Business Accounts
Business banking and current accounts are core business requirements for a limited company, LLP or sole trader, but with so many different types out there, it can be difficult to get started. For businesses trading internationally, we’ve put together this Current and Bank Accounts Guide to highlight which options might suit your business.
What features should business bank accounts have?
Overdraft Facilities
which allows you to borrow money, but can often incur hefty fees
Debit Cards
allows one or more employees to withdraw or pay for items, and set up direct debits
E-Banking
also known as online banking, to manage many facilities of the bank account online or in app
Interest Rate
some accounts let you earn interest from funds in the account
Multi-currency accounts
for those trading internationally, accepting payments in different currencies
Paying in cheques
often a fee based service allowing the business to cash in customer cheques or issue cheques
What are the best business bank accounts?
We’ve put together a list of bank accounts which are suitable for SMEs and Sole Traders, but we’d recommend looking at corporate or commercial bank accounts for slightly larger sized companies.
Tide
- Free Forever
- None
- Limited Companies, Partnerships, Sole Traders, Charities
- 0% Interest Rate
- Apply Online
Santander Business Current
- Monthly Charge
- No Annual Turnover Limit
- Limited Companies, Partnerships, Sole Traders
- 0.1% AER Interest Rate
- Apply Online
Barclays Business Current
- Monthly Charge
- £6.5m Turnover Limit
- Limited Companies, Partnerships, Sole Traders, Charities
- 0% AER Interest Rate
- Apply Online
HSBC Business Current
- First 12 months fee free
- £2m Turnover Limit
- Limited Companies, Partnerships, Sole Traders, Charities
- 0% APR Interest Rate
- Apply Online
Cashplus Business
- Monthly Charge
- No Annual Turnover Limit
- Limited Companies, Partnerships, Sole Traders, Charities
- 0% APR Interest Rate
- Apply Online
Clyesdale Bank
- Monthly Charge
- No Annual Turnover Limit
- Limited Companies, Partnerships, Sole Traders
- 0% APR Interest Rate
- Apply Online
The Co-Operative Bank
- Monthly Charge
- £2m Turnover Limit
- Limited Companies, Partnerships, Sole Traders
- 0% APR Interest Rate
- Apply Online
Metro Bank
- Monthly Charge
- £2m Turnover Limit
- Limited Companies, Partnerships, Sole Traders, Charities
- 0% APR Interest Rate
- Apply Online
What are the fees for business banking?
There are several different fee and charging structures for bank accounts including:
- Initial setup fees (often free for business bank accounts)
- Monthly management fees (banks often don’t charge for the first few months, and then charge a monthly fee thereafter)
- Overdraft facilities (often expensive fees for borrowing money)
- Cashing in cheques
- Counting money or swapping coins for notes
- International Money Transfer
- Foreign exchange fees for sending or receiving in different currencies
How to get a business bank account
A bank will normally require you to let them know company information such as annual turnover and maximum monthly turnover, number of employees, and company details.
When applying for a bank account, a bank will normally ask you to provide the following:
- Proof of identity
- Proof of business address
- Articles of incorporation
- Proof of directorship
- Authorisation that you’re allowed to take ownership of the bank account.
Are you looking to set up a bank account?
Get in touch with us here:
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