Free Business Bank Accounts
Compare free business bank accounts.
Whether opening a new business bank account or switching providers, comparing accounts is an essential part of the process.
Use the tables on this page to see how some of the best business bank accounts with no monthly fees match up.
When it comes to free business accounts, it is important to make sure your business is eligible. Fee-free accounts are often reserved for small businesses or startups, so after comparing accounts, it is best to check eligibility criteria with your chosen bank directly.
The best free business bank accounts.
The best free business bank accounts.
| Bank / Plan | Monthly fee | Electronic payments in or out | International payments | Overdraft facility? | FSCS protected? | Current account switch guaranteed? | Grow plan? | Grow plan monthly fee |
|---|---|---|---|---|---|---|---|---|
Starling Business | Free | Free | 0.4% currency conversion fee, £5.50 delivery fee | Yes | Yes | Yes | No | Always free |
Monzo Lite | Free | Free | Mastercard's wholesale rate with no added fees | No | Yes | Yes | Monzo Pro | £5 |
Tide Free | Free | 20p per transfer | Coming soon | No | No | No | Tide Plus | £9.99 |
Revolut Free | Free | 5 / month free then 20p per transfer | £3 per payment, 0.4% currency conversion fee | No | No | No | Revolut Grow | £25 |
Coconut Start | Free | Free | 2% currency conversion fee | No | No | No | Coconut Grow | £5 |
Wise is the cheaper way to send money abroad.
Sending money overseas can be expensive - but it doesn’t have to be. Wise Business offers international transfers which use the mid-market rate and have no sneaky hidden fees. You just pay a simple transparent charge per transaction which often works out cheaper than using your regular bank.
Use Wise in addition to your business bank account to save when paying foreign currency invoices from suppliers and freelancers, or when you’re being paid in different currencies.
Free business bank account fees and features explained.
Electronic payments
Some business bank accounts have fees for electronic payments such as direct debits and standing orders. You may also pay a fee to use your business debit card online or in stores.
International payments
When you make a payment in a foreign currency, you’ll usually pay an administration fee - and there will often also be an extra charge included in the form of a marked up exchange rate. Cut these costs and access the mid-market exchange rate by using Wise Business for your cross border payments.
FSCS protection
The Financial Services Compensation Scheme (FSCS) protects your money in the event your bank or building society goes out of business. Accounts with providers like Wise, Tide, Revolut and Coconut are regulated by the FCA.
Current account switch guarantee
This is used to cover your money when you change bank accounts between providers. That means that your money is protected if anything goes wrong with the switch.
Grow plan
As free business bank accounts are often reserved for companies just starting out, it is important to choose a bank that can grow with your company. While Starling Business is always free, the rest of the banks in the table above have premium plans that change to suit the needs of growing businesses.
To find out more about paid plans, check out our comparison of the best business bank accounts.
Free business bank account debit cards.
A business debit card allows you to make contactless payments, spend online, check your balance and withdraw money from ATMs, and spend while you travel.
Check out the comparison table which looks at the business debit cards available from some fee-free UK banks to further help you choose the right business bank account for you.
When you open a Wise Business account, you’ll also get a linked business debit card, for simple spending at home or abroad.
Apply online, and receive your card in just a few days. You’ll then be able to avoid international transaction fees by topping up your account in pounds and switching to the currency you need when you travel or shop online with an international retailer.
It’s always free to spend a currency you hold in your account, and you can also withdraw up to the equivalent of £200 a month from ATMs fee free.
| Bank / Plan | Business debit card | Debit card online application? | International card charges | International ATM Withdrawals |
|---|---|---|---|---|
Starling Business | Yes | Yes | 0.4% currency conversion fee, £5.50 delivery fee | Free |
Monzo Lite | Yes | Yes | Mastercard's wholesale rate with no added fees | First £200 free in a 30 day period, after that 3% of withdrawal amount |
Tide Free | Yes | Yes | International payments coming soon | International payments coming soon |
Revolut Free | Prepaid debit card | Yes | 5 / month free then 20p per transfer | 2% of withdrawal amount |
Coconut Start | Yes | Yes | 2% currency conversion fee | £1 per withdrawal |
Wise | Yes | Yes | Free to pay with currencies in your account | Free ATM withdrawals up to £200 a month |
How to switch business bank accounts.
Firstly, you’ll need to select the bank account you want to switch to. Use our helpful comparison table to see some of the features and fees of fee-free business bank accounts available from major UK providers.
Switching business bank accounts should be reasonably straightforward. Depending on the banks involved, you may be able to move your account online or over the phone without even needing to visit a branch.
If your business has fewer than 40 employees, you’ll be able to switch bank accounts using the free Current Account Switch Service. If you run a larger business, ask your new bank to help you make the switch.
And no matter where you choose to hold your main business bank account, you’ll still be able to access low cost international transfers and currency services with your free Wise Business account.
Free business bank accounts FAQs.
Save time and money with Wise Business
Open a Wise Business account along with your chosen bank account to access low cost international transactions and currency services.