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Best Business Checking Accounts 2021 – Startup founders have a never-ending to-do list, and deciding which bank account to open is often overlooked. In the first few months, you’ll need an account that allows you to spend with a corporate card or bank transfer, as well as easy record keeping for financial reporting. What about accounts with advanced features? Are they right from the start? These additional tools can help you scale, for example. Cash Management, Payroll Management.
We’ve ranked the most popular business bank accounts in the UK so you can compare the best options and find the account that suits your needs.
Best Business Checking Accounts 2021
A business bank account works just like your personal bank account, but is used to manage business income and expenses (ie income and outgoings). You should keep personal and business funds separate as soon as possible. This not only saves your accountant time, but also gives a clear picture of how your company’s money is being used.
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There are business bank accounts for every budget and operational complexity. Simple solutions let you send and receive money in a variety of ways, and more complex offerings can include tools like invoice management, payroll management, accounting and tax refund management.
It’s worth considering whether you can open a business bank account online if you want to avoid complicated paperwork and delays.
The best business bank account for your small business is one that matches your profile. We’ve compiled four examples of small business types below, all based on hundreds of hours of startup interviews, and suggestions for each.
Revolut Business or Starling Bank are worth considering here. Both publish their rates online so it’s easy to compare the two. Before proceeding, check if the currencies required by your contractors are supported.
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“You have an equal mix of local and international payments and your customers pay you in multiple currencies so you need a multi-currency account”
The headlines are scary when it comes to international payments, so skip them. Revolut Business is worth considering. This is also Rebank’s focus: most of our customers fit this description.
“You mainly make local payments (eg wages), with some card payments, but other than that there isn’t much activity on the account.”
You don’t care about the latest trendy fintech app. You’re happier knowing your money is safe and won’t disappear when the fintech money runs out.
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We recommend going with a holder such as HSBC, Barclays, Santander or Lloyds. Yes, they can be more expensive than new banks, but only if the account has a lot of activity.
Banking and finance are boring. The best business bank account for sole traders is one where you need some way to accept payments from customers and pay for things easily. Mainstays such as HSBC, Barclays, Santander or Lloyds will certainly work, but it’s worth considering whether Mettle or Tide allow you to accept payments from customers.
Not all banks are set up to accept customer payments from Stripe, Sum Up, PayPal Here, etc., so it’s worth checking with the bank first.
Rebank will work with any of your existing banks, allowing you to make global payments at the lowest possible exchange rate.
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We compare bank costs by creating an example business that spends £5,000 per month on local bank transfers and international transfers (eg wages, bill payments). See the results in the table below:
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Most of the banks we spoke to have an electronic application process. This means you can upload documents securely. You need to provide some information:
Due to recent global events, the timeline for opening a small business bank account has changed significantly. Opening an account with a traditional bank (HSBC, Barclays, Lloyds, Santander) can take up to 12 weeks. New banks can take less than 48 hours.
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The best bank accounts are not necessarily the best banking platforms. Know what you’re getting into before you commit. The best small business banks have one thing in common: they make it cheap and easy to have and use a small business checking account.
So why are we reviewing seven banks and not just one? Because the best checking account for you will depend on your needs. E-Commerce Stores Vs. Bricks and Mortar, Sole Proprietor Vs. Multi-member LLC.
To start, we’ll look at the best general-purpose small business banks, then narrow it down to more specific needs.
Before choosing a bank, make sure you have all the documents you need to apply: The bank wants to know more about your finances and check your credit score. If you’re not sure you’re ready to get started, check out our article on opening a small business checking account.
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For general purpose small business banking, you can’t do much better than Chase. With a large network, nearly 5,000 physical locations and 16,000 ATMs worldwide, you are never far from your bank. Plus, their mobile app lets you deposit checks online, pay bills, make transfers and check your balance.
A Chase business account is generally a good choice for most new small businesses, especially if you need cash deposits, access to fee-free ATMs, or visiting brick-and-mortar locations is important to you. Chase is not a good option if you plan to do more than 200 transactions per month.
Although Chase’s minimum balance is relatively low, maintaining that minimum is the only way to waive the account maintenance fee. So don’t choose Chase if you expect your balance to regularly dip below $1,500.
If you plan to use your credit card for most business purchases, Chase is the bank for you. Their wide selection of cards offers very competitive interest rates, more points, cash back and rewards programs.
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Consumer Credit Union is one of the easiest credit unions to join. To become a member and account holder, you must:
Credit unions are unique financial institutions. They are non-profit organizations (hence the low minimum deposit) and when you join, you have the right to vote in board elections.
While credit unions typically offer a limited range of financial products, CCUs have a wide range of loans to choose from. They also have a no-fee Visa Business Platinum credit card and offer business services. And their minimum monthly current account balance is much lower than most banks.
If the nonprofit mission of credit unions speaks to your values and you want to take advantage of a minimal checking account, CCU is a good choice. It’s easy to sign up, has low fees and offers more options than most credit unions.
Best Business Bank Account In Uk In 2022
On the other hand, if choosing between multiple financing options and credit cards is important, and maintaining a high minimum balance isn’t an issue, opening a bank account may be better.
Most small e-commerce business owners do all their transactions digitally and get paid the same way. In that case, having a physical place where you can deposit money is probably not a priority. Just enter online banking.
Axos is the oldest and most established online bank in the United States. Their basic business checking accounts have no minimum balance and offer a wide range of loan options. Plus, even though Axos doesn’t have any physical locations, you can access your Axos checking account for free at any ATM in the US.
If you have an online business, are already comfortable with online banking and expect to do less than 200 transactions per month, Axos is a smart choice. You don’t need to maintain a high minimum balance, which can be a relief when your business is just starting out and cash flow is tight. And if your business needs financing, you have several options.
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BlueVine, best known for loans, lines of credit and factoring services, has expanded into banking. These online-only accounts are easy to open, with no minimum balance requirements or fees for incoming wire transfers, insufficient funds or ACH payments. The BlueVine Bank account also comes with a debit card that includes free access to MoneyPass ATMs.
The only fees account holders need to consider are cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). For businesses that deal in cash or send money overseas, these fees may increase.
If you’re a freelancer who needs an account to collect payments online and keep up with business expenses, BlueVine is ideal. If you’re not collecting money or sending wire transfers, this is a completely fee-free bank account. Plus, if you decide to expand your business, BlueVine can help you quickly access a loan or line of credit for that quick cash injection.
Based in Florida, but serving clients nationwide, First Home Bank is often ranked among the top 10 most active SBA lenders in the country. It also offers a wide range of other small business banking services, including checking and savings accounts and non-SBA loans.
Best Online Only Uk Business Bank Accounts For 2021
SBA has chosen First Home Bank
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