Top 10 UK Banks For Business

You probably wondering which UK banks for the business you can open an account with. There are several banks to pick from, regardless of whether you’re just getting started or searching for a better offer. Each will make some somewhat alluring offers in an effort to draw you in. But which do you choose? We’ve reviewed some of the top business bank accounts in the UK market.

Barclays Bank for Business

Barclays provides new and regular business accounts. The start-up Business Account includes a 12-month period of free banking. Additionally, receive free accounting and invoicing software from FreshBooks, valued at $300 annually. Additionally, UK team managers will aid in the expansion of your company.

firms having a turnover of up to £500,000 or between £500,000 and £7 million are eligible for accounts for more established firms. You will receive a monthly loyalty incentive, which entails receiving a part of the charges made on your account back depending on your yearly credit turnover.

Both companies offer a mixed payment plan for £8 a month, which is perfect for companies who use cash, checks, or a combination of methods to send and receive payments. For people who use online banking and debit cards to pay and receive payments electronically, there is also e-payment, which has a monthly fee of £9.

Read: Do Online Banks Have Offices?

Monzo Bank for Business

Monzo is a relative newcomer to the business banking space. However, they have taken their cues from some of the leading players in the market. They have an extremely transportable system that offers you a lot of overall very outstanding capabilities. Additionally, you can decide between their pro and lite versions, allowing you to select the option that works best for you.

In comparison to some of its rivals, Monzo’s pro version is significantly less expensive. The fact that this banking account’s software and app are easy to use is one of its interesting features. While keeping them in the same account, you can categorize and separate out funds. In the pro level of Monzo, you can also bill or assign multiple users.

HSBC Kinetic Bank

HSBC offers free bank transfers, standing orders, direct debits, card transactions, and online bill payments with this business account, which is exclusively available through its mobile app. Instead, there is a fixed monthly cost of £6.50 that is waived for the first 12 months and is paid by account holders.

In addition, customers with business accounts get a few extra benefits from HSBC partners, such as up to 29.8% off broadband with TalkTalk Business, access to business insurance through Aviva, and discounted accounting software from Ember.

Account holders who qualify may request an overdraft capacity of up to £30,000 at a rate of 15 % EAR (variable). This overdraft is conditional, just like any other. Any sole proprietor or limited company with a turnover of up to £2 million is eligible for HSBC’s Kinetic account. Users may administer it online or through an app, where they can monitor the cash flow of their company.

Group Lloyds Banking

One of the oldest operating banks in the UK is the Lloyds Banking Group, which was established in 16958. The bank has more than 61,000 employees and is based in London. Under the names of Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows, it provides banking and financial services to people and companies in the UK and abroad.

NatWest by Mettle 

For sole proprietors and small enterprises, NatWest by Mettle offers a free business account. You may make card payments such as Instacard.uk, and all other transactions without paying a monthly fee. The account is accessible online or via an app, and it can be used to create invoices, plan payments, and track down unpaid balances via automatic reminders.

Read: Electronic Money Institution: How To Get a UK EMI License

Additionally, without having to open a separate account, the app enables you to create different “pots” of money to save for costs like taxes or new equipment. Keep in mind that not just anybody can create a Mettle account. Only solo proprietors or limited corporations with a maximum of two owners may apply.

Santander UK

Since its founding in 1988, the Santander Bank has grown to include over 21,000 employees. Santander UK covers the areas such as consumer banking, Business Banking and corporate banking globally Santander, with its headquarters in London, provides a comprehensive customer experience through ATM, telephone, mobile, and online channels. With over 22 million clients and less than 450 locations, this full-service business and retail bank is very large.

Co-operative Bank for Business

The Co-operative Bank provides every conventional service you would anticipate from a high-street bank, including branch and online help, a UK-based telephone support team, and a mobile app. However, its commitment to ethical business practices and carbon neutrality set it apart from the competition.

Access to Incomeing, the Co-Op’s billing and payment software, as well as merchant payment services through Fiserv, are provided by Plus Business Directplus.

The best part is that new Business Directplus clients who maintain a balance of at least £1,000 are eligible for 30 months of free banking without a monthly fee. You will be billed £7 per month if your account balance ever goes below £1,000 at any time.

Tide Bank for Business

One of the best business accounts is Tide. Their philosophy—simple business banking with effective features—is undoubtedly appealing. Tide is ideal for small enterprises at all phases of development since it accepts business accounts with all turnovers.

The tools they provide are pretty simple; you may access your funds using a mobile app, and accounts can be easily created online. There are 20p bank transfer fees and a £1 cash withdrawal fee, despite the fact that there are no account fees. These tiny costs might add up if you use them frequently. Your transactions are classified and forwarded to your accounting software automatically, which may be quite helpful.

Coventry Building Society

The Coventry-based Coventry Building Society, which was established in 1884, is currently the second-largest in the UK. It has won several accolades for its expertise in mortgages and savings, including the best mortgage provider of The Times Money Mentor in 2022.

Virgin Money

Virgin Money is a monthly fee-free account that enables companies to control daily expenses while receiving 0.25% cashback on all debit card purchases. The Virgin Money app’s ability to be connected with accounting programs is a significant benefit. The software automatically classifies purchases and records receipts.

A scheduled overdraft of up to £1,000 at an Effective Annual Ratio of 13.3% is also available with this account, giving it further flexibility. Unplanned overdrafts, however, have a high EAR of 33.50%. It may be controlled online or with a special Virgin Money app. However, neither telephone nor in-person banking are available. Startups, sole proprietors, limited corporations, limited liability partnerships, and partnerships with an annual revenue of less than £1 million are all eligible for the M Account for Business.

About the UK Banks for Business

You will require a business bank account if you operate a small business. Whether you’re just getting started or have been in the company for a while, choose wisely when it comes to your small business bank account. All the various service providers, from conventional banks to online platforms, are simple to compare. As a consequence, you may choose wisely while creating the appropriate business account.

Related Articles you Might be Interested in:

How to Open Multiple Bank Accounts for your Business

Best Payment Platforms to Use for your Business

.