As a small business owner, knowing which bank suits your company best isn’t always easy. You could be a new business owner or a well-established one looking to change who you bank with. At FastPay, we have taken the time to compile a list of the best business bank accounts available in the UK to aid you with your queries.
Barclays Bank is ideal for almost all companies, offering business bank accounts for emerging or established small businesses.
- 12 months free banking for start-up businesses
- Expert advice from Barclays’ Business Direct Team
- £6 per month with a Mixed Payment Plan and £6.50 per month if you have an e-Payment Plan
Clydesdale Bank provides a business bank account with one of the lengthiest free banking periods.
- Must have established your business no longer than 12 months prior to setting up a business bank account with Clydesdale Bank.
- 25 months free banking period
- £6.50 per month Business Banking Tariff
- Cash transaction limit of up to £250,000 annually
At HSBC you can choose between the Small Business Tariff or the Electronic Banking Tariff, both with bonuses such as a free banking period for 18 months.
- £6.50 a month account fee
- Available for businesses with a turnover of up to £2million
- 18 months free banking period for new companies
- 12 months free banking period for existing businesses moving to HSBC
- Cash transaction limit up to £3,000 per month with 0.50% per every £100 exceeding the limit.
- Annual reviews to ensure your business account rates match your businesses requirements.
If you choose to bank with Lloyds, you’ll have access to business loans, insurance and overdrafts in addition to your business account benefits.
- Free electronic payments
- 18 months free banking period
- Emerging businesses with a projected turnover of up to £3million qualify for 12 months free daily banking
- Existing companies are eligible for 6 months free banking
Metro Bank provides business bank accounts for SME’s and start-up businesses with a monthly account fee waived if the account holder’s balance exceeds £5,000 each month.
- Suitable for businesses with a turnover under £2million
- £5 monthly account fee if you’re account holds under £5,000
- 50 fee-free UK transactions for a month if accounts in excess of £5,000
- Only 30p per UK transactions for accounts with a value below £5,000
Natwest offer a Startup account or Business account for anyone over the age of 18 who is permitted to be self-employed in the UK.
- 18 months free banking period
- The business account is available to anyone who has been trading for over a year with a turnover of up to £2million
- Startup accounts are for those whose businesses have traded for less than 12 months
- Standard Published Tariff following the free banking period
Santander have two small business bank accounts available. Both the Business Current Account and 123 Business Current Account are relatively similar, with cashback for the 123 Business Current Business Account being the only significant difference between the two.
- £1,000 cash transaction limit per month with an additional 70p charge per every £100 exceeding the limit
- Eligibility is subject to the account being the first business account created and no more than 12 months trading to have occurred.
- 18 months free banking period for new businesses and 12 months for anyone changing to Santander
- £7.50 account fee subsequent to the free banking period you qualify for
- Nominate colleagues to have access to this account
TSB offer a Business Plus account for partners, directors and sole traders, with perks such as account text alerts and other digital notifications.
- 25 months free banking period for new account holders or those moving to TSB
- £5 banking fee per month which is waived if the account balance averages at more £10,000 a month or more
- Over 500 TSBs nationwide in the UK
The Yorkshire Bank’s business account is similar to the Clydesdale Bank business account as they also offer a 25-month free banking period for businesses with a turnover of less than £2million.
- Available to existing businesses looking to change banks or emerging businesses with less than 12 months of trading
- £6.50 business banking tariff succeeding the free banking period
- £250,000 cash transaction limit per year
Choose FastPay for DD Payments into your Business Bank Account
No matter who you choose to bank with, FastPay can take care of your Direct Debit and Credit needs for your business – ensuring your company’s payments are taken care of effortlessly and securely. Learn more about cheap direct debits with FastPay.