What are the best business bank accounts in the UK?
All the tools and support you need to run your business

If you are the owner of a business or a sole trader, a business bank account helps to separate your company finances from your personal finances. Additionally, they’re specifically designed to help you run your business with business-friendly services and features.

So, just like people have personal current accounts, businesses need bank accounts to carry out everyday transaction – from purchasing raw materials to paying employees and contractors.

How to find the best business bank account for you

Use the table above to compare business bank accounts, then click “view deal” next to your chosen option and follow the online application process on the bank’s own website.

It’s possible to have your online business bank account up and running in minutes, but to ensure the process is a smooth one, take the time to collect as much information as possible about your business before you apply. You should also check that your business meets any specific conditions set by the bank – such as its size or turnover.

What to look for in a business account

Your company’s specific banking needs will determine the best business bank account for you, because each bank offers different features. Take the time to compare them all to discover which one fits your business’s needs best.

Best free monthly bank account
What to look for in a business account

Your company’s specific banking needs will determine the best business bank account for you, because each bank offers different features. Take the time to compare them all to discover which one fits your business’s needs best.

Guidelines on applying for a bank account

UK Finance has teamed up with UK banking providers to pull together some guidelines on what you need before you apply for a small business bank account.

These rules only apply to existing businesses that have a turnover of less than £6.5 million, have a clearly defined ownership structure and have all its owners operating in the UK.

In general, UK Finance recommends that you get the following bits of documentation ready in advance. Most business current account providers will be looking a few key pieces of information.

  • Your full and valid UK or foreign passport
  • Your national identity photocard
  • Your full UK paper driving licence
  • Your full UK or foreign photocard driving licence as issued by a member state of the EU or the EEA
  • Your full UK driving licence;
  • Your full UK or foreign licence photocard driving licence as issued by a member state of the EU or EEU;
  • UK or foreign bank or credit-card statement (must be less than three months old and not printed from the internet);
  • UK mortgage statement (less than 12 months old and not printed from net);
  • Council tax bill, payment book or exemption certificate (must be less than 12 months old);
  • A letter or bill from a utility company (less than six months old, avoid mobile phone bill).
  • Your Companies House registration number (if you have one)
  • Details about your business including turnover, tax information and other capital
  • Details of all company directors or partners, including name, date of birth, address and National Insurance number

You can move through this guide on UK Finance to make sure you meet the requirements.

Once you’ve collected your documents, it’s time to choose an account. We’ve rounded up some of the favourites on the market.

Traditional banks

To give you an idea of what to expect, we’ve created a table of the best business bank accounts in the UK, detailing each provider’s key offerings for small businesses.

FAQs

Your burning questions, answered.

Small Business Pro was launched by SmallBusiness.co.uk (the UK’s number one website for small business owners, running for over 25 years). 

We’re owned by Stubben Edge, an exciting technology business on a mission to help more people to start, run and grow their own businesses.  

Our membership advisors come from a range of backgrounds, but they’re all passionate about supporting UK small businesses (while earning some money for themselves in the process).  

You will earn commission on every new business member you sign up, so the sky is the limit – depending on how much time you’re able to spend on finding and talking to new members.  

We have advisors who do it to earn a bit of extra cash and others who work on SB pro full-time.  

This is completely up to you, but obviously the more time you can invest in recruiting new members, the more you’ll earn! 

There are no time limits or set hours – we want this to fit around your life and work for you. 

There’s a £10 joining fee, to cover the cost of setting you up and your membership advisor training. We also charge a small ongoing training fee from your fourth month. 

There’s a £10 joining fee, to cover the cost of setting you up and your membership advisor training. We also charge a small ongoing training fee from your fourth month. 

There’s a £10 joining fee, to cover the cost of setting you up and your membership advisor training. We also charge a small ongoing training fee from your fourth month. 

Barclays

Barclays offers start-up and normal business accounts.

You’ll get free banking for 12 months with the Start-up Business Account. Plus, get free invoicing and account software from FreshBooks, worth more than £260 per year, and a UK-based team of business managers to help you grow your business.

Accounts for more established businesses are available to those with a turnover of up to £400,000 or between £400,000 and £6.5 million.

There’s e-payment for those that receive electronic payments and make payments through online banking and debit cards, which costs £8.50 a month.

The Co-operative Bank

Business Directplus

The Co-operative Bank offers all the standard service you would expect from a high street bank, including branch and online support, a UK-based telephone support team, a relationship manager if eligible and a mobile app. But its big differentiator is its ethical business policy and carbon-neutral credentials.

Plus Business Directplus offers access to invoicing and payments app, Go Get Paid.

Best of all, new Business Directplus customers who keep their balance above £1,000 get 30 months of free banking with no monthly charge. If your balance falls below £1,000 at any point, you will be charged £7 a month.

Business Current Account

Business owners can benefit from no monthly account fee and support from business advisors with the Business Current Account. Its benefits also include free integration with accounting software and partnership service offerings, from insurance to HR tools.

FSB Account

The FSB account has absolutely no monthly service charge and is exclusively available to FSB members. It doesn’t have as many features as the others, but you can manage scheduled payments.

Compare The Co-operative Bank business banking on NerdWallet

Important information!

Some of the products promoted are from our banking and affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market

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