Same day Business Bank Accounts

Remay Villaester (May)

Need a business account fast? You might be a startup wanting to hit the ground running, or perhaps you just don’t fancy waiting around for your new account to be opened.

One way to get quick access to account details, and start sending and receiving money, is through a same day business bank account.

In this guide, we’ll look at how same day business bank accounts work. We’ll also cover the main providers offering this kind of account, so you can choose the right one for you.

What business account types are the quickest to open?

Generally speaking, simple business current accounts tend to be the quickest to open. The more basic the account, the easier it should be to apply. This is usually because the eligibility criteria are less strict, or because no credit checks are needed.

You may also find that mobile-first or mobile-only banks offer some of the quickest accounts to open or you can try bank challengers like Wise Business for a quick to open and cost-effective multi-currency account. We’ll look at a few of these providers later in this guide.

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Are there really same day business bank accounts?

Yes, it may seem unlikely but it’s true! Some providers offer accounts you can open online in a matter of minutes. Your business will need to meet certain requirements and you’re unlikely to get advanced features or access to credit. But after just a few steps, you can get an account code and sort code in hours if not minutes.

Why is it so quick? One of the main reasons you can open a business bank account so rapidly with some providers is because they don’t require credit checks.

Credit checks can often take a few days, as they require a full search of your credit history. But with some providers, such as mobile-first financial companies, only electronic checks¹ are needed to verify your identity and comply with UK anti-money laundering laws. This is much quicker, if not instant.

This also makes a same day business bank account a good option for business owners with poor credit.

Which banks/providers offer same day business bank accounts?

You’re most likely to find same day business bank accounts from non-banks. This means financial services companies, rather than traditional banks. This is because banks will usually require a full credit check, which takes longer.

Here’s a rundown of the main providers offering same day business bank accounts:

Wise

wise-business

Same day business bank accounts may be super quick to open, but there’s a trade-off. You’ll often be limited to very basic services, which don’t usually include the option to send or receive money internationally.¹

If your business can’t do without international transfer services, you’ll need a different solution. You can open a Wise Business multi-currency account in as little as 2 working days. There are no credit checks – all you’ll need to do is verify your identity and set up your account.

From your new Wise account, you can hold 40+ currencies at once. Send funds all over the world for low, transparent fees and the real, mid-market exchange rate and no monthly fee. You’ll even get a Wise debit card to cover all your essential business expenses.

And for a free account that’s quick to open, there are an impressive number of additional perks. For example, the option to automate payments through a powerful API and integrate your account with accounting software such as Xero and Quickbooks.

Get a multi-currency account

Tide

As long as you meet the eligibility requirements, you can open a business account with Tide in as little as 10 minutes. For more complex businesses, it could take longer – but most accounts are open within 48 hours.²

Apart from the fast application process, another reason Tide is a hit with businesses is its free account³. You’ll pay no monthly fees (but some transaction fees) for its basic current account. This also comes with member perks and accounting software integration.

You can also upgrade to a more advanced package if you need to. All business accounts are managed through the user-friendly, full-featured Tide app.

Cashplus

The Cashplus business account is specially tailored for small businesses, and you can apply for an account in as little as 4 minutes⁴. There are no credit checks and you’ll get an instant online decision. If accepted, you’re ready to accept payments right away. You’ll also get your account number and sort code.

What can you do with the Cashplus business account? It’s a surprisingly full-featured product for a same day business account. You’ll get a Business Mastercard, faster payments and transfers, spending insights, straightforward pricing and Post Office branch services. You can manage your account 24/7 online or through a mobile app.⁵

CardOneMoney⁶

The CardOneMoney business bank account can be opened online in as little as 4 hours. There are no credit checks required, but there is an application fee. You’ll get a simple and secure account to pay your bills, wages and invoices through Direct Debits and Standing Orders. Even better, you can manage your money on the move using the CardOneMoney mobile app.


So that’s it – all you need to know about same day business bank accounts. If you need a business bank account in a hurry, it’s great to know there are options available. You can be up and running in a matter of hours, with no credit checks or lengthy sign-up processes to worry about.

But just remember that speed isn’t everything. This is a new bank account for your business, so it’s important to choose the right solution. Take the time to read the small print and pay particular attention to the fees and charges list.


Sources used:

  1. Wise Article
  2. Tide FAQ page
  3. Tide website
  4. Cashplus website
  5. Cashplus website - business account features
  6. Card money website

Sources checked on 25-January 2021.


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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