Free Business Bank Accounts.

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

Free Business Bank Accounts

Compare free 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 with no monthly fees match up.

When it comes to free business accounts, it is important to make sure your business is eligible. Fee-free accounts are often reserved for small businesses or startups, so after comparing accounts, it is best to check eligibility criteria with your chosen bank directly.

Compare free business bank accounts.

The best free 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 free business bank account for you.
Bank / Plan Monthly fee Electronic payments in or out International payments Overdraft facility? FSCS protected? Current account switch guaranteed? Grow plan? Grow plan monthly fee

Starling Business

Free

Free

0.4% currency conversion fee, £5.50 delivery fee

Yes

Yes

Yes

No

Always free

Monzo Lite

Free

Free

Mastercard's wholesale rate with no added fees

No

Yes

Yes

Monzo Pro

£5

Tide Free

Free

20p per transfer

Coming soon

No

No

No

Tide Plus

£9.99

Revolut Free

Free

5 / month free then 20p per transfer

£3 per payment, 0.4% currency conversion fee

No

No

No

Revolut Grow

£25

Coconut Start

Free

Free

2% currency conversion fee

No

No

No

Coconut Grow

£5

TransferWise is the cheaper way to send money abroad.

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 to save when paying foreign currency invoices from suppliers and freelancers, or when you’re being paid in different currencies.

Try TransferWise for Business →

Free 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, Revolut and Coconut 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.

Grow plan

As free business bank accounts are often reserved for companies just starting out, it is important to choose a bank that can grow with your company. While Starling Business is always free, the rest of the banks in the table above have premium plans that change to suit the needs of growing businesses.

To find out more about paid plans, check out our comparison of the best business bank accounts.

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

Starling Business

Yes

Yes

0.4% currency conversion fee, £5.50 delivery fee

Free

Monzo Lite

Yes

Yes

Mastercard's wholesale rate with no added fees

First £200 free in a 30 day period, after that 3% of withdrawal amount

Tide Free

Yes

Yes

International payments coming soon

International payments coming soon

Revolut Free

Prepaid debit card

Yes

5 / month free then 20p per transfer

2% of withdrawal amount

Coconut Start

Yes

Yes

2% currency conversion fee

£1 per withdrawal

TransferWise

Yes

Yes

Free to pay with currencies in your account

Free ATM withdrawals up to £200 a month

Free business bank account debit cards.

A business debit card allows 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 fee-free 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.

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 fee-free 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.

Free business bank accounts FAQs.

Not all free business bank account are available to all businesses, often free plans are suited to small businesses and startups. To ensure you find the right bank account for your business, use the table above to compare free plans, or check out our comparison of paid business bank accounts to cover all your bases.

Once you've settled on a bank, be sure to check out the eligibility criteria they set out on their website, and don't forget, regardless of the business bank you choose, you can save money on international transfers with TransferWise for Business.

Most free business bank accounts can be opened online. To open a business bank account you’ll usually need to make sure you have the following to hand:

  • 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.

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