Best Business Bank Account in the UK, Reviewed in 2022
Business bank accounts are essential to effectively managing any business funds properly. Yet, finding the right business account can be frustrating, particularly when you lose sight of the initial goal: the best business bank accounts are those that actively work for your business.
How many of them promise to do just that for your business, particularly if you are running a small enterprise? Too many, in Playtogga’s opinion.
This is where Playtogga’s list of the most business-friendly bank accounts in the UK comes in, as these banks will go beyond merely opening a business account to you and offer you an option or two to help you keep your business finances healthy.
By going for top picks such as Tide, you'll, for instance, have a better idea of how to manage your business at all times, spot potential tax deductions and provide the most significant returns.
Finally, opening a business account with a quality provider is the best way to know if you're turning a profit from the start.
So, check out the list of the best business bank accounts in the UK so that you can pick the perfect one to run your business successfully.
Best Business Bank Account in the UK:
Tide - Best business bank account in the UK overall
Anna Money - Most mobile-friendly business bank account
Soldo - Business bank account for seamless bookkeeping
Barclays - Get a traditional personal account
Co-Operative Bank Business Direct Plus - Great collection of business accounts
NatWest - Widest business ATM availability
HSBC Kinetic - Free banking period
Metro Bank - If you prefer in-person business banking
Lloyds - Free business banking trial with a big bank
DISCLAIMER: This article isn't intended as a substitute for regular financial advice. Please speak to your professional advisor before making important financial decisions.
1. Tide - Best Online Business Banking Service Overall
Pros
Quick setup
A basic business account comes with no monthly fee
Integrates with popular accounting software
You can upgrade to paid business accounts
Categorise your spending
Cons
No physical branches
No overdraft protection
Tide gives businesses a wide range of plans from which to choose so their customers can pick out the one that best suits the needs of their business and model. Tide accounts come with quite a few beneficial features, such as a business Mastercard that you can use in the UK and abroad.
Business Card: 4.9/5
The Tide business Mastercard has many perks, including setting spending limits and use in and out of the UK. You can have more than one card, and place a spending limit on each of them, so more than one person in your business can hold a card without overspending. Cash withdrawals are made easy with ATM access.
Software Integration: 4.7/5
You can easily integrate your Tide business account with many types of accounting software, including Sage, Xero, and Quickbooks. Tide makes it easy to manage your expenses and closely look at where your business funds go on a daily basis. If you pay to upgrade to a priority account, you'll get access to superb customer service via the phone and mobile app.
Banking Perks: 4.8/9
Tide offers the ability to create and send invoices, customising them with your logo and information. You can download and export your bank statements, while Tide also allows registered businesses to open up to 4 business accounts. There is a 24/7 legal helpline available and an Invoice Assistant that helps create and track invoices.
Tide is a highly digitised business banking platform with many perks that can work well for large and small businesses. If you're ready to open a business bank account, Tide can offer you much in the way of business-focused banking services.
2. Anna Money - Business Bank Account That's Mobile-Friendly
Pros
Fully mobile platform with a business account
Easy to make cash deposits
Tax deadline notifications
Low fees and free starter business account
10-minute setup process
Automated invoice reminders
Cons
No actual bank branch
Limited eligibility
Although the Absolutely No-Nonsense Admin (ANNA) company was launched only 4 years ago, they have managed to establish themselves as a force to be reckoned with in the banking market. While you’ll have to obtain a UK status of directorship to open your business bank account (casual freelancers need not apply), their free plan is, luckily, feature-packed.
Business Card: 4.7/5
Because ANNA doesn’t offer credit, applying for one won’t affect your score. Your first debit card is 100% free, and additional cards are priced at an eye-catching £3 per month. After you open a business bank account, you’ll receive your debit Mastercard within 5 business days.
Local transactions are free to initiate, although international payments will cost you £5 on their “Pay-As-You-Go” plan.
Software Integration: 4.8/5
ANNA gives users the opportunity to connect their personal and business accounts with the mobile app. In this way, you can get a clear, all-encompassing financial snapshot without much effort.
Their platform also works with the HMRC to calculate your corporate tax payments and remind you of upcoming deadlines. In other words, ANNA will do its best so that you’ll never have to pay a late fee again.
You can also connect any personal payment link you’d like, provided you’re willing to pay ANNA’s 1% transaction fee for the added privilege. For local cash transactions, you’ll be charged 20 pence per transfer.
However, there is no actual bank branch you can visit. Thankfully, ANNA’s wide range of fee-free ATMs makes it easy to make cash deposits and withdraw cash to your mobile business account.
Banking Perks: 4.5/5
ANNA automates the invoicing process to help you chase down those flaky clients. Using their chat-based system, you can schedule payments, create invoices, pay your whole team, and send polite reminders to other companies.
Their 10-minute setup process can be completed directly from your phone, and you’ll get a free, pay-as-you-go plan that only charges you for the services you use.
Card payments are completely free, and their minimal 0.5% currency conversion fee makes it easy to conduct business across national borders.
If you upgrade to their Business or Big Business packages, your first month remains free of charge.
3. Soldo - Top Business Accounts for Seamless Bookkeeping
Pros
Set spending limits
5 free employee cards
Dedicated expenses app
Export data to accounting software
All bookkeeping data is pre-sorted
Cons
Can’t reload prepaid cards on mobile
Can’t manage a business account via app
Soldo aims to remove the prospect of tedious and frustrating manual labour from end-of-month accounting processes. From its 5 free prepaid cards to a dedicated employee expenses application, Soldo keeps all your financial data in sync (so you don’t have to).
Business Card: 4.5/5
You can apply for Soldo in minutes, and you’ll receive up to 5 free cards within 3 to 5 business days of registering. You can preload each employee card with a set budget and strict rules that prevent shady spending and a leaky cash flow.
Although you’ll have to use their desktop website’s online dashboard to add funds, the whole process is both intuitive and convenient.
Employees can take a picture of their receipts, add a note, and send it down the pipeline for you to receive real-time spending notifications. You can also block unauthorised transactions before they happen.
Software Integration: 4.6/5
Soldo seamlessly integrates with Xero, QuickBooks, Datev, and Sage accounting software, so you’ll gain a clear financial snapshot of this month’s expenditures without lifting a finger.
If you don’t see your preferred bookkeeping platform on this list, Soldo makes it easy to export in-sync data to any platform with a few simple clicks.
Gone are the days of adding receipts to spreadsheets and manually calculating your monthly cash flow. With the touch of a button, you can view where, when, and how your budget was spent.
They claim to shave “45 minutes” off the average expense report, so you and your team can get back to doing business in the meantime.
Banking Perks: 4.3/5
Soldo gives users a dedicated expenses app that’s viewable on mobile so you can see what’s being purchased in real-time. Transactions are sorted by vendor, category, amount, and more.
You can control where, why, and how much money is spent on your company’s behalf with a few simple taps. Much like DoorDash, your employee’s prepaid card won’t authorise an under-the-table transaction.
When you bank with Soldo all your bookkeeping data is presorted before the next monthly business finances meeting rolls around. You can track payroll, expenditures, and invoices without sifting through multiple apps to figure out your overhead.
4. Barclays Business Account - Traditional Business Banking Account
Pros
Different pricing plans to choose from
Great business support
Multiple ways to bank
Many business product options
Cons
A little pricey for a bank account
No 24/7 customer support
Barclays is a well-established banking institution in the UK, offering a wide array of business accounts that cater to many different businesses. The Barclays business bank account comes with a monthly fee, which many digital options don't have, but it's not uncommon for business owners to prefer a business account with a high-street bank.
Business Card: 4.6/5
The Barclays business card comes with some perks, like a spending limit feature and the ability to use it anywhere you need it. It works outside the UK, though some monthly fees may apply. The Barclays business card is a great option for startups and established businesses, and it's widely accepted.
Software Integration: 4.7/5
Barclays offers users access to some software integrations, but the technology isn't as impressive as Tide’s business bank account, for example. Barclays does allow the connection of PayPal and Quickbooks, but that's all so far.
Keep this in mind if you plan to rely on something outside of these platforms.
Banking Perks: 4.5/7
Barclays can be a turn-off to some business owners because of the fees associated with opening a business account. On the other hand, there are many ways to bank with Barclays, such as the mobile app, over the phone and online banking.
After the first year, business owners will receive eligibility for the loyalty award, which means you could receive a discount on fees. While you can say that business banking fees and interest rates could be lower, it's still a fine place to bank for business.
Though not as digitally advanced as Tide (but still armed with an award-winning app) and with higher fees than other business bank accounts, Barclays is a great option for many account holders if your interest veers towards a more traditional approach to banking.
5. Co-Operative Bank Business Direct Plus - Offers Variety of Options
Pros
Wide range of business accounts
Branch network (small)
Various financial accounts are available
Certain accounts have free banking
Cons
Some accounts have a monthly fee
The Co-Operative Bank Business Direct Plus account allows users to utilise online and mobile banking with their Co-Operative business accounts. The bank has a small branch network, so it’s not guaranteed that you’ll be able to find one near you.
The wide range of available accounts means you can find one to suit your particular business needs while minding the costs involved with specific ones.
Business Card: 4.5/5
You can use the Co-Operative business VISA card anywhere, but bear in mind that the transaction fees for international transactions can add up quickly. Free withdrawals are available at UK ATMs, but only at those that do not charge a fee. Everyday banking transactions are free if you own a business current account.
Software Integration: 3.5/5
The software integration for the Co-Operative business bank account isn't that great, and according to consumer reviews, it's virtually non-existent. While you can track separately with your accounting software, integration isn't available at this moment.
However, Co-Operative makes it very easy to see what you're spending, so the user-friendliness of their online banking platform can help you. The mobile application needs some work and updates to remain current, but it is serviceable at the moment.
Banking Perks: 4.5/5
Co-Operative Bank Business Direct Plus offers 5 different accounts that cater to businesses of all shapes and sizes. The Co-Operative offers business banking internationally, and they have local branches for those that prefer to bank in person. Digitally, the Co-Operative is advanced, allowing consumers to do most (if not all) of their banking online.
The Co-Operative Bank Business Direct Plus is a fine banking service that loves to offer you plenty of options, is suited for those that don't mind fees and can work well with a traditional/online banking mix.
6. NatWest - Top Bank for ATM Availability
Pros
Easy access to money with over 3,000 ATMs
Pay your bills at ATMs
Great customer service
Branches open late and on Sunday
Cons
High bank charges for business current account
NatWest may not have the best reputation for fast customer service, but when you can access it, you usually get excellent customer service.
Most ATM and cash withdrawals are free, but NatWest has not been immune to consumer complaints regarding the bank raising its fees since the pandemic broke out. Yet, some complaints like long lines at certain times of the day are beyond their control, to be fair.
Business Card: 4.7/5
The NatWest business card is available in both debit and credit forms. ATM withdrawals are free regardless, though those fees could depend on the location and type of ATM you use.