10 Best Business Bank Accounts for Startups

Just started a brand new company in the UK? One of the first things you’ll need is a business bank account.

Cost is likely to be the most important factor when comparing bank accounts for startups, as new businesses simply can’t afford high fees. But you might also want to look at features and services, as well as what existing customers think about each provider.

In this guide, we’ll compare all of this for some of the UK’s best startup business accounts. We’ll look at fees, features, Trustpilot scores and much more, so that you can choose the right account for your new company.

We’ll also show you a non-bank alternative - Wise Business, which lets you effortlessly manage your business finances across 40+ currencies, including GBP, USD and EUR.

💡 Learn more about Wise Business

Best business bank account for startups

As a startup, you’ll want your new bank account to be easy to open and use, and as cheap as possible for everyday banking.

But you’ll also need it to offer all of the features and services you’ll need as a growing company. This includes things like invoicing, integrations with accounting apps, international payments, business support and financing.

Below, we’ll see what some of the UK’s best business bank account providers have to offer for startups. This includes the following banks and non-banking providers:

• Tide
• Wise Business
• Zempler Bank
• ANNA
• NatWest
• Airwallex
• Santanter
• Revolut Business
• Starling Bank
• Barclays.

Best startup business account: overview

We’ll start with an overview of some important features, including fees and what existing customers think of the provider over on Trustpilot:

Bank/ Provider	Trustpilot score	Monthly fee	Best known for
Tide	4.0²	£0 to £49.99 depending on plan¹	App-based business banking
Wise Business	4.3³	None	Multi-currency accounts and international payments
Zempler Bank	3.6⁵	£0 to £19 depending on plan⁴	Digital business banking
ANNA	4.4⁷	£0 to £49.90⁶	Straightforward PAYG business banking
NatWest	1.5⁹	None⁸	Startup accounts
Airwallex	3.6¹¹	None¹⁰	Multi-currency accounts and international payments
Santander	1.7¹³	£5 to £12.50¹²	Small business and startup banking
Revolut Business	4.2¹⁵	£0 to £79¹⁴	Multi-currency accounts and international payments
Starling Bank	4.3¹⁷	None¹⁶	Fee-free everyday business banking
Barclays	1.7¹⁹	£8.50¹⁸	Free accounting software

Comparing bank accounts for startup: criteria

To help you compare options and find the best start up business account, we’ll look at a few key criteria. These are:

• Eligibility - who can apply for the account
• Features and services
• Fees - including monthly fees, charges for transactions and ATM withdrawals
• Integrations - what apps and tools the account can be linked with.

Tide

Tide is a UK-based electronic money institution which offers app-based business banking services to small businesses, freelancers, sole traders and registered limited companies in the UK.

It offers accounts under four plans, one of which is free and ideal for startups. However, it does have the following transaction fees:¹

• £0.20 per transfer in and out
• £1 per ATM withdrawal
• £5 a month for expense cards

If you want to upgrade, other plans range from £9.99 to £49.99 a month.¹ You’ll get more features and pay less for individual transactions when you move to higher tiers.

While it varies depending on the plan, features of Tide business accounts include:

• Tide business card
• Expenses cards for team members
• Create, send and manage invoices
• Linked Tide savings account
• Fully app-based banking
• Tide Card Reader for in-person payments (optional)
• International payments in EUR via SEPA
• 24/7 support in the app
• Integrates with accounting software such as Xero, Sage, QuickBooks and FreeAgent
• Access to Tide business loans (subject to approval).

To open a business account with Tide, you’ll need to be over 18 and have a UK-based business. You’ll need to show valid photo ID and upload a selfie photo on application.¹

Tide has a ‘Great’ Trustpilot rating of 4.0 from over +21k reviews².

Wise Business

Wise isn’t a bank, but it’s authorised by the FCA in the UK as an e-money institution, and offers multi-currency accounts and cards for UK businesses through Wise Business.

Features include:

• Hold and exchange 40+ currencies in one powerful online account
• Send payments to 150+ countries for low fees and the mid-market exchange rate
• Get local account details to get paid in 8+ currencies like a local.
• No monthly fees or minimum balance requirements
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with cloud accounting solutions like Xero and QuickBooks, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it.

There are no monthly fees with Wise Business, only a one-off £45 setup fee. Costs for sending money start from 0.33%, and you can withdraw up to £200 a month (max. 2 withdrawals) for free. You can get a Wise Business debit card for a one-off fee of just £3.

Most businesses are eligible for an account. You’ll just need to provide details about yourself, company directors and the business, and complete some verification steps. Read all the requirements here.

Wise has an ‘Excellent’ Trustpilot rating of 4.3, based on over 236,000 reviews.³

Get started with Wise Business 🚀

Zempler Bank (formerly Cashplus)

Formerly known as Cashplus, Zempler Bank is a fully regulated UK bank which offers three main business bank accounts.

These are Business Go (£0 a month), Business Extra (£9 a month) and Business Pro (£19 a month).⁴ All accounts are open to most UK business types including sole traders and limited companies.

The free Business Go plan is ideal for startups, but it does have some additional costs. This includes a card issue fee of £9.95 and a charge of £0.30 per payment (above the free allowance of 3 per month).⁴

While it varies by plan, the main features and services on offer with the Zempler Bank business account include:

• Business cards
• Faster payments through online banking and the Zempler mobile banking app.
• Centralised account management, where you can track spend, add cards, manage expenses and more all from one online dashboard.
• Business Credit Builder tool to improve credit score (Extra plan only).
• Cashback on card spending (Extra plan only).
• API to integrate your account with accounting tools such as Xero, Sage and QuickBooks.
• Post Office branch services, including depositing cash.
• Invoicing.
• Overdraft (on application).
• Pots for savings and ring fencing funds.
• UK-based customer support.
• FSCS protection.

Zempler Bank has an ‘Average’ score of 3.6 on Trustpilot, based on over 11,350 reviews.⁵

ANNA Money

ANNA (which stands for Absolutely No Nonsense Admin) is an app-based business account aimed at small businesses.

It has a range of plans available, including a free Pay as You Go option that could work well for startups. Other plans cost between £14.90 and £49.90, offering more features and lower transaction costs the more you pay in monthly fees.⁶

The free ANNA PAYG account charges everyday banking fees including £0.20 per bank transfer, £1 per ATM withdrawal and £5 per international payment (plus currency conversion fees).⁶

Features include:

• Business debit card
• Integration with accounting software such as Xero and QuickBooks
• Easy receipt capture
• Instant invoicing
• Cashback on purchases
• Pots for savings and ring fencing funds
• Cash deposits at PayPoints across the UK.

You can open an ANNA business account for most types of company. You’ll need to download the mobile app, sign up with your email and provide details of your business, as well as completing verification steps.

ANNA Money has an ‘Excellent’ score of 4.4 on Trustpilot, from over 3,200 reviews.⁷

NatWest

High street bank NatWest has a specialist bank account for startups. The Start-up account has no monthly fees, and offers free banking on everyday transactions for 2 years.⁸

After that, you’ll pay £0.35 per automated payment (including ATM withdrawals) and £0.70 per cash payment.⁸

Other key features include:

• Online, mobile and branch banking
• Free support to help your business grow through the NatWest Entrepreneur Hub
• Multi-director access
• Access to loan and finance options, including business credit cards and an overdraft
• FreeAgent accounting software.

You’ll be eligible to open a NatWest account if your business has been trading for less than a year and its turnover is under £1 million.⁸

NatWest has a ‘Bad’ Trustpilot rating of 1.5 from nearly 7,000 reviews, but it’s worth noting that the bank doesn’t have a ‘claimed’ official profile on the review site.⁹

Airwallex

Airwallex is a Singapore-based fintech company offering a digital multi-currency business account.

It has no monthly fees and many transactions are free, although there are fees of £10 to £20 for international transfers. Other services such as subscription management and accepting card payments also come with fees.¹⁰

Features of the Airwallex Global Account include:

• Hold and convert multiple currencies in one digital account
• Integration with accounting software such as Xero and Quickbooks
• Airwallex API to automate processes and integrate tools
• Company and employee cards
• Expense management tools, including receipt capture
• Bill Pay.

You can open an Airwallex account for most UK business types.

Airwallex has an ‘Average’ Trustpilot score of 3.6 from over 1,300 reviews.¹¹

Santander

There are two choices for limited companies at Spanish-owned bank Santander. There’s the 1|2|3 Business Current Account and the Business Current Account. Both are suitable for startups, as they’re designed for sole traders and UK businesses with no more than 2 directors or owners.

The 1|2|3 account has a monthly fee of £12.50, but this is reduced to £5 for startups for the first 18 months. The standard Business Current Account costs £7.50 a month, but this is free for the first 18 months for startup companies.¹²

Features of the 1|2|3 Business Current Account include:¹²

• Online, mobile, branch, ATM and Post Office banking
• Up to £300 cashback a year
• Interest on credit balance
• Unlimited ATM cash deposits.

The Business Current Account is a straightforward account offering online, mobile, ATM and Post Office Banking, along with all the standard business banking services you’d expect.

Santander business accounts don’t offer any app or business tool integrations.

The bank itself has a ‘Bad’ Trustpilot rating of 1.7, but it’s worth pointing out that this is from just 1,000 reviews and Santander doesn’t have a ‘claimed’ official profile on the review site.¹³

Revolut Business

Revolut Business is a neobank offering app-based accounts for UK businesses.

You can choose from 4 different plan options, including a basic account with no monthly fee which could be a good option for startups. Other plans cost between £19 to £79 a month.¹⁴ Read more about Revolut Business fees here.

Some features are available across all Revolut business account plans, while some are offered only to higher tier account holders. All accounts come with:

• Linked payment card options for spending and withdrawals
• Multi-currency features
• Some no fee currency exchange on weekdays, to plan limits
• Ways to make local and international payments
• Options to be paid by bank transfer or card - fees may apply
• Multi-user access, payroll and expense management add on features
• Integration with accounting software such as Xero, Sage and QuickBooks.

You can open a Revolut business account if your company is based in the UK, fully incorporated and active.

Revolut has a ‘Great’ Trustpilot score of 4.2 based on over 164,500 reviews from both personal and business customers.¹⁵

Starling Bank

Starling Bank is a licensed UK bank that offers a digital business account, which can be customised with add-ons. It also has a Sole Trader account.

There are no monthly fees and most everyday transactions are free (except for international transactions), making it a great choice for startups. Add-ons such as the Business Toolkit and Bulk Payments each have a subscription fee of £7 a month. Read more about Starling fees here.¹⁶

Features which come as standard with Starling Bank business accounts include:

• Online and mobile banking
• Bills manager
• Savings Spaces
• Spending insights
• Debit card controls
• Cheque deposits in the Starling app
• Cash deposits at Post Office branches
• Instant notifications
• Integrations with accounting tools such as Xero, QuickBooks and FreeAgent.

You’ll be eligible to open a Starling business account if you have a limited company registered at Companies House, or are a sole trader. You’ll also need to be a UK resident and provide valid photo ID along with evidence of your trading activities.

Starling Bank has an ‘Excellent’ Trustpilot score of 4.3 based on over 41,500 reviews.¹⁷

Barclays

One of the UK’s biggest banks, Barclays has a range of business accounts including a dedicated solution for startups. It also has a foreign currency account if this is something you need.

The Barclays business account for startups is for UK businesses which have been trading for less than 12 months. There’s no monthly fee for the first year, then it’s £8.50 a month after that. Most standard transactions are free, except depositing cash at a Post Office which costs £0.60 per £100.¹⁸

Here are the features you can expect when you open a Barclays business account:

• Free FreshBooks invoicing and accounting software¹⁸
• Online, mobile, branch and phone banking
• 24/7 in-app business support
• Access to Barclays Eagle Labs community hub
• Net Zero Specialists, plus International Managers for doing business abroad
• Barclaycard payment solutions
• 24-hour fraud protection

Barclays has a ‘Bad’ rating of 1.7 on Trustpilot, based on over 11,000 reviews from a mix of personal and business customers.¹⁹

FAQs - bank accounts for startups

What documents do I need to open a business account?

To open a UK business account, you’ll usually need photo ID, proof of address, details of the business and of its directors/owners. You may also need business incorporation documents.

How long does it take to open a business account?

The time it takes to open a business account varies. Digital accounts can be opened the same day or even in minutes, while it usually takes a few days with a standard bank.

How much does a business account cost?

The cost of business accounts varies depending on the account, plan and provider. Most have a monthly fee, although it is possible to find free accounts.

Which features and services should I look for on a business account?

It all depends on what your business needs, but essentials are a debit card, online and mobile banking and electronic transfers. You might also want features such as integration with accounting software, invoicing and expenses management tools.

Can I switch business bank accounts later?

You can usually switch business bank accounts whenever you want, but you’ll just need to check whether you’ll lose out on any introductory offers.

How to close a business bank account?

You can often close a business bank account online, but you may need to contact the provider to start the process.

Wise Business, a non-banking provider for startups in the UK

If you need to pay or get paid in foreign currencies, you could be better off with an alternative such as the Wise Business account.

With a Wise Business account, you can hold and exchange 40+ currencies all in one place. You can send payments to 160+ countries and get local account details to get paid in 8+ currencies like a local.

Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

When you open a Wise Business account, you’ll benefit from all of these useful features:

• No monthly fees or minimum balance requirements
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise Batch Payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Get started with Wise Business 🚀

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And that’s it - our essential guide to the best business bank accounts for startups in the UK. You should now have all the info you need to compare options and choose the best one for your new company.

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Sources used:

1. Tide - Business Current Account
2. Trustpilot - Tide
3. Trustpilot - Wise
4. Zempler Bank - Business current accounts
5. Trustpilot - Zempler Bank
6. ANNA Money - Pricing
7. Trustpilot - ANNA Money
8. NatWest - Start-up Bank Account
9. Trustpilot - NatWest
10. Airwallex - Pricing
11. Trustpilot - Airwallex
12. Santander - Business current accounts
13. Trustpilot - Santander Bank
14. Revolut - Business account plans
15. Trustpilot - Revolut
16. Starling Bank - Rates, Fees and Charges
17. Trustpilot - Starling Bank
18. Barclays - Business bank accounts
19. Trustpilot - Barclays

Sources last checked on date: 21-Oct-2024