Best Banks For Checking Account – Mike Smith is a seasoned financial professional and serial entrepreneur with over forty years of experience in the financial services industry. He started his career as a financial planner in 1979 and within 11 years he and his co-leaders grew the financial services industry into one of the largest… Read More
Choosing the right business bank account is a decision that will affect your company every day for years to come. Whether you’re a startup opening an account for the first time, or an established SME looking for a more competitive deal, I’ll help you compare the best options.
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Some of the categories we cover include the best bank accounts in general for international trade; best for beginners, freelancers, people with bad credit; the best if you are looking for an overdraft; Best crypto friendly bank, best for savings accounts, non-profits, and best cash back business accounts.
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In addition, I will show some of the best-in-class results of commercial banks to provide a comprehensive background on opponents and commercial banks.
If you don’t want to read the whole article, here’s a quick summary of the different categories I reviewed, the best in each category, and the sites you can access with each account:
Tide offers four well-designed and efficient business bank accounts, with the main features you’d expect (except overdraft) and a great mobile app.
Their free account has no monthly or annual fees, and Plus, Pro, and Cashback accounts are available as paid accounts with enhanced features.
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You can spend money abroad for free, integrate with leading accounting software, and send invoices directly from the APP.
Tide accounts are protected by a variety of security features, including two-factor authentication, encryption, and fraud detection. This will help keep your business cash safe.
They have over 16,000 reviews on Trustpilot, of which 72% rate them as excellent, with an overall rating of 4.4 out of 5 stars. Reviewers often talk about how easy it is to set up and use the account, no monthly fees, and great customer service.
Common complaints from Tide account reviewers are a lack of overdraft protection, slow payment processing times, and the inability to contact customer service by phone.
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To qualify for Tide’s Black Friday sale and get £100 cashback, all you have to do is spend £500 or more on your new account within the first 90 days of opening. This offer is valid from November 20, 2023 to November 30, 2023.
It’s easy to see why Monzo is in second place, as it’s designed to help average businesses manage their finances efficiently. It offers no monthly fee to open a business account, highlighting its accessibility for businesses of all sizes
Monzo offers two main business account types: Pro and Lite. A Pro account costs £5 per month, while a Lite account is free
Some of its standard business banking features include instant UK bank transfers, pay alerts, monthly budgeting and transaction categories to help break down your spending, as well as separate cash for your organize finance.
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They also offer overdrafts of up to £2,000 exclusively for the self-employed. If you have a limited company and want an overdraft, unfortunately Monzo is not for you. They do not yet offer this facility to limited companies, but that may change in the future.
Monzo business accounts come with FSCS protection up to £85,000, 24/7 support and advanced security measures such as payment authorisation, card freezing and biometric protection (such as fingerprint, face and PIN protection). This puts it at the top of the market for the security measures it takes.
As of this writing, Monzo has 29,543 reviews on Trustpilot, with an overall rating of 4.1 out of 5, indicating a very positive response from its users.
Customers praise Monzo for its easy-to-use app, helpful customer service and free overseas spending, all of which are mentioned frequently in their positive reviews.
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Some of the more critical reviews cited issues such as Monzo only being available to UK residents, inability to receive international payments due to lack of IBAN numbers, and Paypoint cash deposit fees.
You must be a sole trader or director of a UK registered company.
If you are a limited company, your company must have active status on the Registrar of Companies, one active company director, at least one significant administrator listed on the Registrar of Companies, is less the 25% of the significant controllers or directors as a corporation. who earns money mainly from the sale of goods and/or services (not primarily from interest or investment income) and is only UK tax resident.
Revolut’s business account offers multi-currency functionality, low-cost international transfers, and the ability to hold and exchange over 30 currencies, all within one platform. This is a great account if you do business internationally, especially within the European Economic Area.
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This flexibility greatly simplifies the complexities of dealing with foreign exchange rates and taxes, making it ideal for businesses involved in international trade. Revolut also offers integration with leading accounting software, dedicated 24/7 customer support and advanced expense management tools.
Revolut uses a number of security features to protect your funds, including two-factor authentication, encryption, and fraud detection.
Revolut maintains a good rating on Trustpilot, with a rating of 4.3 out of 5 stars based on over 134,000 reviews. Positive reviews praise the account’s competitive exchange rates, easy-to-use mobile app, and 24/7 customer support.
Some negative reviews complain about the lack of physical branches, high fees for international ATM withdrawals, and occasional technical issues.
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There is a flat fee every time you use the guaranteed SWIFT (OUR) transfer feature. The fee depends on your base currency. It may change from time to time, but you will always see the current fee in the app before you agree to the transfer.
Your business must have a physical presence in the European Economic Area and Switzerland. Accounts are available for self-employed individuals, freelancers, limited companies, partnerships, limited liability partnerships and private limited companies.
Anna Money is known as the best business bank account designed for freelancers and digital nomads. Recognizing the unique needs of this target audience, Anna developed an intuitive platform that combines banking, invoicing, and expense management into an incredibly simple user experience.
With a dedicated mobile app, Anna allows freelancers to create, send and track invoices while providing instant notifications when invoices are paid. The platform further simplifies tax management with automatic expense classification and real-time visibility into your financial health.
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Anna Money offers a range of pricing plans, allowing freelancers to choose the most suitable one for their business size and transaction volume. In addition, Anna offers friendly customer support via chat, ensuring quick help when needed.
ANNA Money uses a variety of security features to protect your funds, including two-factor authentication, encryption, and fraud detection. However, it is not protected by FSCS.
ANNA Money has an average rating of 4.6 stars out of 5 on Trustpilot, based on over 2,300 reviews. Reviews are mostly positive, with users praising the account’s ease of use, good customer service and competitive exchange rates.
Some reviewers mentioned finding bugs in the app and mentioned high fees for international ATM use.
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Cashplus has become the best business bank account for entrepreneurs and small businesses with bad credit history or those looking to build credit. Their business account does not require a credit check during the application process.
In addition to its accessibility, Cashplus also offers features designed to help businesses improve their credit scores, such as the Creditbuilder tool. This innovative feature allows account holders to demonstrate responsible financial behavior through regular payments and gradually improve their credit rating over time.
Cashplus also offers essential banking services including faster payments, direct debit, contactless Mastercard and dedicated customer support.
Cashplus uses several security features to protect your funds, including two-factor authentication, encryption, and fraud detection. In addition, your assets are protected by FSCS up to £85,000.
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Cashplus Bank has 8,834 reviews on Trustpilot, with an average rating of 3.8 stars out of 5. Reviews are mostly positive, with users praising the account’s quick and easy application process, competitive exchange rates and support 24/7 customer service.
However, there are also some limitations, such as higher international ATM withdrawal fees, lack of a physical branch network, and difficulty in obtaining customer service.
Your business must be based in the UK. You will need proof of identity such as a passport or driving licence, your company registration number at Companies House, and proof of business address.
Their innovative platform allows businesses to hold, exchange and transfer popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and more in an easy-to-use app. This feature simplifies the digital asset management process, providing real-time exchange rates and instant transactions.
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Revolut’s commitment to embracing emerging financial technologies and seamless integration of traditional banking services and cryptocurrency management make it a great choice. so they are
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