What Is a Business Bank Account with No Fees?
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. Limited Companies are required to have a separate business bank account from your personal account and even as a sole trader it is good 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 monthly or otherwise. This type of bank account allows you to relax about paying fees for your bank account and concentrate instead on spending money on your business helping it to grow.
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.
|Company||Monthly Fee||Other Requirements|
|Free forever! (£75 free if you start your account through TechRound!)||Small bank transfer fee but card payments are free.|
|£9.95||All features included with no transaction fees.|
|Free forever!||Small charges apply to transactions when sending money|
|£5.75 (paid annually).||Charges for ATM withdrawals and depositing with cash.|
|Paid accounts with more features range from between £25-100 a month.|
|Free forever (for the lowest tier).||Middle tier and Top tier, which provide more features, cost £9.99 and £14.99 per month respectively|
|Free forever!||Charges apply for paying in with cash.|
|Free forever (if depositing less than £500 a month).||Monthly fees for bigger accounts range from £4.95-£9.95 depending on how much you deposit.|
|Free forever (for the lowest tier).||Higher tier cards range from €4.90-€16.90 a month, with many more features available.|
|Free forever (for the Lite account).||Pro account costs £5 a month with new features coming soon, including tax calculations and international payments.|
Top 10 Business Bank Accounts with No Fees:
With no monthly or annual fees as well as no additional charges for card usage both locally and abroad, Tide is a great business bank account that will allow you to concentrate on your business 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.
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 but Monese allows you to make local payments for free and the app and online banking systems are quick and easy to navigate. A free contactless card is included and there is a very small fee for international transfers.
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 is 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 get a free debit card for getting a Wise business bank account. Wise allows you to pay invoices both locally and abroad in many different currencies. It is designed for businesses of all sizes and will integrate with most accounting software.
An application to open a business account with Cashplus takes 5 minutes to do, making it quick and easy to bank with Cashplus for your business. There is no credit check required to apply and you can manage your account 24/7 using the app or online website. Cashplus does not require any monthly fees just a simple one-off payment of £69 once a year. You are able to deposit £1000 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.
How Long Does It Take to Open a Business Bank Account with No Fees?
It really depends on what bank account you are trying to open. A high street bank might take weeks in order for you to open a business bank account but in the modern day with many non-high street alternatives to banking, most business bank accounts take minutes to open.
Some accounts like Monzo or Revolut can be done 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, like the accounts on this list, it is simple and quick to open a business bank account.
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. Make sure that you have the following documents ready before you open the 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.
5: Revolut Business
Revolut Business is perfect for you 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 it is run all online and therefore they do not accept cash or cheque deposits; if you are a business that is run online and in multiple countries Revolut Business is definitely the best business account with no fees available to you. 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.
Curve is extremely simple to set up and will take you a matter of minutes to open your business banking account with them. Your Curve business bank account will give you automated expenses report, including receipts as well as a 1% cashback on all of your business purchases. Curve offers you 3 tiers, the bottom 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 first do 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 than most of Starling’s features will be available for you for free; however, there are no in-branch services but 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 and your 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; if you need a business bank account with no fees then Starling Bank’s versatility and ease is a great option for you.
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 have free withdrawals 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 which costs monthly which includes features such as 0.5% cashback and compensation for a curtailed business event.
Monzo is a very well known bank but is 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. 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 5 minutes to a few days in order for the bank to accept your account and allow you to start putting 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 seperately through the account
- You can receive card, debit and credit payments to the account
- You can have transactions in foreign currencies
- And 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 suffer from many additional fees that you need to pay. Whether that be a monthly fee that some banks charge in order to have the account open or a transaction fee that is added to money being sent from your business account. This list has attempted to find the best business bank accounts without many additional 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. That many accounts can be made that will not charge you a monthly fee or for international payments.