5 Best Online Business Bank Accounts

Looking for a new bank account for your business? Many UK companies find an online account easiest to manage, especially if there’s a mobile banking app attached.

There are an increasing number of online and app-based accounts available in the UK right now. With so many options, this can make it tricky to choose the right solution for your business.

We’re here to help, with a handy guide to the best online banks for business accounts in the UK.

We’ll compare each provider based on the things that matter to your business, including fees, features, Trustpilot scores and more.

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 online business bank account

Online bank accounts offer lots of benefits to businesses, the main one being that they’re easier to manage. You can simply login or use a mobile app to make transactions and handle everyday banking tasks. This self-service approach can be much simpler and faster, rather than having to visit a branch or call a bank.

The best online business accounts also offer extra features such as integration with cloud accounting apps, invoicing and bulk payment tools.

Below, we’ll see what some of the UK’s best online business account providers have to offer for startups. This includes the following providers:

• Tide
• Wise Business
• Starling Bank
• Revolut Business
• ANNA Money

Best business online banking: overview

Let’s start with an at-a-glance comparison between banks and non-banking providers, reviewing features, including monthly 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
Starling Bank	4.3⁶	None⁴	Fee-free everyday business banking
Revolut Business	4.2⁹	£0 to £79⁷	Multi-currency accounts and international payments
ANNA	4.4¹¹	£0 to £49.90¹⁰	Straightforward PAYG business banking

Comparing online business account: 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
• Account opening processes - how to do it and how long it takes
• 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 services provider 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 a valid photo ID and upload a selfie photo on application. And according to Tide, it takes just minutes to open an account online.¹

Tide has a ‘Great’ Trustpilot rating of 4.0 from over 21,350 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 online 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 160+ countries for low fees and the mid-market exchange rate
• Get local account details to get paid in 8+ currencies like a local
• Manage your account online and via the handy Wise mobile app
• 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. It could take just minutes to get setup, and you can do it from either your laptop or your phone.

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

Get started with Wise Business 🚀

Starling Bank

Starling Bank is a licensed UK bank which 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.⁴

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.

You can apply online, and the application takes around 10 minutes. You’ll then need to wait for your account to be verified and opened.⁵

Starling Bank has an ‘Excellent’ Trustpilot score of 4.3 based on over 41,500 reviews.⁶

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.⁷ 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.

You can apply online, and it usually takes around 24 hours for your application to be reviewed - although it can take longer to get your account open if further verification information is needed.⁸

Revolut has a ‘Great’ Trustpilot score of 4.2 based on over 164,500 reviews from both personal and business customers.⁹

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.¹⁰

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).¹⁰

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. It’s pretty quick to do, taking around 10 minutes according to ANNA.¹⁰

ANNA Money has an ‘Excellent’ score of 4.4 on Trustpilot, from over 3,200 reviews.¹¹

FAQs - Best online business bank accounts

Which UK bank is easiest to open online?

In terms of fully licensed UK banks, Starling Bank is one of the easiest to open online as you can do it all via mobile app. But all of the online account providers on our list offer fast and easy signup, although some may take longer than others to approve your application.

What is the most trusted online bank?

Of the online account providers on our list, ANNA Money has the highest Trustpilot score - an ‘Excellent’ 4.4. ¹¹

How to choose an online business bank account in the UK?

To choose the right online bank account for your needs, there are a few key factors you may want to focus on. These are price (monthly fees and transaction costs), features and services, ease of use and limitations. This last one is important, as you need an account that can grow with your business. You may also need to consider your international needs when choosing your provider. An international account such as Wise Business can be the right choice if you trade or plan to trade across borders.

Wise Business, a non-banking online provider

If you need to pay or get paid in foreign currencies, you could be better off with an provider 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
• 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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After reading our guide to the best online business bank accounts in the UK, you should have a better idea of what’s out there. Just make sure to focus on what really matters to your business, and what it needs in order to thrive and grow.

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Sources used:

1. Tide - Business Current Account
2. Trustpilot - Tide
3. Trustpilot - Wise
4. Starling Bank - Rates, Fees and Charges
5. Starling Bank - Business Account
6. Trustpilot - Starling Bank
7. Revolut - Business account plans
8. Revolut Help - Eligibility to open a Business account
9. Trustpilot - Revolut
10. ANNA Money - Pricing
11. Trustpilot - ANNA Money

Sources last checked on date: 28-Oct-2024