Best Business Bank Accounts Of 2024 – Our Pick

Revolut’s Basic Business account comes with no monthly fees, and account holders can make up to five UK bank transfers each month free of charge. When this limit is exceeded, each transfer costs 20p. Transfers to another Revolut account are free.

International payments are also charged on a pay-as-you-go basis, costing £5 each.

The account could be a good option for companies that regularly do business abroad, since customers can hold and spend multiple currencies.

The app provides a detailed breakdown of cash flow, can be used to generate invoices and is compatible with accounting software including Xero and QuickBooks. Revolut have also introduced a ‘Tap to Pay’ function, which allows businesses to accept in-person contactless payments from an iPhone.

Revolut also offers fee-charging accounts that provide extra free transactions each month, and allow multiple users to be added to the account. All accounts can be opened and managed through the Revolut app.

It’s worth noting that Revolut is not a bank but an e-money institution. This means that money held in a Revolut account is not covered by the Financial Services Compensation Scheme (FSCS). Instead, money is ‘safeguarded’ — placed in a trusted bank, invested in low risk assets, or protected by an insurance policy. This ensures that if Revolut fails, the company has sufficient funds to return all its former customers’ money.

However, since Revolut received its UK banking licence in July 2024, FCSC protection will be in the pipeline.

Zempler’s’ Business Go account is free to open and maintain. It can be opened and managed online or through a dedicated app, which is compatible with major accounting software including Xero, Quickbooks and Sage.

Although Zempler doesn’t have physical branches, you can make deposits into your business account at any Post Office branch, although there is a 0.5% charge for cash deposits.

It’s free to set up direct debits and standing orders, and to receive bank transfers. Account holders can also make three bank transfers per month for free, but any subsequent transfers come with a 30p fee.

To make saving for upcoming expenses or tax season more streamlined, Zempler offers in-app savings ‘pots’ ring-fenced from the remainder of your balance, along with invoice and spending report creation tools.

The account comes with an overdraft facility, on an invitation-only basis. Through this, you can borrow up to £2,000 — and the first £5 of any borrowing is interest free.

Bear in mind you’ll be charged an interest rate that ranges between 19.9% and 69.9% EAR (variable), along with an annual fee from £50 to £150.

You can also upgrade to Zempler’s Business Extra account at any time for £9 per month. This account includes a Credit Builder tool, which allows customers to improve their business credit score by committing to pay their monthly fee on time each month for 12 months.

This monthly fee-free account from Virgin Money allows businesses to manage day-to-day spending while earning 0.25% cashback on all debit card purchases.

One major perk is the Virgin Money app, which can be integrated with accounting software including Sage, Xero, and Quickbooks. The app categorises spending automatically, and can be used to create invoices.

New customers also receive a free three month subscription to either Xero or QuickBooks when they open the account.

The account comes with the flexibility of a planned overdraft up to £25,000 at an Effective Annual Rate (EAR) of 14.4%. However, there’s also an establishment fee of 2.5% (minimum £120) to pay when you first apply, and unplanned overdrafts carry a steep EAR of 33.51%.

It can be managed online or through Virgin Money’s dedicated app. However, there’s no in-person or phone banking option.

The M Account for Business is open to start-ups, sole traders, limited companies, limited liability partnerships, and partnerships with an annual turnover of less than £1 million.

If you regularly do business overseas and want to save money on foreign exchange fees, the Airwallex Business Account could be worth considering.

The online and app-based provider allows customers to hold money in multiple currencies, and make UK and international bank transfers free of charge. It’s also free to use your Airwallex business debit card overseas.

When converting money from one currency to another, you’ll be charged a fee ranging from 0.5% to 1%, depending on the currency and transaction value.

While there’s no monthly fee to run the account, accepting payments does incur a cost – which varies by payment method, but starts at 1.3% plus 20p for UK credit and debit cards.

The Airwallex app offers several business-forward functionalities including expenses management, and a payment link generator. The account can also be integrated with other business platforms, such as Xero and Shopify.

Bear aware that Airwallex is regulated in the UK as an e-money institution, not is a fully fledged bank. This means that money held in an Airwallex account is not covered by the Financial Services Compensation Scheme (FSCS). Instead, money is ‘safeguarded’ – placed in a trusted bank, invested in low risk assets, or protected by an insurance policy.

Airwallex does not currently offer a business overdraft facility.

ANNA’s pay-as-you-go business account can be opened and managed in the company’s app, and comes with no monthly fee.

It’s free to receive card payments in any currency and to set up direct debits or standing orders.

Local bank transfers cost 20p, ATM withdrawals are charged at £1 each, and there’s a 1% fee for cash paid in (which can be done at PayPoint locations across the UK).

However, account holders may be able to recoup some of these costs, since ANNA offers 1% cashback on select business spending, including train tickets and food.

The app automatically generates invoices, and will remind you when payments are overdue. Each ANNA business account comes with a unique payment link — a URL that customers can follow to quickly pay you without needing your bank details. Bear in mind that when this payment link is used, you’ll be charged a 1% commission.

There are paid accounts with enhanced features, starting from £14.90 a month plus VAT.

It’s also worth noting there’s no overdraft facility on this account.

Mettle by NatWest is a free business account aimed at sole traders and small businesses.

There is no monthly fee, and you can send and receive bank transfers, set up direct debits and standing orders, withdraw cash, and make card payments free of charge.

The account is available online or through an app, which can be used to generate invoices, schedule payments, and chase late payments with automated reminders. It’s also compatible with accounting software such as Xero and QuickBooks, and includes free membership with FreeAgent (worth over £150 per year).

The app also allows you create separate ‘pots’ of money to save for expenses such as tax or new equipment without having to open a separate account.

Bear in mind there are some limitations on who can open a Mettle account. Only sole traders, or limited companies with up to two owners, are eligible. The account also comes with a maximum balance of £1 million.

This account does not include an overdraft facility.

This app-only business account from HSBC offers free bank transfers, standing orders, direct debits, card transactions and online bill payments. Instead, account holders pay a fixed monthly fee of £6.50 — which is waived for the first 12 months.

Account holders also receive a few extra perks with HSBC partners, including discounted business insurance with Aviva, and accounting software from Ember.

Eligible account holders can apply for an overdraft facility of up to £30,000, charged at 15.96% EAR (variable). As with any overdraft, this is subject to status.

HSBC’s Kinetic account is open to any sole trader or limited company with a sole director and shareholder, and an annual turnover of up to £6.5 million. It can be managed online or via app, where users can keep track of their business’ cash flow.

Account holders can make payments of up to £25,000 per day in the app.

The Tide Business Account is aimed at UK businesses registered with Companies House, as well as UK-based sole traders and freelancers.

Although there’s no monthly fee on the basic account, you will be charged 20p per bank transfer, and £1 for cash withdrawals. You’ll also be charged £5 a month per extra expense card you order for your employees. Making debit card payments and setting up direct debits and standing orders is free.

Tide offers paid-for business account plans with extra features, starting from £9.99 a month

Rather than a traditional bank, Tide is a business finance platform that operates solely online. You can create and manage an account through the Tide app, and there are no physical branches — however, you can make cash deposits at any branch of the Post Office (incurs a 0.5% fee, minimum £2.50), or PayPoint (incurs a 3% fee) .

The Tide app is compatible with accounting software including Xero, Sage and Quickbooks. It also offers its own in-built accounting software, Tide Accounting, which costs £9.99 per month (plus VAT).

This account does not have an overdraft facility.

Monzo’s Business Lite Account has no monthly fees and UK bank transfers are free. You can get spending notifications and there’s a 24/7 in-app customer support, along with app integrations with accounting software such as Xero, FreeAgent and QuickBooks. Fee-free spending overseas. There is a £1 charge to pay in cash at PayPoint, and each individual deposit must be between £5 and £300.

Bear in mind that account holders can only deposit up to £1,000 every six months so this account is unlikely to suit businesses that deal with a lot of cash. It isn’t possible to manage the account over the phone and there are no branches.

There’s also an overdraft facility, which allows customers to borrow up to £2,000 at a representative APR of 39.0%.

Elsewhere, customers can open a linked instant access savings account, currently paying 1.60% AER (variable).

Customers voted Monzo the 2022 Best Business Banking Provider (British Bank Awards).

Monzo’s Business Pro account offers enhanced features, including invoicing and multi-user access, and a tool for automatically setting aside tax payments, all for a £5 per month account fee.