Choosing a business bank account for your company can be a difficult task with so much choice on the market. Choosing a business bank account enables you to optimise this part of your business without having to splash the cash on an expensive account or one that overcharges you. Business bank accounts are different to personal accounts and current accounts and finding the best business bank account for your company or startup can help you grow and makes receiving payments and making payments much easier and less stressful, helping your business thrive and grow.
Some business bank account providers come with no fees, whereas others may charge a monthly fee or perhaps a percentage of the turnover that passes through the bank account. Whichever is best for your business, comparing business bank accounts will allow you to make a much more informed choice.
Discover our pick of the best business bank accounts in the UK for startups, small businesses, SMEs and larger businesses.
Business bank accounts to consider include:
What is a Business Bank Account with No Fees?
A business bank account with no fees does what it says on the tin: it is a separate account for your business finances that has no cost to set up. This allows you to keep your personal finances separate from your business finances.
A bank account tailored towards your business is essential for businesses of all shapes and sizes. Different banks will offer business bank accounts with various requirements and features. While limited companies are required to have a separate business bank account from the owner’s personal account, it is still a good idea as a sole trader to keep your personal and business money separate.
Some business bank accounts may ask you to pay monthly fees or even fees for transactions, however a business bank account with no fees means there are no requirements to pay your bank for using their business account services. This type of bank account allows you to relax about paying fees for your bank account and concentrate instead on spending money to help your business grow.
Company | Monthly Fee | Other Requirements | Claim offer |
---|---|---|---|
![]() | Trusted by more than 50,000 companies 3 Month Free Trial | 3 Month Free Trial and managed through an easy to use mobile app. | Get this deal |
![]() | 1 Month Free then £14.90 + VAT per month (or £149 per year) | 10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster | Get this deal |
Why Do I Need a Business Bank Account with No Fees?
When you are just starting your business, or in a bad financial position, having a Business bank account with no fees or limited fees allows you to keep one cost down whilst concentrating on other areas of your business. There are some UK banks which will offer you no fees forever, whereas some may offer a period of time where you do not need to pay fees, this can help your company get on its feet or recover from a financially tough time period.
Having a bank account with no fees allows you to establish yourself and your business without having to worry; some banks even offer an account with limited features but with no fees which could be a good short term solution for your business.
Having a business bank account with limited fees and a time period where there are no fees at all can be vital in helping your business grow. For that reason, TechRound has compiled the best Business Bank Accounts with no additional fees for you to browse and see what is the best fit for your business.
Top 10 Business Bank Accounts with No Fees:
Here’s our pick of 10 of the best business bank accounts with no fees to help your business thrive. Find out more about these business bank accounts with no fees below:
- Anna
- Counting Up
- Tide
- Monese
- Wise
- Cashplus
- Revolut Business
- Curve
- Starling Bank
- CountingUp
- N26 Europe
- Monzo
1. Tide
With no monthly or annual fees as well as no additional charges for card usage both locally and abroad, Tide is a great option for a business bank account with no fees. Tide’s account with no fees allows you to concentrate on your business growth rather than focusing on the additional costs you face because of your bank.
It is incredibly quick to set up a Tide business account and there are no charges when transferring to and from other Tide accounts. Tide allows you to create and pay invoices to the app and offers instant credit up to £15,000 for small businesses.
2. Monese
Monese is a great business bank account to have if you are already with them for your personal account. Monese’s business and personal accounts can be linked seamlessly and you are able to switch between the two with ease. There is a small monthly fee for a business bank account but Monese allows you to make local payments for free.
The app and online banking systems are quick and easy to navigate so are suitable for people with little experience. A free contactless card is included and there is a very small fee for international transfers.
3. Wise
Wise (formerly known as TransferWise) is another bank that offers great deals on your business bank account. A Wise business bank account can be set up for free with no monthly or annual fees to pay in order to have your account running. It also allows you to receive money for no fees, although there is a small transaction fee when sending money.
With Wise, you are able to send batch payments and you will receive a free debit card for setting up a Wise business bank account. Wise allows you to pay invoices both locally and abroad in many different currencies and is designed for businesses of all sizes. It also easily integrates with most accounting software.
Company | Monthly Fee | Other Requirements | Claim offer |
---|---|---|---|
![]() | Trusted by more than 50,000 companies 3 Month Free Trial | 3 Month Free Trial and managed through an easy to use mobile app. | Get this deal |
![]() | 1 Month Free then £14.90 + VAT per month (or £149 per year) | 10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster | Get this deal |
4. Cashplus
An application to open a business account with Cashplus takes just five minutes to complete, making it a quick and easy business bank account to set up. There is no credit check required to apply for an account and you can manage your account 24/7 using the app or online website.
Cashplus does not require any monthly fees to be paid, just a simple one-off payment of £69 once a year. You are able to deposit £1,000 in cash into your account with no extra fees, as well as paying in or withdrawing from any UK Post Office. Like the other accounts, Cashplus also integrates with most accounting software.
5. Revolut Business
Revolut Business is a great option for your company if you run an international business. Revolut Business bank accounts specialise in sending or receiving money in different currencies as they do not charge a foreign exchange fee – most other banks can charge up to 5% for currency changes.
Like Starling Bank, the business bank account with no fees is run all online and therefore they do not accept cash or cheque deposits. If your business is run online and in multiple countries, Revolut Business is a great option for a business account with no fees. Although a monthly fee is included after 14 days, Revolut Business does not charge an electronic payment fee and has instant money transfers in over 150 currencies.
How Long Does it Take to Open a Business Bank Account with No Fees?
The amount of time it takes to open a business bank account with no fees really depends on which bank account you are trying to open. A high street bank might take weeks in order for you to open a business bank account, however, many non-high street alternatives to banking can take mere minutes in order to open up a business bank account.
Some accounts like Monzo or Revolut can be set up straight from your mobile phone and require no additional checks in order to open. It is very easy to open a business bank account, and with no fees incurred when opening, it is simple and quick to open a business bank account.
Company | Monthly Fee | Other Requirements | Claim offer |
---|---|---|---|
![]() | Trusted by more than 50,000 companies 3 Month Free Trial | 3 Month Free Trial and managed through an easy to use mobile app. | Get this deal |
![]() | 1 Month Free then £14.90 + VAT per month (or £149 per year) | 10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster | Get this deal |
What Do I Need to Open a Business Bank Account?
In order to open a business bank account, you will need to provide some documentation to the provider. Make sure that you have the following documents to hand before you start the process of opening the business bank account:
- Proof of identification for the company director opening the account
- Proof of address
- Your business details including Companies House registration, registered address and contact details of the business.
6. Curve
A Curve account is extremely simple to set up and can take you just a matter of minutes to open a business banking account with them. Your Curve business bank account will give you an automated expenses report, including receipts as well as a 1% cashback on all of your business purchases.
Curve offers you three tiers, the lowest tier (Curve Blue) is free and will give you some of its features. There are small fees that will be incurred on international payments but Curve offers a “Go Back in Time” feature that allows you to change your payment card for a transaction up to 14 days after you use it.
7. Starling Bank
Starling Bank offers perpetual freedom from monthly fees for small businesses. If you are a business with less than 10 employees then most of Starling Bank’s features will be available for you for free. While there are no in-branch services, support is available 24/7 on the app and by phone.
Applying for the account is easy and can be done in under 10 minutes on the Starling app. Similar to other business bank accounts, your Starling Business Bank account will easily integrate with accounting software such as Xerox and Wealthify. Starling Bank has no additional fees and setting up your account is quick and easy so if you need a business bank account with no fees then Starling Bank’s versatility and ease is a great option for you.
8. CountingUp
CountingUp is a recent addition to the business bank account market, but is perfect for both freelancers and small businesses. With very low monthly fees, CountingUp is an accounting and banking app mixed into one.
With tax filing and profit and loss reports available on your account, CountingUp is a brilliant business bank account for small businesses as it allows limited companies to transfer up to £240,000 – a lot more than most non-traditional bank accounts will.
9. N26 Europe
On its free card with no monthly costs, the N26 Business bank account allows you to withdraw funds for free in its European zone. As well as this, there is a 0.1% cashback on all the purchases that you make.
The N26 business account allows you to make free payments worldwide in any currency and you will be provided with a contactless debit card to spend with. N26 also offers an additional tier of business account that is charged monthly and includes features such as 0.5% cashback and compensation for a curtailed business event.
10. Monzo
Monzo is a very well known personal banking account, but it is also great for setting up a business bank account with no fees. A regulated UK bank, Monzo is trustworthy and they offer a free account with basic features included.
For a small monthly fee you can upgrade to the Monzo Pro business account which will give you access to more features including invoicing and integration with accounting software. You can open a bank account from your phone and Monzo allows you to have free instant bank transfers. This is certainly a solid choice for a business bank account.
How Do I Open a Business Bank Account with No Fees?
Most business bank accounts on this list will require you to fill in a simple form online or on the mobile app. This process can take anywhere between five minutes to a few days in order for the bank to review your application, set up your account and allow you to start depositing money into it.
If you are a limited company, most banks will require you to have your tax registration details as well as the details of the directors and partners of the business.
What are the Benefits of Having a Business Bank Account?
There are many benefits to you and your business in having a separate business bank account. The advantages of having a business bank account include:
- Business transactions are kept separate and allow you to keep your business accounting records organised
- Salary payments can be processed separately through the account
- You can receive card, debit and credit payments to the account
- You can make transactions in foreign currencies
- Often, you will be able to carry out checks on businesses that you work with
How Much Do Business Bank Accounts Cost?
Business Bank Accounts can come with many additional fees that you need to pay: from a monthly fee that some banks charge in order to open the account or a transaction fee that is added to money being sent from your business account. Because of this, we have brought together some of the best business bank accounts without fees or with very low fees.
Some business bank accounts will charge anywhere between £5-25 per month in order to have the account open. Often costs can incur from sending money abroad or to an account that is not affiliated with the same bank. However, this list has shown that there are many business bank accounts with no fees and that many accounts will not charge you a monthly fee or for international payments.