Whether you’re looking for an account to scale internationally, to provide business and support or simply for low fees, we’ve rounded up some of the best business bank account offers for scale-ups and more established businesses from traditional banks .
Barclays business account
This Barclays business account is aimed at companies with an annual turnover of £400,000 to £6.5 million. You will have access to a team of business managers, who will support you in areas such as cash flow and lending, international expansion, payments and growth opportunities.
There are no monthly account fees for the first twelve months, thereafter €8.50 per month.
The cooperative bank Business Directplus
Created for businesses of all sizes, The Co-operative Bank’s Directplus account promises no monthly fees for 30 months as long as the balance remains above £1,000. But even after that, the monthly fee is low compared to some others on this list: £7.
There’s free accounting integration with Quickbooks, partnership offers in insurance, sustainability, HR, and technical support.
HSBC business bank account
For SMEs, HSBC offers a bank account with free monthly fees, payments and deposits for the first twelve months. After that, it’s slightly more expensive than others on this list at a monthly fee of £10. However, with that you get business debit cards, company cards (for businesses with an annual turnover of £2 million or more), accounting integration with Sage and a dedicated relationship manager.
Lloyd’s business checking account
This account is aimed at businesses with an annual turnover between £3 million and £25 million. Larger companies can opt for the ‘Business Extra Rate’ or the ‘Electronic Business Rate’. The first costs £15 per month and charges per transaction, so can be ideal for businesses looking to make a small number of transactions. For regular spenders, the Electronic Business Tariff incurs no transaction fees, but costs £20 per month. However, if you are a smaller business, there is an account for start-ups with an annual turnover of less than £3 million.
Metro commercial current account
With Metro Bank’s Commercial Current Account, businesses with an annual turnover of over £2 million can benefit from a relationship manager, expert industry support and 24/7 local contact centers – with no monthly fees.
Please note that online applications for this bank account have been paused for maintenance, but you can open an account in-store.
Metro business bank account
For start-ups with a turnover of up to £2 million, the Metro Business Bank Account charges no monthly fees if your balance remains above £6,000. It offers a dedicated business manager and 30 free UK transactions per month.
As with the Metro Business Bank Account, it should be noted that online applications for this bank account have been paused for the time being, but you can open an account in-store.
NatWest business bank account
This account is for businesses with an annual turnover of more than £1 million or less than £1 million, but which have been trading for less than a year. There’s free accounting software with FreeAgent and a dedicated relationship manager, but a real differentiator with this account is the free entrepreneurial accelerator program and business growth events that can grow your network.
After a free period of 24 months, transaction costs will be charged (from €0.35 per item).
This account is reflected in RBS’s business account offering.
Santander business current account
This account works for both start-up and established companies. Startups (in this case companies that have been operating for up to a year) get a monthly fee waiver for 18 months and then pay £7.50 per month.
This account is currently only offered to existing Santander customers.
TSB Business Plus
Of all the accounts that charge monthly fees, TSB offers the most generous free banking period at 30 months. It then offers a relatively low amount of £5 per month. This gives you free business advice from Enterprise Nation and a marketplace from which you can choose partners relevant to your activities.
Virgin Money business current account
Any business with an annual turnover of less than £6.5 million can apply for this account. Virgin Money customers not only get the first 25 months free (€6.50 monthly thereafter), but can also receive three months of free accounting software (with Quickbooks or Xero). The bank does offer something different with its business data insights platform that provides access to business tools and Virgin’s business network.
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