Business Bank Accounts.

Check out how different business bank accounts compare - and see if you can save on international payments by using TransferWise for business alongside your chosen bank.

Compare Business Bank Accounts

Compare business bank accounts.

Whether opening a new business bank account or switching providers, comparing accounts is an essential part of the process.

Use the tables on this page to see how some of the best business bank accounts in the UK match up.

Compare the business account fees and features you might need from your bank now - and also any features you may want in future as your company grows.

Compare business bank accounts.

The best business bank accounts.

We do not receive any affiliate revenue from the banks featured here. Keep reading for more on how to choose the best business bank account for you.
Bank / Plan Monthly fee Electronic payments in or out International payments FSCS protected? Current account switch guaranteed? Learn more about...

Tide Free

Free

20p per transfer

Coming soon

No

No

Opening a Tide Business account

Tide Plus

£9.99

20 / month free then 20p per transfer

Coming soon

No

No

Opening a Tide Business account

Tide Premium

£49.99

150 / month free then 20p per transfer

Coming soon

No

No

Opening a Tide Business account

Revolut Free

Free

5 / month free then 20p per transfer

£3 per payment, 0.4% currency conversion fee

No

No

Opening a Revolut Business account

Revolut Grow

£25

100 / month free then 20p per transfer

10 / month free then £3 per payment, 0.4% currency conversion fee

No

No

Opening a Revolut Business account

Revolut Scale

£100

1000 / month free then 20p per transfer

50 / month free then £3 per payment, 0.4% currency conversion fee

No

No

Opening a Revolut Business account

HSBC for Startups

£6.50 (after 18 months free)

23p per transfer

£4 - £40 per payment

Up to £85,000

Yes

Opening an HSBC Business account

Barclays Mixed Payments

£6.00 (after 12 months free)

35p per transfer

£15 - £25 per payment

Up to £85,000

Yes

Opening a Barclays Business account

Barclays e-Payments

£6.50 (after 12 months free)

Free

£15 - £25 per payment

Up to £85,000

Yes

Opening a Barclays Business account

Lloyds Business

£7.00 (after up to 18 months free)

Free

£12 - £28 per payment

Up to £85,000

Yes

Opening a Lloyds Business account

Santander 1|2|3 Business

£5.00 for up to 18 months, £12.50 after that

Free

Free - £25 per payment

Up to £85,000

Yes

Opening a Santander Business account

Santander Business

£7.50 (after 12 months free)

Free

Free - £25 per payment

Up to £85,000

Yes

Opening a Santander Business account

The best business bank accounts for international transfers.

When you choose an international payment service, you need to know both the upfront fees, and the exchange rate being applied. Take a look at our handy comparison table to see how some of the most popular small business bank accounts measure up.

Sending money overseas can be expensive - but it doesn’t have to be. TransferWise for business offers international transfers which use the mid-market rate and have no sneaky hidden fees.

You just pay a simple transparent charge per transaction which often works out cheaper than using your regular bank.

Use TransferWise in addition to your business bank account when paying foreign currency invoices from suppliers and freelancers, or when you’re being paid in different currencies.

Sending money is convenient and cheap - and you can receive payments for free in major currencies using your own local bank details for the UK, Eurozone, Poland, US, Australia and New Zealand.

Business bank account fees and features explained.

Electronic payments

Some business bank accounts have fees for electronic payments such as direct debits and standing orders. You may also pay a fee to use your business debit card online or in stores.

International payments

When you make a payment in a foreign currency, you’ll usually pay an administration fee - and there will often also be an extra charge included in the form of a marked up exchange rate. Cut these costs and access the mid-market exchange rate by using TransferWise for Business for your cross border payments.

FSCS protection

The Financial Services Compensation Scheme (FSCS) protects your money in the event your bank or building society goes out of business. Accounts with providers like TransferWise, Tide and Revolut are regulated by the FCA to keep your money safe.

Current account switch guarantee

This is used to cover your money when you change bank accounts between providers. That means that your money is protected if anything goes wrong with the switch.

Compare business bank account debit cards.

Once you’ve set up your business bank account, you’ll need to apply for a business debit card. This will allow you to make contactless payments, spend online, check your balance and withdraw money from ATMs, and spend while you travel.

Check out the comparison table which looks at the business debit cards available from some key UK banks to further help you choose the right business bank account for you.

When you open a TransferWise for Business account, you’ll also get a linked business debit card, for simple spending at home or abroad.

Apply online, and receive your card in just a few days. You’ll then be able to avoid international transaction fees by topping up your account in pounds and switching to the currency you need when you travel or shop online with an international retailer.

It’s always free to spend a currency you hold in your account, and you can also withdraw up to the equivalent of £200 a month from ATMs fee free.

Learn more about the TransferWise business debit card.

Bank / Plan Business debit card Debit card online application? International card charges

Tide (all plans)

Yes

Yes

International payments coming soon

Revolut Free

Prepaid debit card

Yes

5 / month free then 20p per transfer

Revolut Grow

Prepaid debit card

Yes

100 / month free then 20p per transfer

Revolut Scale

Prepaid debit card

Yes

1000 / month then 20p per transfer

HSBC for Startups

Separate application

Yes

2.75% fee for using card abroad, 1.5% fee for cash withdrawals abroad

Barclays (both plans)

Separate application

Yes

2.75% fee for using card and withdrawing cash abroad

Lloyds Business

Separate application

Yes

2.75% fee for using card and withdrawing cash abroad

Santander (both plans

Yes

Yes

2.75% fee for using card and withdrawing cash abroad

TransferWise

Yes

Yes

Free to pay with currencies in your account, free ATM withdrawals up to £200 a month

Bank / Plan Overdraft interest rate Overdraft arrangement fee Overdraft charges

HSBC for Startups

10.36% EAR

Up to 1.75% of agreed limit

Up to £8 per working day

Barclays (both plans)

Up to 11.01% EAR

None

Up to £295 or 2.5% of your limit

Lloyds Business

7.66% EAR

Up to 1.5% of agreed limit

£15 each time you exceed your limit

Santander (both plans)

5.1% EAR

1% of agreed limit annually

£50 monthly cap

Compare business bank account overdrafts.

Sometimes you’ll need to access some extra money to keep a healthy cash flow and invest in your business. Having an overdraft facility can help.

Take a look at the helpful comparison table to review the costs of arranging an overdraft with some key providers. Here’s what the table covers:

Overdraft interest rate

The interest rate is represented using the EAR - the equivalent annual rate. This is used to give a picture of the rate you would pay if you remained overdrawn on your current account for a year.

Overdraft arrangement fee

The arrangement fee is usually a one off charge to cover the cost of setting up your overdraft.

Overdraft charges

Overdraft charges are the costs you’ll pay if you go over your arranged overdraft limit. These charges are typically levied for every day your account is withdrawn over the overdraft limit.

How to switch business bank accounts.

Firstly, you’ll need to select the bank account you want to switch to. Use our helpful comparison table to see some of the features and fees of key business bank accounts available from major UK providers.

Switching business bank accounts should be reasonably straightforward. Depending on the banks involved, you may be able to move your account online or over the phone without even needing to visit a branch.

If your business has fewer than 50 employees, you’ll be able to switch bank accounts using the free Current Account Switch Service. If you run a larger business, ask your new bank to help you make the switch.

And no matter where you choose to hold your main business bank account, you’ll still be able to access low cost international transfers and currency services with your free TransferWise for Business account.

Choosing a business bank account: Things to consider.

International Fees

International business is on the rise. Despite this, a lot of banks don’t offer the best value service in this area. Many for example, will add a mark-up to the exchange rate so that you won’t get the rate that you would see on Google. You should always compare providers to make sure that you are not losing out on the exchange rate.

TransferWise only ever uses the real exchange rate for international transfers, so that you don’t have to pay more than you should.

Multi-currency account

As international business becomes the norm, these kinds of accounts make it easy to send and receive money from around the world, as well as holding money in different currencies too.

Providers like TransferWise offer such multi-currency accounts. As the name implies, account holders can send and spend money in multiple currencies, around the world.

Easy Integrations

The best business bank accounts help to make your professional life easier, offering seamless services and easy integrations, letting you focus on the things that matter to your business.

TransferWise for Business integrates seamlessly with services like Xero, aimed to be as easy to use as possible.

Business bank accounts FAQs.

Some business bank accounts can be opened online. Some require you to visit a branch in person. To open a business bank account you’ll usually need to make sure you have the following:

  • Proof of ID
  • Proof of address
  • Full business address (including postcode)
  • Contact details
  • Companies House registration number (for limited companies and partnerships)
  • Estimated annual turnover

Don't forget to compare business bank accounts to find the best one for your business.

Often, you are able to open a business bank account online. However, you might have to send in some of the required documents, or visit a branch in person if you don’t have all the paperwork requested.

All the banks in the comparison table above have account options for small businesses. The best account for you will depend on the type of business you’re running, and the type of transactions you need to make frequently. You’ll need to find a product which is secure and convenient, but which also comes with low fees for the transactions you often make.

If you're a small business worried about large monthly fees, it's worth checking out our comparison of the best free business bank accounts.

Having a history of bad credit can make it harder to open a business bank account. However there are some business bank accounts which can be opened without a credit check. Take a look at the online business bank account products from Tide as an example.

Save time and money with TransferWise for Business

Open a Transferwise for Business account along with your chosen bank account to access low cost international transactions and currency services.

Get your TransferWise for Business account