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.
You can also withdraw money in person and without penalty. NatWest allows clients to access their cash whenever necessary, which is a perk because some banks do not even provide for this type of service.
Software Integration: 3.8/5
NatWest does not currently offer software integration directly into your business bank account dashboard, which tops the list of recent consumer complaints. However, you can still carry out most of your banking needs via online banking and the NatWest mobile applications. The mobile app and online banking platforms are user-friendly, which is a nice bonus.
Banking Perks: 4.2/5
There are quite a few banking perks offered by NatWest, including plenty of ATM access and account selections. Overdraft protection is a significant benefit, especially for new businesses, and NatWest has many funding solutions for their business clientele.
There are fees associated with NatWest accounts that you probably won't find with other digitally-based business bank accounts, so this is important to consider while shopping around for the account that will best work for your company.
NatWest is a solid choice for any business bank account unless you've got an aversion to fees. Do note that NatWest sets its business banking fees depending on the product and the individual company's circumstances. Make sure you regularly check their website to find out which of their accounts aligns with your company’s current business interest.
7. HSBC Kinetic - Free Business Banking Period
Pros
Wide range of business current account offers
Free business banking period for new customers
Software integration
Overdraft protection
Cons
Monthly charges and fees on business transactions
HSBC is one of the world's better-known banks, and the HSBC Kinetic business bank account is a modern take on a traditional bank account. As one of the major central banks, HSBC offers mobile, online, and branch banking and accounts available to all business sizes, including small enterprises.
HSBC provides a free banking period for startups and new customers, but some hefty fees can come barreling in once it ends.
Business Card: 4.8/5
The HSBC Kinetic business card is a free VISA card that you can use anywhere, including overseas. There are foreign account currencies available, so you can pay your connections no matter where you live in the world. The HSBC VISA does not enforce any transaction fees.
Software Integration: 4.7/5
HSBC Kinetic offers superb software integration, and you can connect your business bank account to Quickbooks, Sage, and Xero. From what we’ve seen, the connection is seamless, and the online banking platform makes it easy to get started right away.
Banking Perks: 4.8/5
HSBC has plenty of banking perks that can keep you coming back for more. While there is a free banking period, you'll have to begin paying a monthly maintenance fee when your free trial is up.
While the price is relatively low, it still kicks HSBC back a bit regarding competitive costs. On the other hand, its support for your business bank account online and the mobile platform is rather good.
HSBC is a great option for those that want an established bank with available branches and a good virtual banking platform. Despite the fees, HSBC provides for a more than solid business bank account, and if you're into traditional banking, it can even be a great option.
8. Metro Bank - Business Current Account for In-Person Business Banking
Pros
Physical branches and extended open hours
Manage all accounts from the same application
Use the debit card in Europe for free
Link to accounting software with business current account
Cons
Complicated monthly fees relating to personal account
First, know that there are many products available from Metro Bank and just as many fees associated with them. This can get a bit complicated initially - fees are established based on how much you keep in your business bank account and how you use it, meaning they can change regularly.
Business Card: 4.6/5
You can use the Metro Bank business card across Europe for free, and there is plenty of access to ATMs. You can load cash onto the debit card if you need to, and the transaction fee for that is relatively low. In addition, Metro Bank will print your card the day you open your business account.
Software Integration: 4.5/5
The software integration for Metro Bank is good but not great, despite the fact that the online interface and mobile app are easy to use. You can connect Xero to your business bank account, but that is currently the only software option available. However, even one choice is better in comparison to some of Metro Bank’s competitors.
Banking Perks: 4.4/5
There are some perks to banking with Metro Bank, primarily the open branches with extended hours. You can manage all of your Metro Bank accounts from the same application and use your debit card for free.
It's a solid choice if you don't mind fees that fluctuate depending on how you use your business account, leaving you with no option but to deal with its somewhat unpredictable monthly costs.
All in all, Metro Bank is a great place to start if you're shopping around for a business account and prefer the good old in-person banking.
9. Lloyds - Top Big Bank With Free Business Banking Trial
Pros
Free business banking trial available
Management team for business current accounts
System to take customer cards in place
Various ways to bank with a personal bank account
Cons
Various fees, including monthly when the free trial is over
Lloyds is a familiar name in the UK, and when you open a business account with them, you can bank online, by telephone, or from a mobile application. Lloyds want to appeal mainly to those that are uncomfortable with a digital-only bank. This bank also offers business loans and credit cards.
Business Card: 4.7/5
The Lloyds business bank card is a solid choice. It offers overdraft protection on your business account in case of an accidental overdraw and free banking for the first few months of banking. Once the trial is up, you'll pay a monthly fee, but your card-based business transactions will remain free as long as you use it in the UK.
Software Integration: 3.9/5
One of the saving graces for Lloyds in the software integration area is that their mobile and online banking is so easy to use. While there aren't any ways to directly integrate software for accounting into your Lloyds business account, the interface is very user-friendly and offers many solutions to clients.
Banking Perks: 4.3/5
Lloyds is an excellent bank for many reasons, including a reliable business card with overdraft protection. When it comes to working with a traditional bank with a solid mobile app and online banking, the first few months of free banking may be just enough to keep clients even after the fees kick in.
Lloyds is a fine bank for those who prefer a traditional route without putting too much weight on various monthly fees. If working with a big bank appeals to you for any reason, this is a name you’d do well to include in your list of business bank account providers.
How To Select the Best Business Banking Services: A Guide
There are many questions about business bank accounts because it's such an overwhelming decision to make. Your business account can directly affect your business, which is particularly true for startups and those in the process of switching banks.
When choosing the best business account in the UK, it is necessary to consider technology, free trials, member perks, and the consistency of fees. Modern-day technology today is crucial, primarily when it comes to integrating accounting software to keep your business running as smoothly as possible.
Free trials are becoming more common concerning banking and can be very helpful in choosing the correct business bank account. A free business card with overdraft protection and minimum to zero transaction fees regardless of user location is also an essential component of a business account.
When choosing a business bank account, you'll want to consider the various member perks available for you, which differ from bank to bank. The best business bank account should be transparent as possible, especially concerning fees and additional banking costs.
Should my business account be fully digital?
Your business account doesn't have to be fully digital to work with the software you want to use. There are more traditional banks that offer applications and mobile banking in which you can utilise your accounting software. Digital banking is a fantastic option, but it's not a requirement.
What should I do if my account of choice doesn't include software integration?
If your business account doesn't offer software integration, but you like every other aspect of it, it won't break your business. You can still run your accounting software, but it might take longer if you can't sync it automatically. It's all about how much time you want to dedicate.
Should I stay away from fees?
Staying away from fees depends entirely on your financial situation. Some business banking accounts come with a long list of fees attached to their price tag, while others have none, so it's up to you to decide what you want in the end.
Is it wise to take advantage of a free trial?
If you think you might be interested in using the services of a specific bank, taking advantage of the free trial (if offered) is a great way to gauge if it's a good fit. Free trial lengths differ, so make sure you know the length of the trial for your business current accounts and the exact fees that will be incurred when the trial ends.
How important is ATM access?
ATM access is paramount for businesses unless you want to be on the constant lookout for an open branch. Some banks have branches scattered everywhere, and some have one or two. Overall, ATM access is something you'll want at least moderate access to.
Is a monthly service fee standard?
For most business bank accounts, primarily big banks, monthly service fees are the norm. You can often avoid these by choosing a digital option, but not always. If business bank account fees are vital to you, ensure you have a comprehensive list of them before proceeding with your business account.
Which Is the Best Business Bank Account For You? - The Verdict
If you want to compare business bank accounts, your job will be easier if you know which direction you'd like your business to take. In other words, before you decide, you have to know what you truly want for your business and which business account components you feel may improve your business.
Even while drafting a list of your business priorities, know that the best business bank account should make your financial operations easier at all times. This is, at least, how we picked out the best banking services for business accounts here.
This does not mean that they are all uniform in what they offer - if you prioritise the wealth of perks to enjoy, Tide can scratch that itch.
On the other hand, if mobile banking tops your list, Anna Money will want to give you a hand, just as Soldo will do if you focus on smooth bookkeeping.
In any case, Playtogga hopes you’ll be as thorough in studying all aspects of various business bank accounts presented here as they were in weighing the pros and cons that can have an impact on your business bank account needs.