Free Business Bank Accounts
- ✓Compare UK free business accounts – from traditional banks to digital challengers
- ✓Join thousands of businesses who found their perfect match here
- ✓Use our quick & simple comparison tool to find the best account for you
Promoted
HSBC UK Small Business Banking Account
- •Free banking for 12 months*
- •Comprehensive features: A full range of business banking services
Free Business Bank Accounts
- ✓Compare UK free business accounts – from traditional banks to digital challengers
- ✓Join thousands of businesses who found their perfect match here
- ✓Use our quick & simple comparison tool to find the best account for you
Promoted
Monzo Business Team
- •Business banking that makes light work of everyone’s admin
- •Bulk payments, expense cards, accounting integrations and much more
- •Team from £25/month. Pro for £9/month, or our free Lite Account
26 Products Compared
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free for one year*Free bank transfers for one year, 20p thereafter -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
Free for one year*
Free bank transfers for one year, 20p thereafter
App/Online
- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
Eligibility Criteria
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
*To be eligible for the £200 Cashback offer, open both a Tide Instant Saver and Tide Business Bank Account. Ts&Cs Apply. New customers receive up to 4.48% AER free for 6 months. For full offer T&Cs visit tide.co/savings
Show More Products From TideShow Fewer Products From Tide
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeDirect debits, Faster Payments, BACS: Free | CHAPS and International payments: Fees apply -
Overdraft
Rate is negotiable. -
Access
App/Online/Branch
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
Free
Direct debits, Faster Payments, BACS: Free | CHAPS and International payments: Fees apply
Rate is negotiable.
App/Online/Branch
Product Features
- Free day-to-day online business banking (excluding CHAPS and international payments)
- Earn 0.25% Cashback on debit card purchases. Terms and exclusions apply
- Manage all your business data in one place using Virgin Money’s M-Track insights platform. Link up your business to market leading tools, such as Sage, Xero, Google, Shopify and more, to track them from one simple dashboard
Eligibility Criteria
- Available for eligible businesses with up to £1m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
- For limited companies, please allow up to 72 hours from registering your business with Companies House, before starting an application
*excluding CHAPS and international payments
Show More Products From Virgin MoneyShow Fewer Products From Virgin Money
-
Monthly Fee
FreeNo monthly fee for first 25 months, then £6.50 thereafter -
Card Purchases
Free -
Bank Transfers
FreeNo fees for first 25 months, excludes international and CHAPS payments -
Overdraft
Rate is negotiable. -
Access
App/Online/Branch
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
No monthly fee for first 25 months, then £6.50 thereafter
Free
Free
No fees for first 25 months, excludes international and CHAPS payments
Rate is negotiable.
App/Online/Branch
Product Features
- Debit Card Cashback – automatically earn up to £500 per calendar year when using your Debit Card for purchases. Some exclusions apply
- If you’re a new business or just new to Virgin Money, you could qualify for 25 months free day-to-day banking when you open or switch to this business current account
- Digital Money Management Tools – helping you manage cash flow, budgets and invoices
Eligibility Criteria
- Available for eligible businesses with up to £6.5m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
- For limited companies, please allow up to 72 hours from registering your business with Companies House, before starting an application
25 months’ fee free day-to-day banking
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- Open domestic and foreign currency accounts with local bank details around the world with no monthly fees within minutes.
- Make international transfers to 150+ countries – save up to 80% on FX fees, app. 70% of funds arrive within a few hours / same day
- Accept payments worldwide via 160+ payment methods – no coding required
- Issue multi currency corporate cards
- Integrates with platforms like Xero, Amazon, Shopify, WooCommerce & more
- Automate your domestic and international bill pay workflows
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
Show More Products From AirwallexShow Fewer Products From Airwallex
-
Monthly Fee
Free**Free banking means no account maintenance fee and all day-to-day, standard transactions are free on your primary current account, any additional or secondary accounts will be charged in line with the Small Business Banking Account. -
Card Purchases
FreeNon-Sterling Transaction fee – 2.99% of the
sterling amount of the transaction, minimum
£3. Cash Fee – 2.99% of the amount advanced,
minimum £3. -
Bank Transfers
Free- Direct Debits & Internal Transfers: Free
- CHAPS: £20 to another HSBC UK Group bank
account, £30 to a non-HSBC UK Group bank
account via by phone or in-branch banking.
-
Overdraft
-
Access
FullOnline, app, call, branch, Post Office®
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free*
*Free banking means no account maintenance fee and all day-to-day, standard transactions are free on your primary current account, any additional or secondary accounts will be charged in line with the Small Business Banking Account.
Free
Non-Sterling Transaction fee – 2.99% of the
sterling amount of the transaction, minimum
£3. Cash Fee – 2.99% of the amount advanced,
minimum £3.
sterling amount of the transaction, minimum
£3. Cash Fee – 2.99% of the amount advanced,
minimum £3.
Free
- Direct Debits & Internal Transfers: Free
- CHAPS: £20 to another HSBC UK Group bank
account, £30 to a non-HSBC UK Group bank
account via by phone or in-branch banking.
Full
Online, app, call, branch, Post Office®
Product Features
- Free banking for 12 months*, £8 thereafter
- Free accounting tools to stay on top of invoices, cashflow and tax.
- Business borrowing solutions to suit you. T&Cs an fees apply.
- A full list of prices and charges applicable can be found in HSBC UK’s Business Price List at business.hsbc.uk/legal
Eligibility Criteria
- Sole traders, limited companies, unlimited companies, partnerships, limited liability partnerships and non-charitable clubs/associations/societies can all apply
- Must be a tax resident in the UK but not the Channel Islands or the Isle of Man
- The HSBC UK Small Business Banking Account is for small businesses with a maximum turnover of £6.5million
*Free banking means no account maintenance fee and all day-to-day, standard transactions are free on your primary current account, any additional or secondary accounts will be charged in line with the Small Business Banking Account.
Show More Products From HSBC SmallShow Fewer Products From HSBC Small
-
Monthly Fee
Free*£19 p/month or £0 p/month if you deposit at least £10,000 per month or hold a minimum balance of £10,000. -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free*
£19 p/month or £0 p/month if you deposit at least £10,000 per month or hold a minimum balance of £10,000.
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- Open multiple accounts per entity. Collect and hold in 20+ currencies
- Expense management for cards and reimbursements
- Free local transfers to 120+ countries and domestic transfers. Access to interbank FX rates and batch transfers
- Multi-currency and employee cards with zero international fees
- Includes 5 free employee card users and up to 10 company cards
- Online card and local payment method acceptance globally
- Bank feeds sync with Xero. ApprovalMax, WorkflowMax by BlueRock Integrations
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
Show More Products From AirwallexShow Fewer Products From Airwallex
-
Monthly Fee
Custom**contact sales for custom pricing -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Custom*
*contact sales for custom pricing
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- High-volume businesses
- Custom API implementations
- Embedded finance integrations to launch your own financial products
- Dedicated account management support
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
-
Monthly Fee
£999 -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
£999
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- Consolidated Finances across global entities
- Single sign-on (coming soon)
- Netsuite integration including expenses and bills sync
- HRIS platform integrations (coming soon)
- Dedicated account manager and onboarding support
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
-
Monthly Fee
£49**One month free trial -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
£49*
*One month free trial
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- 5 free active spend users per month and up to 50 free company cards
- Track cards and reimbursements with Expense Management
- Manage domestic and international bills with Bill Pay
- Automated receipt and bill data extraction and customisable, multi-layer spend approvals
- Xero expenses and bills integration
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
-
Monthly Fee
FreePlus a one-off card issue fee of £9.95 -
Card Purchases
Free -
Bank Transfers
3 free per month3 free per month, then 35p thereafter -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash paid in via Post Office (0.5% fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Plus a one-off card issue fee of £9.95
Free
3 free per month
3 free per month, then 35p thereafter
App/Online
- No cheque facilities
- Cash paid in via Post Office (0.5% fee)
Product Features
- 24/7 app & online servicing and UK based customer service team
- FSCS protection – up to £85,000
- Deposit cash into any of the UK’s 11,500 Post Offices.
- Invoicing tools that allow you to create and send invoices easily
Eligibility Criteria
- Available to UK registered companies or UK-based sole traders
- Application made by UK Director
- UK Director 18 years old plus
Show More Products From ZemplerShow Fewer Products From Zempler
-
Monthly Fee
Free*£19 p/month or £0 p/month if you deposit at least £10,000 per month or hold a minimum balance of £10,000. -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free*
£19 p/month or £0 p/month if you deposit at least £10,000 per month or hold a minimum balance of £10,000.
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- Open multiple accounts per entity. Collect and hold in 20+ currencies
- Expense management for cards and reimbursements
- Free local transfers to 120+ countries and domestic transfers. Access to interbank FX rates and batch transfers
- Multi-currency and employee cards with zero international fees
- Includes 5 free employee card users and up to 10 company cards
- Online card and local payment method acceptance globally
- Bank feeds sync with Xero. ApprovalMax, WorkflowMax by BlueRock Integrations
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
Show More Products From AirwallexShow Fewer Products From Airwallex
-
Monthly Fee
Custom**contact sales for custom pricing -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Custom*
*contact sales for custom pricing
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- High-volume businesses
- Custom API implementations
- Embedded finance integrations to launch your own financial products
- Dedicated account management support
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
-
Monthly Fee
£49**One month free trial -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
£49*
*One month free trial
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- 5 free active spend users per month and up to 50 free company cards
- Track cards and reimbursements with Expense Management
- Manage domestic and international bills with Bill Pay
- Automated receipt and bill data extraction and customisable, multi-layer spend approvals
- Xero expenses and bills integration
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
-
Monthly Fee
£999 -
Card Purchases
Free -
Bank Transfers
FreeSWIFT payments vary £10-£20 -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
£999
Free
Free
SWIFT payments vary £10-£20
App/Online
Product Features
- Consolidated Finances across global entities
- Single sign-on (coming soon)
- Netsuite integration including expenses and bills sync
- HRIS platform integrations (coming soon)
- Dedicated account manager and onboarding support
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
*10% cashback on your first $1,000 USD equivalent in eligible international card spend.
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access
App/Online/Phone- Postal facility for cheques
- Cash paid in at PayPoint (£1 fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
Free
App/Online/Phone
- Postal facility for cheques
- Cash paid in at PayPoint (£1 fee)
Product Features
- Free, instant UK bank transfers
- 24/7 customer support
- Mobile and web access
- The Monzo banking essentials
Eligibility Criteria
- Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
*Your first month of Pro or Team is free, after that Pro is £9/month and Team starts from £25/month. Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
Show More Products From MonzoShow Fewer Products From Monzo
-
Monthly Fee
£25 -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access
App/Online/Phone- Postal facility for cheques
- Cash paid in at PayPoint (£1 fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
£25
Free
Free
App/Online/Phone
- Postal facility for cheques
- Cash paid in at PayPoint (£1 fee)
Product Features
- Expense Cards
- Bulk Payments
- Access for up to 15 team members
- Set payment approval limits
- Plus everything included in our Pro and Lite accounts
Eligibility Criteria
- First 6 team members are included with Team Account, then it’s an extra £5/month per team member.
- Only sole traders or limited company directors in the UK can apply.
- Monzo Business Team starts from £25/month. Ts&Cs apply.
Monzo Business Team customers get the cloud accounting platform for 8 months free, up to £472 value.
*Your first month of Pro or Team is free, after that Pro is £9/month and Team starts from £25/month. Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
*Your first month of Pro or Team is free, after that Pro is £9/month and Team starts from £25/month. Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
-
Monthly Fee
£9 -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
-
Access
App/Online/Phone- Postal facility for cheques
- Cash paid in at PayPoint (£1 fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
£9
Free
Free
App/Online/Phone
- Postal facility for cheques
- Cash paid in at PayPoint (£1 fee)
Product Features
- Automatically put money aside for tax
- Connect accounting tools
- Auto-export transactions, invoices and statements
- Virtual cards, access for 3 team members, invoicing and more
- Plus everything included in our Lite Account
Eligibility Criteria
- Only sole traders or limited company directors in the UK can apply.
- Monzo Business Pro is £9/month. Ts&Cs apply.
Monzo Business Pro customers get the cloud accounting platform for 6 months free, up to £354 value.
*Your first month of Pro or Team is free, after that Pro is £9/month and Team starts from £25/month. Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
*Your first month of Pro or Team is free, after that Pro is £9/month and Team starts from £25/month. Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
-
Monthly Fee
FreeFree for 12 months, £5 per month thereafter -
Card Purchases
Free -
Bank Transfers
FreeFees apply for cash, CHAPS, SWIFT and SEPA transactions. -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free for 12 months, £5 per month thereafter
Free
Free
Fees apply for cash, CHAPS, SWIFT and SEPA transactions.
App/Online
Product Features
- 2.50% AER variable (2.47% gross p.a.) for balances up to and including £25,000, and 0.25% AER variable on balances above £25,000 (0.25% gross p.a.).
- Make international payments in up to seven major currencies, with option to open EUR or USD accounts.
- Customise workflows for account management and transaction approvals requiring more than one account user to sign-off.
- Bulk payment processing.
- Online application for businesses with up to 10 directors.
Eligibility Criteria
- Must be a sole trader, partnership, limited liability partnership (LLP) or limited company (LTD)
- Must be registered and eligible to pay tax in the UK
- Have a maximum of 10 directors
*The £5 monthly fee is waived for 12 months for new Business Current Account openings. The offer is available for a limited time only. Cynergy Bank reserves the right to withdraw the offer at any time. T&Cs apply.
Show More Products From Cynergy BankShow Fewer Products From Cynergy Bank
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
n/a -
Overdraft
-
Access
App/Online
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
n/a
App/Online
Product Features
- Free package with 300 free virtual cards and an unlimited number of free physical cards
- Free multifunctional dashboard for tracking and managing expenses
- No top-up fee (in EUR), no transaction fees, no usage fee, no issuance fee, and no fee for adding extra users
- App included and API for integrations with any CRM accounting software
Eligibility Criteria
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Must have an eligible business bank account
Free package of 300 virtual cards with zero fees or limitations
Show More Products From WallesterShow Fewer Products From Wallester
-
Monthly Fee
Free*No monthly account fee for the first 12 months, for new customers, then £8.50 per month. T&Cs apply. -
Card Purchases
FreeCharges for some bank transfers and card payments apply. -
Bank Transfers
FreeCharges for some bank transfers and card payments apply. -
Overdraft
-
Access
App/Online/Branch
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free*
No monthly account fee for the first 12 months, for new customers, then £8.50 per month. T&Cs apply.
Free
Charges for some bank transfers and card payments apply.
Free
Charges for some bank transfers and card payments apply.
App/Online/Branch
Product Features
- No monthly account fee* plus access to discounted services via key partners to help you set up and run your business effectively, worth over £5,000**
- A UK-based team of business managers to help you manage and grow your business
- Simple and secure online banking with group payments and cash collection booking tools
Eligibility Criteria
- Businesses with existing Barclays business current accounts aren’t eligible for this offer. After 12 months, you’ll pay £8.50 per month. Fees and charges will apply in line with the business account tariff which may be subject to change.
- Must be over 18, a UK resident and a sole trader or the director of a limited company
- Overdrafts are subject to application, financial circumstances and borrowing history.
*Businesses with existing Barclays business current accounts aren’t eligible for this offer. After 12 months, you’ll pay £8.50 per month. Fees and charges will apply in line with the business account tariff which may be subject to change.
**Terms and conditions apply per partner, see partner website for details
**Terms and conditions apply per partner, see partner website for details
Show More Products From BarclaysShow Fewer Products From Barclays
-
Monthly Fee
Free*No monthly account fee for the first 12 months, for new customers, then £8.50 per month. T&Cs apply. -
Card Purchases
FreeCharges for some bank transfers and card payments apply. -
Bank Transfers
FreeCharges for some bank transfers and card payments apply. -
Overdraft
-
Access
App/Online/Branch
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free*
No monthly account fee for the first 12 months, for new customers, then £8.50 per month. T&Cs apply.
Free
Charges for some bank transfers and card payments apply.
Free
Charges for some bank transfers and card payments apply.
App/Online/Branch
Product Features
- No monthly account fee* plus access to discounted services via key partners to help you set up and run your business effectively, worth over £5,000**
- A UK-based team of business managers to help you manage and grow your business
- Simple and secure online banking with group payments and cash collection booking tools
Eligibility Criteria
- Businesses with existing Barclays business current accounts aren’t eligible for this offer. After 12 months, you’ll pay £8.50 per month. Fees and charges will apply in line with the business account tariff which may be subject to change.
- Your turnover must be between £400,000 and £6.5 million per year
- Must be over 18, a UK resident and a sole trader or the director of a limited company
- Overdrafts are subject to application, financial circumstances and borrowing history.
*Businesses with existing Barclays business current accounts aren’t eligible for this offer. After 12 months, you’ll pay £8.50 per month. Fees and charges will apply in line with the business account tariff which may be subject to change.
**Terms and conditions apply per partner, see partner website for details
**Terms and conditions apply per partner, see partner website for details
-
Monthly Fee
Free*No monthly account fee for the first 12 months, for new customers, then £8.50 per month. T&Cs apply. -
Card Purchases
FreeCharges for some bank transfers and card payments apply. -
Bank Transfers
FreeCharges for some bank transfers and card payments apply -
Overdraft
-
Access
App/Online/Branch
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free*
No monthly account fee for the first 12 months, for new customers, then £8.50 per month. T&Cs apply.
Free
Charges for some bank transfers and card payments apply.
Free
Charges for some bank transfers and card payments apply
App/Online/Branch
Product Features
- No monthly account fee* plus access to discounted services via key partners to help you set up and run your business effectively, worth over £5,000**
- A UK-based team of business managers to help you manage and grow your business
- Simple and secure online banking with group payments and cash collection booking tools
Eligibility Criteria
- Businesses with existing Barclays business current accounts aren’t eligible for this offer. After 12 months, you’ll pay £8.50 per month. Fees and charges will apply in line with the business account tariff which may be subject to change.
- Your turnover must be between £1,000 and £400,000 per year
- Must be over 18, a UK resident and a sole trader or the director of a limited company
- Overdrafts are subject to application, financial circumstances and borrowing history.
*Businesses with existing Barclays business current accounts aren’t eligible for this offer. After 12 months, you’ll pay £8.50 per month. Fees and charges will apply in line with the business account tariff which may be subject to change.
**Terms and conditions apply per partner, see partner website for details
**Terms and conditions apply per partner, see partner website for details
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
From 20p- Domestic: 20p per bank transfer
- International: £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
-
Overdraft
-
Access
App/Online- No cheque facilities
- Cash accepted via PayPoint (1% commission fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
From 20p
- Domestic: 20p per bank transfer
- International: £5 per SWIFT transaction (+1% currency conversion fee)
- Free direct debits
App/Online
- No cheque facilities
- Cash accepted via PayPoint (1% commission fee)
Product Features
- 1 debit card included (£3 per extra card) – 1% cashback on selected categories
- Personal payment link for accepting payments online (1% commission)
- Instant invoice generator and savings pots facility (fees apply)
- Landlords / property investors get a free 12 month subscription to the National Residential Landlords Association (NRLA)
- FastTrack to Credit – Boost your credit score and get access to credit after 3 months activity
Eligibility Criteria
- Must be a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
- Business must be located within the UK and you also need to have a UK residential address
- Not available to charities
ANNA Business comes with invoice generator tools, HMRC recognised Tax calculator and filing. Automate your bookkeeping with ANNA.
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-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeDirect Debits, BACS, Faster Payments: Free
CHAPS: £25 via phone; £15 via online banking -
Overdraft
-
Access
Full
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
Free
Direct Debits, BACS, Faster Payments: Free
CHAPS: £25 via phone; £15 via online banking
CHAPS: £25 via phone; £15 via online banking
Full
Product Features
- Ideal for start ups and growing businesses who bank digitally
- Free everyday digital business banking. No monthly fee. No charges for all automated credits, cash withdrawals and debit card purchases
- Integrate your accountancy software like Xero, Sage or Quickbooks within your online banking
- Online and in-person banking including mobile, instant secure messaging, UK based contact centre, and in branch
- Most receive their account details within three days
- Co-operative Bank business customers get free, unlimited access to the Go Get Paid app – the fast, simple and secure way to get paid
- Customers can also access selected Clover payment terminals for £1 a month for their first 12 months (fees apply).
Eligibility Criteria
- Must be a UK resident with a business address in the UK
- Must be 18 or over
Charges apply for cash and cheque transactions and other special services e.g. foreign and CHAPS payments. You can deposit cash in branch and in the Post Office for £1.50 per cheque or £1.50 per £100 of cash deposited.
An overdraft arrangement fee applies and where security is required, additional security fees may apply.
Application subject to status (including credit checks and an assessment of your financial circumstances), eligibility and T&Cs.
An overdraft arrangement fee applies and where security is required, additional security fees may apply.
Application subject to status (including credit checks and an assessment of your financial circumstances), eligibility and T&Cs.
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-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free for one year*Free bank transfers for one year, 20p thereafter -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
Free
Free for one year*
Free bank transfers for one year, 20p thereafter
App/Online
- No cheque facilities
- Cash deposits via Post Office (0.5% fee, minimum £2.50) and PayPoint (3% fee)
Product Features
- Create and send invoices for free
- Multi-business – hold up to 5 business accounts
- Automated 30-day cash flow forecasts
Eligibility Criteria
- For registered business account: you must be registered with UK Companies House as a director of that company or partnership
- For sole trader account: you must be a UK based sole trader/freelancer
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
*Complete the application and spend £500 within 60 days of opening your account to receive a £150 cashback from TIDE. Enter code 150BOOST when you sign up. T&C apply.
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-
Monthly Fee
FreeNo monthly fee for first 3 months, £3 per month thereafter -
Card Purchases
Free -
Bank Transfers
30p -
Overdraft
-
Access
AppNo cheque facilities.
Cash paid in via Post Office (0.5% fee – £2 minimum) and PayPoint (3% fee)
Monthly Fee
Card Purchases
Bank Transfers
Overdraft
Access
Free
No monthly fee for first 3 months, £3 per month thereafter
Free
30p
App
No cheque facilities.
Cash paid in via Post Office (0.5% fee – £2 minimum) and PayPoint (3% fee)
Cash paid in via Post Office (0.5% fee – £2 minimum) and PayPoint (3% fee)
Product Features
- Monthly subscription fees that go up and down in line with your business performance
- Rated ‘Excellent’ based on over 2,000 reviews on Trustpilot
- Built-in accounting software with receipt capture and live business insights
Eligibility Criteria
- Available to sole traders and limited companies
- You must be 18+ and a UK resident
- £750 maximum monthly deposit
Pay no subscription fees during your trial. Other transaction charges may apply.
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Types of business bank accounts available
How to compare business bank accounts…
Step One
Understand your requirements
How you do business will effect the type of account you need. How many transactions will you have each month? Do you need to pay in cash? Do you need a local branch?
Step Two
Check eligibility
Most providers have a range of business accounts to suit different types of businesses. Check the eligibility of each account to make sure if suited to your business.
Step Three
Compare the latest deals and offers
There are numerous offers and deals to attract new customers which can be compared with our handy tool above. Always consider the cost of the account once the free period ends
Free Business Bank Accounts in the UK
Navigating the landscape of business banking in the UK can seem daunting, especially with so many options available. For many small businesses, startups, and freelancers, the allure of a free business bank account is significant. But what does “free” truly entail, and how can you make an informed choice? Here’s a guide to help you decode free business bank accounts in the UK.
1. Understanding ‘Free’ Business Banking
Most ‘free’ business bank accounts offer a period during which no monthly maintenance fees are charged. This period can range anywhere from around 6 months to a couple of years. After this fee-free period, standard charges typically apply.
2. Why Opt for a Free Business Bank Account?
- Cost Efficiency: Especially for startups or businesses with limited cash flow, avoiding additional monthly expenses can be beneficial.
- Simplified Banking: Free accounts typically offer basic banking services, making them user-friendly and straightforward for those new to business banking.
- Flexibility: A fee-free introductory period allows businesses to test the waters without the commitment of monthly costs
3. Features to Look Out For
While the primary allure is the absence of fees, there are other essential features to consider:
- Duration of Fee-Free Period: The longer, the better. However, also consider the charges applied after this period.
- Online Banking: Ensure the bank provides a robust online platform for easy financial management.
- Transaction Limits: Some banks might limit the number of free transactions, after which charges may apply.
- Additional Perks: Some free accounts come bundled with perks such as free accounting software trials, business advice, or discounted services.
4. Potential Pitfalls
- Hidden Charges: While the account may be free from monthly maintenance fees, there could be charges for specific services like international transfers, ATM withdrawals, or if you exceed a transaction limit.
- Limited Features: Some free accounts may not offer all the features that a growing business requires, such as extensive international services or integrations with advanced accounting software.
5. Best Practices When Choosing
- Assess Your Needs: Understand your business’s banking needs – the volume of transactions, types of services required, international needs, etc. Read our article on how to choose the right business bank account for your needs.
- Compare Widely: Don’t just opt for the first free account you come across. Compare various offerings to find one that aligns best with your business’s needs.
- Review Feedback: Look for reviews or feedback from other businesses to gauge the quality of service and customer support.
6. Transitioning After the Free Period
Once the fee-free period ends, you’ll be faced with standard charges. It’s crucial to:
- Be Prepared: Mark the end date of your fee-free period and review the standard fees in advance.
- Evaluate Value: If you’re satisfied with the service and feel the fees offer good value, continue with the account. Otherwise, consider switching.
- Switching Accounts: The Current Account Switch Service (CASS) makes it relatively pain-free to switch business bank accounts in the UK.
7. Digital Banks vs Traditional Banks
In recent years, digital-only providers have emerged as fierce competitors to traditional banks. Many of them offer free business accounts with competitive features. Digital Only platforms often have lower operating costs, translating to extended free periods or lower subsequent fees. However, they lack physical branches which some businesses might prefer.
A free business bank account can be an attractive proposition for UK businesses looking for cost-effective banking solutions. However, it’s essential to delve deeper than just the allure of “free.” Understand the features, be wary of potential hidden costs, and always choose an account that aligns with your business’s present and future needs. With diligent research and a clear understanding of your requirements, you can harness the benefits of free business banking without any unwelcome surprises.
About This Information
Our articles, guides & reviews are provided as generic information only. Any expressed view, product or service mentioned within these does not constitute as financial advice or recommendation by us.
Be mindful that information may have changed since publication.