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18 Products Compared

12 months fee free and interest earned on every penny – up to 3.50% AER variable*
Cynergy Bank Business Current Account
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  • Monthly Fee:
    £5*
  • Monthly Fee Offer:
    12 months free
  • Bank Transfers:
    Free
  • Overdraft:
    No
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 sole trader, 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
*The £5 monthly fee is waived for 12 months for new Business Current Account openings. The offer is available for a limited time only. Cynergy Bank reserves the right to withdraw the offer at any time. T&Cs apply.
Join Airwallex and pay zero FX fees on your first £20,000*
Airwallex Explore Business Account
  • Monthly Fee:
    Free*
  • Monthly Fee Offer:
    Ongoing
  • Bank Transfers:
    Free
  • Overdraft:
    No
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.
*Offer ends 31 August 2025. Terms & Conditions apply.

Get £200 Cashback with a Tide business bank account and savings account*
Tide Savings Business Bank Account & Savings Account
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  • Monthly Fee:
    Free
  • Monthly Fee Offer:
    Ongoing
  • Bank Transfers:
    Free for one year*
  • Overdraft:
    No
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. New customers receive up to 4.22% AER free for 6 months. For full offer T&Cs visit tide.co/savings. FSCS-Protected Bank Account by ClearBank.
Business expense and corporate financial management account
Wallester Business Expense Account
  • Monthly Fee:
    Free
  • Monthly Fee Offer:
    Ongoing
  • Bank Transfers:
    No
  • Overdraft:
    No
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
Free Invoicing & Accounting Software. T&Cs Apply**
Lloyds Bank Business Account For Start Ups
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  • Monthly Fee:
    £8.50
  • Monthly Fee Offer:
    12 Months Fee Free
  • Bank Transfers:
    100 electronic payments out free per month***
  • Overdraft:
    Yes
Great For:

  • Full access; online, via the app, phone, or at a branch.
  • No monthly fee for 12 months if its your first Lloyds Business Account.
To Consider:

  • £8.50 monthly fee after 12 months. Some transaction fees still apply.
  • You must have a turnover of less than £25m.
Great For:

  • Full access; online, via the app, phone, or at a branch.
  • No monthly fee for 12 months if its your first Lloyds Business Account.
To Consider:

  • £8.50 monthly fee after 12 months. Some transaction fees still apply.
  • You must have a turnover of less than £25m.
Features:

  • Digital banking with no account fee for 12 months*
  • Free invoicing and accounting software available to business account holders. T&Cs Apply**
  • Bank in whatever way suits your business – online, with our mobile app, over the phone or in branch
  • Support from our UK-based relationship team
Criteria:

  • To qualify for this account you need to be a sole trader, partner or company director
  • You must have a turnover of less than £25m
  • Must be 18 years old or over
  • Must not already have a Lloyds Bank business account for this business
  • Overdraft: Debit interest is charged monthly and monthly or annual fees will apply depending on your credit limit. Where you exceed your Overdraft limit, unauthorised interest and charges will apply
  • All lending is subject to status. Security may be required. A guarantee may be required for Limited Companies and Limited Liability Partnerships
*After 12 months, there’s a monthly fee of £8.50. Some fees and transaction charges will apply as soon as the account is open. This offer only applies to the business’s first current account **You must be registered for Online for Business or Commercial Banking Online. UK based businesses only ***100 electronic payments out free per month, 20p thereafter
No monthly account fee and free UK digital banking*
HSBC UK Small Business Banking Account
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  • Monthly Fee:
    £0
  • Monthly Fee Offer:
    None
  • Bank Transfers:
    Free*
  • Overdraft:
    Yes
Great For:

  • No monthly account fee and free UK digital banking*
  • Comprehensive features: A full range of business banking services.
To Consider:

  • *Free UK digital banking 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.
  • **You must be an HSBC Business Banking customer to access free accounting tools through My Business Finance. Once you’ve opened your account, you’ll need to set up Business Internet Banking to get access. This is not available for HSBC Kinetic customers. T&Cs apply. Find out more here.
Great For:

  • No monthly account fee and free UK digital banking*
  • Comprehensive features: A full range of business banking services.
To Consider:

  • *Free UK digital banking 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.
  • **You must be an HSBC Business Banking customer to access free accounting tools through My Business Finance. Once you’ve opened your account, you’ll need to set up Business Internet Banking to get access. This is not available for HSBC Kinetic customers. T&Cs apply. Find out more here.
Features:

  • No monthly account fee and free UK digital banking*
  • Free accounting tools to stay on top of invoices, cashflow and tax.**
  • 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
  • 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 limits.
  • 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 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.
The Co-operative Business Bank Account
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  • Monthly Fee:
    Free
  • Monthly Fee Offer:
    Ongoing
  • Bank Transfers:
    Free
  • Overdraft:
    Yes
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
  • An overdraft arrangement fee applies and where security is required, additional 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
  • An overdraft arrangement fee applies and where security is required, additional 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 12,000 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)
  • The original ethical bank with a customer-led Ethical Policy
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
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.
£200 welcome bonus when you open a Revolut Business account*
Revolut Basic Business Account
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  • Monthly Fee:
    £10
  • Monthly Fee Offer:
    None
  • Bank Transfers:
    10 Free per month
  • Overdraft:
    No
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
Revolut is not a fully licensed bank in the UK. Your money is held in a safeguarded account with a regulated bank or high quality liquid assets. Your savings are deposited with partner banks and eligible deposits are protected up to £85k per bank. *Open a Revolut Business account and add money to your account by 31 August 2025 to receive a £200 welcome bonus. Available for new Revolut Business customers in the UK only. T&Cs apply. Additional fees may apply.

Get £100 cashback when you open a tide business bank account *
Tide Business Bank Account
fscs protected logocurrent account switch guarantee logo
  • Monthly Fee:
    Free
  • Monthly Fee Offer:
    Ongoing
  • Bank Transfers:
    Free for one year*
  • Overdraft:
    No
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
*Complete the application and spend £1000 within 60 days of opening your account to receive £100 cashback from TIDE. Enter code BCA100 when you sign up. T&C apply. FSCS-Protected, Bank Account by ClearBank

Get your first month of Pro or Team completely free*
Monzo Business Lite
fscs protected logocurrent account switch guarantee logo
  • Monthly Fee:
    Free
  • Monthly Fee Offer:
    Ongoing
  • Bank Transfers:
    Free
  • Overdraft:
    Yes
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.

How to Compare Business Bank Accounts

1

Understand Your Requirements

How you do business will effect 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?

2

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.

3

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.

Choosing the Right Financial Partner for Your Business

Selecting the right business bank account is a crucial step for any enterprise, whether you’re just starting or are already well-established. It’s more than just a place to keep your money; it’s a tool that can simplify your financial administration, support your cash flow, and grow with your business. With a variety of options available, from traditional high-street banks to digital-first fintech challengers, understanding the key differences will help you make an informed decision that aligns with your company’s specific needs.

Core Considerations for All Businesses

When you start comparing business accounts, it’s easy to get lost in the details. However, by focusing on a few fundamental areas, you can narrow down the options to find the best fit for you.

For a limited company, having a separate business bank account is a legal requirement because the company is a separate legal entity from its owners. For sole traders, while not legally mandated, a dedicated business account is highly recommended as best business practice. It simplifies tracking your income and expenses, makes tax returns more straightforward, and presents a more professional image to your clients.

Understanding Account Fees and Charges

One of the significant factors in your decision will be the cost of the account. Many banks offer an initial fee-free period, which can be very attractive for new businesses. However, it’s essential to look beyond these introductory offers and understand the standard charges that will apply later on.

Over and above the monthly subscription type charge (the one that often comes with ‘fee free introductory offer period) there are additional charges and fees to be aware of and they relate to the different types of activities and transactions passing through your account. For example, volumes of transactions or electronic payments. Look at the way your business transacts and match that to the best fee structure as they all vary to cater to different business models. 

Key Account Features to Look For

Beyond the basic functions of making and receiving payments, modern business bank accounts offer a suite of features designed to make running your business easier.

  • Online and Mobile Banking: In today’s business environment, having 24/7 access to your finances is non-negotiable. Look for accounts with robust and user-friendly online platforms and mobile apps. These tools can help you manage payments, check balances, and get a clear overview of your cash flow from anywhere. ¹
  • Integration with Accounting Software: Many business accounts can now integrate seamlessly with popular accounting software like Xero, QuickBooks, and FreeAgent. This can save you a significant amount of time on bookkeeping, tax returns and forecasting.
  • Overdraft Facilities: An overdraft can be a valuable safety net for managing short-term cash flow gaps. When comparing accounts, look at the interest rates charged on overdrafts, any arrangement fees, and the eligibility criteria.
  • International Payments: If your business trades with customers or suppliers overseas, an account that offers competitive fees for international transactions and the ability to hold multiple currencies can be a significant advantage.

Tailoring the Account to Your Business Type

The right bank account for a sole trader may not be the best choice for a growing limited company. Your business structure and size will influence your banking needs.

  • For Sole Traders and Start-ups: Low-cost or free accounts are often a priority. Many  providers offer accounts with no monthly fees and free electronic transactions, which can be ideal for new businesses with a lower transaction volume.
  • For Established and Growing Businesses: As your business grows, you may need more sophisticated features. This could include access to a dedicated relationship manager, higher overdraft limits, and more advanced online banking functionalities that allow for multiple user access with different permission levels. Some accounts also offer perks like cashback on spending or preferential rates on business loans and savings accounts.

The Process of Switching Your Business Account

If your current business bank account no longer meets your needs, switching to a new provider is a straightforward process thanks to the Current Account Switch Service (CASS). This free service is available for small businesses, charities, and trusts with an annual turnover of less than £6.5 million and fewer than 50 employees, if the new provider is a member of the scheme. 

The CASS guarantees that your switch will be completed within seven working days. Your new bank will handle the entire process, including transferring your balance and all your existing payment arrangements, such as Direct Debits and standing orders. They will also close your old account for you. Any payments accidentally sent to your old account will be automatically redirected to your new one for at least three years, ensuring a smooth transition with minimal disruption to your business operations.

Business Bank Account FAQs

1. Do I legally need a business bank account?

If you operate as a limited company, you are legally required to have a business bank account as the business is a separate legal entity. For sole traders, it is not a legal requirement, but it is highly recommended to keep your personal and business finances separate for easier accounting and a more professional image.

2. What is the Current Account Switch Service?

The Current Account Switch Service (CASS) is a free service that makes it easy to switch your business current account from one participating bank or building society to another. The service ensures your switch is completed within seven working days, and all your incoming and outgoing payments are moved to your new account. It is backed by a guarantee, providing peace of mind that the process will be smooth and reliable.

3. Can I get a business bank account if I have a poor credit history?

It can be more challenging to open a business bank account with a poor credit history, but it is not impossible. Some banks offer basic business accounts that may not come with a credit facility like an overdraft and some with no credit checks at all.  It is worth speaking to different providers about your circumstances, as their eligibility criteria can vary.

4. How important are online and mobile banking features?

In today’s business world, they are incredibly important. Good digital banking tools allow you to manage your finances 24/7, make payments on the go, and often integrate with accounting software to streamline your financial administration. For many businesses, the quality of a bank’s digital offering is a primary factor in their decision-making.

5. What information do I need to provide to open a business bank account?

As a minimum you will need to provide proof of your identity (such as a passport or driving licence) and proof of your address (like a recent utility bill). For limited companies, you will also need to provide your Companies House registration number and details of all directors and significant shareholders. The specific requirements can vary between banks, so it is always a good idea to check their website or speak to them directly before you apply.