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Getting a business bank account for free can help your company cut costs. Whether you are a sole proprietor or a limited company, you need a business account with outstanding features so you can manage your finances better.
We have rounded up a list of 20 business accounts in the UK to help you compare different offers. Read on to find out which one suits your business best.
ANNA
Absolutely No-Nonsense Admin or ANNA is a business account with an assistant that takes care of your finances. It was created to provide small businesses with uncomplicated banking services. You can open a Business Current account in less than 10 minutes and get a debit business card in 5 days.
ANNA Business Account Features:
- Free for the first 3 months
- Free for the first 6 months if opened via NerdWallet
- Real-Time payment notifications
- Quick processing. In less than 10 minutes your business account will be activated
- No transaction charges
- After the free period, a monthly fee of £11 will be applied, and no hidden charges.
- Free ATM withdrawals and money transfers
- 24/7 customer service
- Open Banking which allows you to link your other personal and business accounts to ANNA
- Smart Invoice Management
Amaiz
Amaiz is a business app created to provide small businesses and sole traders hassle-free banking services. Amaiz offers two types of business accounts, one of which is free of charge as long as the monthly turnover is maintained below £4,000.
Amaiz Business Account Features:
- Easy and fast set up
- Automated invoicing
- Receipt and debit card management
- Business Account comes with a prepaid Mastercard that you can use at 60,000 cash points across the UK
- Free UK ATM withdrawals
- Convenient payment in/out via the app
- Instant updates on your Cash flow charts
- Slack notifications for sending or receiving a payment
- Free cash deposits at any post office
- Additional Jar account where you can opt to save money from your income or transfers
- Access to free agent accounting
- 24/7 customer support
Bank of Scotland
Bank of Scotland extends their support to new business owners by offering free day-to-day banking services for 1 year. You can apply for a new business account if you are over 18 years old and a sole proprietor or director of a business with an annual turnover of less than £3M.
Bank of Scotland Business Bank Account Features
- 12 months free day-to-day banking for new business startup
- 24/7 Specialist support
- 6 months free day-to-day banking for new clients
- Free electronic payments
- Current Account Switch service that guarantees the switch to be processed within 7 business days
- All eligible accounts are covered by the Financial Services Compensation Scheme (FCSC) – protection of up to £85,000
- Simple pricing plan
- Specialized guide for new businesses
- Convenient access to your account anytime and anywhere
Clydesdale Bank
Clydesdale Bank offers new business startups and business clients free day-to-day banking for 25 months. This is one of the longest free banking offers in the market so your business can benefit from this offer.
To qualify for the free business current account, your business must have an annual turnover of £2M and below. The offer is available to startups who open a business current account within the first 12 months of their operation and to new customers who switch to Clydesdale Bank’s business current account. All cash transactions (paid in or out and exchanged) have a £250,000 limit. Charges apply on international and CHAP payments.
Clydesdale Business Current Account Features
- Free deposits and withdrawals
- Zero charges on all automated payments
- Unlimited withdrawals (subject to available balance)
- No monthly account charges
- Personalized customer support
- New applications processed in 15 minutes
- Innovative digital tools
- Overdraft access
- Mobile banking app
- Links to Apple Pay and Google Pay
Coconut
Coconut is a user-friendly app created for self-employed people and budding entrepreneurs. It offers users free business accounts and access to accounting and tax tools.
Coconut Free Business Account Features
- Free Business Current Account
- Transparent pricing and no hidden charges
- Offers two plans: Side hustle plan at £3 /month (excluding VAT) and Professional Plan at £10 /month (excluding VAT)
- Free 30-day trial
- Send invoices through the app (free plan limit:3 invoices per month)
- Tax updates
- Allows sharing and exporting banking data
- High-level security
The Co-operative Bank
The Co-operative Bank offers a business direct plus current account that caters to startups and established Small and Medium Enterprises (SMEs). New clients will get a 30-month free day-to-day banking. After the free banking period expires, your account will automatically incur a £7 monthly fee.
To be eligible, sole traders and limited company directors should be:
- Based in the UK
- 18 years old and above
- In good credit standing in the last 6 months
- Clear from Involuntary Arrangements (IVA), County Court Judgements (CCJs), and bankruptcy in the last 6 years
If you have a limited company, your business must not have any records of insolvency or negative net worth to be eligible.
Co-operative Bank Business Direct Plus Current Account Features
- 30 months free day-to-day banking for new clients
- Free cash withdrawals
- Access to your account at any post office branch
- Deposit 100 cheques per month for free
- No monthly service fee if you maintain a credit balance of £1,000 or more
- 24/7 online access to your account
- Covered by Current Account Switch Guarantee
Counting Up
Counting up offers a business current account with automated accounting. It is an all-in-one financial app created to streamline the banking and accounting processes of small businesses. Counting up has earned the highest Trustpilot rating among business current accounts in the UK. To date, the app has already processed more than £1bn.
Counting up Business Current Account Features
- Free for the first three months
- Comes with a contactless Mastercard
- Easy to understand pricing plans
- No hidden fees
- Quick and easy invoicing and billing
- Receipt capture
- Data sharing
- Offers free tax estimate
- Fast processing of new account
Cumberland Building Society
Cumberland Building Society provides a business current account designed for all small to large businesses. It is a building society that offers various financial services such as mortgages (commercial and residential) and savings or current accounts. A new client with an annual turnover of up to £250,000 will get free day-to-day banking services for 12 months.
Cumberland Building Society Business Account Features
- Free day-to-day banking for eligible new business account customers for 1 year
- Digital banking
- Online and onsite (34 branches) transactions
- Mobile Banking App
- Safe and secure Open Banking
- Linked to Apple Pay and Google Pay
- Exceptional customer service
Holvi
Holvi is a financial payment institution operating as a Mastercard Principal member. With Holvi’s financial products (business account, Mastercard debit card, and accounting tools), business owners can effectively streamline their business work process.
Holvi Business Account Features
- Free Starter business account for Startups and freelancers
- Unlimited Users
- Open Account
- Send up to three invoices per month
- Receipt capture – Snap, save and organize receipts for tax filing
- 1 Holvi Business Mastercard and £3 per additional card/month
- 2% charge for Foreign Card Usage
- 2.5% fee for ATM withdrawals
- Unlimited SEPA transfers
- Option to cancel anytime
HSBC
HSBC, Euromoney’s best bank for SMEs in 2019 offers new business account customers free banking for 12 months. If you decide to switch your business account, HSBC will facilitate the switching process for free. To be eligible for the business account switch, your business must have fifty or fewer employees and a yearly turnover of not more than £6.5M.
HSBC Business Current Account Features
- 1-year Free banking for new customers
- Free Business Current Account Switch Service
- Seamless accounting
- Mobile app
- Text notifications
- Visa Debit Card available on request
- 24/7 Online banking
- Telephone banking
- Cheque book available on request
- Bank onsite or in Post Offices
- Virtual Assistant
- UK-based specialist and telephone support
- Access to overdraft, business loans, and financing solutions to help your business grow (subject to application and assessment)
Lloyds Bank
Lloyds Bank offers a financial product, the startup business account which is specially designed for new businesses. To be eligible, you should be a sole trader or a partner/director of a limited company, and at least 18 years old. Your business should have less than £3M yearly turnover.
Lloyds Bank Startup Business Account Features
- Free day-to-day banking for 1 year
- Free electronic payments (in or out) for 1 year
- No withdrawal or deposit fees for 1 year
- Mobile banking app
- Specialist support
- Business loans available (credit card, overdrafts, and invoice financing)
- Online business guide and tools
Metro Bank
Metro Bank, the first high street bank to open in the UK was established in 2010. All branches are open 7 days a week to ensure convenient banking service for their customers. Metro Bank offers many financial products to match the needs of different types of businesses. The business bank account was designed for smaller businesses (with annual turnover below £2 Million.
Metro Bank Business Bank Account Features
- No minimum balance
- The monthly fee will be waived if you maintain your daily balance at £5,000 or above in a month
- No charges for credit usage within Europe
- Free cash withdrawals within Europe
- Local Business Manager who will assist you onsite or online
- Mobile banking app
- The Business account can be linked to Xero accounting software
Mettle
Mettle is a free business account app designed for small businesses (sole trader or limited company with not more than two owners).
Mettle Business Account Features
- No monthly fees
- Fast and easy to open an app (iOS and Android)
- Pay using Apple pay or Google pay
- Smart invoicing – track payments, monitor invoice status, and automated reminders for your customers
- Create and send Customized invoices while on the go
- Payment notifications
- Bookkeeping
NatWest Bank
NatWest Bank offers a business bank account with features suitable to all kinds of businesses. They offer free banking to small businesses with an annual turnover of not more than £1 million. To be eligible for the offer, customers should be over 18 years old with a business operating for less than a year.
NatWest Business Account Features
- No monthly fees
- Fees only apply to certain transactions – international payments and unarranged borrowing
- The Business account is linked to Free Agent accounting software
- Online banking
- 24/7 telephone access (UK based)
- Mobile banking app
- Dedicated, accredited Relationship Manager
- Available Current Account Switch Service
Revolut Business
Revolut Business is an online business bank established to provide businesses with efficient tools that will help them manage their finances better. The Revolut app is currently supported in 35 countries with 500K business customers and more than 12M personal account customers.
The company was launched in 2015 in the UK offering only money exchange and transfer services. Over the years, Revolut created innovative financial products that helped customers improve their financial workflow. In 2020, Revolut expanded to the US and enabled open Banking.
Revolut Free Business Account Features
- Two business account options – Company and Freelancer
- Three plans available – Free, Professional, and Ultimate
- More features are available when you upgrade your plan
- Free payments to revolut accounts
- Plastic and Virtual company cards for your team members (with spending limit per card)
- Save and exchange money up to 28 currencies
- Everyday app linked to accounting software
Santander UK
Santander UK, a wholly-owned subsidiary of Banco Santander is a large commercial and retail bank. The bank offers various financial products including the Business Current Account Startup. New business customers will not be charged monthly fees for the first 18 months. To be eligible, your business (sole trader, limited liability partnership, or partnership) should be in its first year of operation, registered in the UK, and without an existing account with Santander UK. The owner, partners, and directors should all be above 18 years old.
Santander UK Business Current Account Startup Features
- 18 months of free banking for startups, at the end of the free period you will be charged £7.50 per month
- Transactions can be done Online, at Post Office branches, and Santander ATMs
- Overdraft available but subject to status
- Free and unlimited ATM deposits (subject to tariff after 18 months)
Tide
Tide’s Business Current account is a Prepay Solutions (PPS) e-money account. Tide is not a bank. All Tide accounts are safeguarded by Prepay Technologies Ltd, an electronic money company duly authorized by the Financial Conduct Authority. The Business Current account caters to small businesses – sole trader, limited liability company, and freelancers. A Tide account will give you access to a business app loaded with features that will streamline your work process.
Tide Free Business Current Account Features
- No monthly payments
- Smart invoicing
- Can be linked to accounting software: Quickbooks, Sage, Xero, and more
- Receipts capture
- Holds up to 5 business accounts
- Account access for accountant and team members
- Auto-categorization of transactions
- Export transaction data via App
- Contactless business Mastercard
- Conduct Authority
TransferWise
TransferWise is an online money transfer service established in 2011. TransferWise also offers many financial products including international business accounts for freelancers, sole traders, SMEs (Small and Medium Enterprises), and Large businesses.
TransferWise Business Account Features
- No monthly fees
- Send and receive money (multiple currencies) at the real-time exchange rate
- Zero or Minimal fee for receiving money
- Free TransferWise Debit Mastercard
- Free ATM withdrawals up to £200 per month
- Hold more than 50 currencies in your account
- The Business Account is integrated with Xero software
TSB Bank
TSB Bank, a subsidiary of Sabadell Group is a retail and commercial bank with 290 branches across the UK. TSB offers a wide range of financial services including the Business Plus Account tailor-made for sole traders and limited liability companies. To be eligible you must be:
- A sole trader or partner/director of a limited company
- Over 18 years old
- Operating a registered business in the UK
TSB Business Plus Account Features
- Free day-to-day banking for 6 months (after the free period, the monthly fee is £5)
- The monthly fee will be waived if you maintain a £10,000 or more average balance
- Mobile, Post Office, and online banking
- Mobile app
- 24/7 Internet banking services
- Free Text Notifications
- Free Business debit card
- After the free period, Free Current Account Switch Service
Yorkshire Bank
If you are a small business owner (new or established) looking for a new bank, consider applying for a Business Current account in Yorkshire Bank. They offer free day-to-day banking for 25 months to new small business owners, new customers, or switchers. The offer applies to:
- New customer or switcher with an annual turnover of £2M and below.
- New business owners, opening their first account within the first year of operation.Applicants (sole trader, partner, or director) must be 18 years old and above to be eligible.
Yorkshire Bank Business Current Account Features
- Free day-to-day banking for 25 months
- Fast processing of application – 15 minutes
- Dedicated service from a bank representative
- Contactless
- Apple Pay and Google Pay
- Digital financial tools
- Daily cash withdrawal limit of £700