EUR), no transaction fees, no usage fee, no issuance fee, and no fee for adding extra users
- Ten currencies, including GBP, EUR, USD and other European currencies (SEK, NOK, CZK, HUF, RON, PLN, DKK)
- App included and API for integrations with any CRM accounting software
Criteria:
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Must have an eligible business bank account
Free package of 300 virtual cards with zero fees or limitations
Get up to £200 when you open a business bank account and a savings account*
The Co-operative Bank Business Bank Account
The Co-operative Bank Business Bank AccountBranch AccessCash Deposits
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Monthly Fee:Free
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Bank Transfers:Free
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Overdraft:Yes
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Account Access:App, Online & Branch
Great For:
- Ideal for start ups and growing businesses who bank digitally
- No charges for all automated credits, cash withdrawals and debit card purchases
To Consider:
- Charges apply for cash and cheque transactions
- Overdrafts are subject to status, application and The Co-operative Bank’s lending policy. Interest will be charged, and security fees may apply.
Great For:
- Ideal for start ups and growing businesses who bank digitally
- No charges for all automated credits, cash withdrawals and debit card purchases
To Consider:
- Charges apply for cash and cheque transactions
- Overdrafts are subject to status, application and The Co-operative Bank’s lending policy. Interest will be charged, and security fees may apply.
Features:
- Free everyday digital business banking. No monthly fee. No charges for all automated credits, cash withdrawals and debit card purchases
- Integrate your accountancy software like Xero, Sage or Quickbooks within your online banking
- Online and in-person banking including mobile, instant secure messaging, UK based contact centre, and in branch. Rated ‘Excellent’ based on over 15,000 reviews on Trustpilot
- Most receive their account details within five days
- Co-operative Bank business customers get free, unlimited access to the Go Get Paid app – the fast, simple, secure way to get paid. Plus access selected Clover payment terminals for £1 a month for the first 12 months (fees apply)
- Join the original ethical bank with a customer-led Ethical Policy, which gives customers a say in how their money is used
Criteria:
- Must be a UK resident with a business address in the UK
- Must be 18 or over
- You or your organisation must be one of the following: a Sole Trader, Partnership, Limited Liability Partnership or Limited Company
- Available up to 10 key individuals
*Offer applies to new Co-operative Bank customers. Min. balance and transactional criteria applies for the first 3 months. Subject to status, eligibility and T&Cs apply. You can deposit cash in branch and in the Post Office for £1.50 per cheque or £1.50 per £100 of cash deposited. Overdrafts are subject to status, application and The Co-operative Bank’s lending policy. Interest will be charged, and security fees may apply. Application subject to status (including credit checks and an assessment of your financial circumstances), eligibility and T&Cs. Mobile banking is subject to eligibility.
£200 Account Opening Incentive* plus earn interest on every penny up to 3.50% AER variable**
Cynergy Bank Business Current Account
Cynergy Bank Business Current Account-
Monthly Fee:Free for 12 months, then £5.00
-
Bank Transfers:Free
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Overdraft:No
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Account Access:App & Online
Great For:
- International payments in 7 major currencies, including EUR and USD
- Online application for businesses with up to 10 directors
To Consider:
- 3.50% on balances up to £10k but 0.10% for balances above £10k**
- Fees apply for cash, CHAPS, SWIFT and SEPA transactions
Great For:
- International payments in 7 major currencies, including EUR and USD
- Online application for businesses with up to 10 directors
To Consider:
- 3.50% on balances up to £10k but 0.10% for balances above £10k**
- Fees apply for cash, CHAPS, SWIFT and SEPA transactions
Features:
- 3.50% on balances up to £10k and 0.10% for balances above £10k**
- Make international payments in up to seven major currencies, with option to open EUR or USD accounts.
- Customise workflows for account management and transaction approvals requiring more than one account user to sign-off.
- Bulk payment processing.
- Online application for businesses with up to 10 directors.
Criteria:
- Must be a partnership, limited liability partnership (LLP) or limited company (LTD)
- Must be registered and eligible to pay tax in the UK
- Have a maximum of 10 directors
*Open a BCA with Cynergy Bank before 28/02/2026. Deposit a minimum of £5,000 from an external account within one month of account opening. Keep the account open with an average balance of £5,000 for a period of at least 3 months. **0.10% AER variable paid monthly at 0.10% gross p.a. on all credit balances above £10,000. Fee- free for 12 months for new accounts only and £5 thereafter. Limited time offer. T&Cs apply. Subject to eligibility.
Wide Range of Expense Managements Tools
Anna Money Pay As You Go
Anna Money Pay As You GoCash DepositsFast OpeningNo Hard Credit Check
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Monthly Fee:Free
-
Bank Transfers:From 20p
-
Overdraft:No
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Account Access:App Only
Great For:
- Obtain a UK business account and sort code in 3 mins with ID
- One free debit card included (£3 per extra card)
To Consider:
- No joint account access
- An e-money product with no branch access
Great For:
- Obtain a UK business account and sort code in 3 mins with ID
- One free debit card included (£3 per extra card)
To Consider:
- No joint account access
- An e-money product with no branch access
Features:
- 1 debit card included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (1% commission)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
Criteria:
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
ANNA Business comes with invoice generator tools, HMRC recognised Tax calculator and filing. Automate your bookkeeping with ANNA.
The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of eligible deposits per person or company, per firm, which is authorised and regulated by the Financial Conduct Authority (FCA). The limit is the total of all deposits held with one firm. For more information visit www.fscs.org.uk.
Our comparison is ordered by the commercial arrangements with some, or all, of the providers featured. Our service is free and commercial arrangements have no effect on the products you may select. To find out more about our independence, regulatory authorisation and how we earn money, visit the ‘About’ page on our website.
¹ BRANCH ACCESS Account provider maintains a nationwide branch access for face to face customer banking and/or relationship management.
² CASH DEPOSITS Facilities to deposit cash in either a branch, Post Office, Paypoint or other locations into the account. Limits and charges may apply.
³ NO HARD CREDIT CHECK A soft credit check for ID & Fraud purposes is carried out for account only applications. If you apply for a credit product such as an overdraft with the business account, a hard credit check will be initiated.
⁴ FAST OPENING Accounts opening in 3 days or less in most circumstances. Excludes application timescales.
⁵ GLOBAL CURRENCY ACCOUNTS Currency accounts with local (domestic) bank details for the EU (SEPA) and at least one international country e.g. USA (ACH) to transact as a local business. This feature can also be termed ‘local rails’. This differentiates them from providers offering local account details for the EU (SEPA) only and currency accounts or ‘pots’ that transact only via SWIFT.
How to Compare Business Bank Accounts
Understand Your Requirements
How you do business will affect the type of account you need. How many transactions will you have each month? Do you need to pay in cash? Do you need a local branch?
Check Eligibility
Most providers have a range of business accounts to suit different types of businesses. Check the eligibility of each account to make sure if suited to your business.
Compare The Latest Deals
There are numerous offers and deals to attract new customers which can be compared with our handy tool above. Always consider the cost of the account once the free period ends.
Business Bank Account FAQs
1. Do I legally need a business bank account?
If your business is a limited company, you are legally required to have a separate business bank account. For sole traders, it is not a legal necessity, but it is highly recommended. Separating your personal and business finances makes managing your accounts, tracking expenses, and filing tax returns much simpler and more accurate.
2. What information do I need to open a business bank account?
At minimum you will need to provide proof of identity (like a passport or driving licence) and proof of address for all directors or owners. You’ll also need to provide your business’s details, including its registered name and address, Companies House registration number (for limited companies), and an estimate of your annual turnover.
3. How long does it take to switch business bank accounts?
If you use the Current Account Switch Service (CASS), the entire process is guaranteed to take no more than seven working days from the chosen switch date. The service is designed to be simple and hassle-free, with your new bank managing the transfer of all your regular payments.
4. Can I have more than one business bank account?
Yes, you can have multiple business bank accounts. Some businesses choose to do this to separate funds for different purposes, for example, keeping money aside for tax payments in a separate savings account, while using a current account for day-to-day transactions.
5. What is FSCS protection?
The Financial Services Compensation Scheme (FSCS) protects deposits up to £120,000 per authorised banking institution, in the event that the bank or building society fails. It is important to check that any account provider you consider partnering with, is appropriately regulated and offers high standards of security and protection for both your data and funds.
Not all providers of business accounts are authorised to operate as full banks so cannot offer you either CASS or FSCS deposit protection. Some providers are regulated for example as e-money providers only or cannot offer lending products. That means their status does not qualify them to offer CASS or FSCS, although they may offer other types of protection such as Safeguarding.