| Name | Logo | Monthly Fee | Transaction Fee | GMG Rating | Customer Reviews | CTA | Tag | Feature | Expand |
|---|---|---|---|---|---|---|---|---|---|
 | Monthly Fee £10 | Transaction Fee £0.20 | GMG Rating | Customer Reviews | Recommended | Added value:
| Join Revolut and get a £10 welcome bonus Must be aged 18+. For new customers in eligible countries only. Must spend £10 within 1 month of opening your account, and before 31 December 2026 to redeem the welcome bonus. T&Cs apply. Revolut Business Banking Expert Review: Join and get a £10 welcome bonus Provider: Revolut Business Bank Account Verdict: Revolut Business is one of the most powerful digital banking platforms for companies that operate internationally or want modern financial tools. The combination of multi-currency accounts, automated expense management, and accounting integrations makes it particularly attractive for startups and fast-growing businesses. What is the Revolut Business Bank account? Revoluts Business account is a digital banking platform designed for startups, SMEs, and larger companies that need fast, flexible financial tools. Rather than functioning like a traditional high street business bank account, Revolut focuses on global payments, multi-currency accounts, and automated expense management through its app. Businesses can send money internationally, manage spending with corporate cards, integrate accounting software, and accept payments online or in person. How much does Revolut business banking cost? Revolut Business accounts are subscription-based, with pricing depending on how many features and transaction allowances your company needs. The Basic plan starts from £10 per month, while the Grow plan costs from £30 per month and includes higher limits and additional expense management tools. The Scale plan starts at £90 per month, offering larger foreign exchange allowances and expanded global payment capabilities. Large organisations can also create a bespoke Enterprise plan with tailored pricing. Each plan includes a set allowance of free transfers and foreign exchange at the interbank rate during market hours, after which fees apply. For businesses that regularly send international payments or manage multiple currencies, these allowances can make the account significantly cheaper than traditional banks. Is Revolut good for business banking? One of the main attractions of Revolut Business is its multi-currency capability, allowing companies to hold and exchange more than 25 currencies and send transfers to over 150 countries. Businesses also receive IBAN and SWIFT details to receive payments globally. Revolut integrates with accounting tools such as Xero, Sage, and QuickBooks, helping automate reconciliation and expense tracking. The account also includes team spending controls, allowing businesses to issue physical and virtual cards to employees while setting approval limits and monitoring expenses in real time. Companies can also accept payments online, via payment links, or in person using Revolut’s payment tools. Is Revolut Business safe? Revolut Business is regulated by the Financial Conduct Authority as an electronic money institution in the UK, rather than a fully licensed bank. This means customer funds are safeguarded with partner banks or held in secure liquid assets, rather than protected under the Financial Services Compensation Scheme. While this safeguarding structure protects funds if Revolut were to fail, it does not provide the same guarantee as FSCS protection. However, because it is not yet a fully licensed UK bank, some companies may still prefer a traditional business account for holding large balances. For businesses focused on global payments and efficiency, though, Revolut Business remains one of the most innovative options available. Pros
Cons
Overall4.8 | ||
 | Monthly Fee £0 | Transaction Fee £0.20 | GMG Rating | Customer Reviews | Added value:
| Get £100 cashback when you open a Tide business bank account and spend £1000 within 60 days of opening an account. Enter code BCA100 when you sign up. T&C apply. Tide Expert Review: Get £100 cashback when you open a Tide business bank account Provider: Tide Verdict: Tide is one of the best digital banking platforms for freelancers and small businesses that want a low-cost, app-based business account with built-in accounting tools. The free plan keeps costs low for smaller businesses, while paid plans provide more advanced features as companies grow. Is Tide a good business bank account? Tide offers a digital business bank account designed primarily for freelancers, contractors and small businesses. The account can be opened in minutes through the Tide app and includes tools to help manage payments, expenses and accounting in one place. One of the main attractions is that the basic business account has no monthly fee, making it one of the most accessible business banking options for UK startups and sole traders. Is Tide’s business bank account free? Tide’s Free plan costs is free, but users pay small transaction fees depending on how they use the account. For example, the free account includes five free bank transfers per month, after which transfers cost 20p each, while ATM withdrawals cost £1 per withdrawal. Cash deposits at the Post Office cost 0.99% (minimum £2.50). Businesses that need more features can upgrade to paid plans.
Tide’s paid accounts offer more free transfers, additional accounts, enhanced team access come with lower transaction fees, particularly for international payments and foreign currency transactions. What is Tide good for? Tide focuses on simplifying financial admin for small businesses. The platform includes built-in accounting and tax tools, including free Making Tax Digital (MTD) filing for HMRC. Transactions are automatically categorised, helping businesses track spending and prepare accounts more easily. Businesses can also send invoices, create payment links, accept in-person payments using a card reader, and issue expense cards for team members. Tide integrates with accounting software such as Xero and QuickBooks, making it easier to share financial data with accountants. Another useful feature is the Tide Instant Saver account, which can pay up to 4% AER (variable) for the first four months, before reverting to lower rates depending on the plan you hold. However, businesses that handle large numbers of transactions may find the pay-as-you-go fees on the free plan add up, meaning upgrading could be worthwhile. Overall, Tide is a strong choice for startups looking for simple, modern business banking. Is Tide a bank and is your money safe? Tide itself is not a bank, but its business current accounts are provided through ClearBank, a fully licensed UK bank. This means eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per business, giving similar protection to traditional banks. However this amount is spread across all other accounts that may be held at ClearBank. Pros
Cons
Overall4.8 | |||
 | Monthly Fee £0 | Transaction Fee £0 | GMG Rating | Customer Reviews | Added value:
| Airwallex offers global business accounts, high-speed FX transfers, multi-currency cards, online payments, embedded finance, and expense management solutions. Provider: Airwallex UK Limited Verdict: Airwallex is great for businesses that want an all-in-one platform to easily manage their finances across borders. It’s not a bank, but it does provide banking-type services, enabling seamless business payments and money management around the world. Its home country is Australia, but it is available to customers in a number of countries worldwide, including the UK. What is Airwallex? Airwallex’s main product is the multi-currency Airwallex Business Account, which allows your business to hold money from more than 20 currencies in a virtual wallet, collect money in more than 180 countries and send payments to more than 150 countries. How much does Airwallex cost? Airwallex offers some services at no cost. These free services include:
Airwallex makes money by charging a monthly subscription, transaction costs and marking up FX payments. Fees charged vary depending on the country where you open the account. What follows is for UK Airwallex account holders. Payment acceptance fees: These apply to the Airwallex Business Account and are the costs businesses incur to process customer payments. These range from 1.30% + £0.20 for UK cards to 3.15% +£ 0.20 for international cards. A full breakdown can be found here. Foreign exchange conversions: Airwallex charges 0.5% above interbank exchange rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, and 1% above interbank exchange rates for all other currencies. Making money transfers using SWIFT methods costs £10 – £20. Is Airwallex safe (regulated)? Airwallex is not a bank. But it is licensed as an Electronic Money Institution (EMI) by the UK regulator the Financial Conduct Authority (FCA) and the Dutch National Bank in the Netherlands. Your funds are always safeguarded in line with the local regulations where Airwallex operates. Is Airwallex a good business bank account? Yes, Airwallex is a good business bank account if your company is doing a lot of business with customers and suppliers in different countries. Besides competitive rates on currency conversions, Airwallex’s key difference to many of its competitors is that businesses can collect online payments from domestic and international customers in their local currency, hold funds in their Airwallex account, and use those funds to pay out to international suppliers using Airwallex borderless cards and high-speed transfers – all whilst avoiding costly currency conversions. Revolut and Wise do also offer multi-currency accounts, but the big traditional business banks – HSBC, Barclays, Lloyds or Natwest – don’t. Starling only has two foreign currency accounts available (USD & EUR). Revolut and Starling, along with the old established banks (except Natwest) also charge fees just to have a business banking account, whereas Airwallex, along with Wise, do not charge account fees. Another crucial difference is that Starling, Lloyds, Barclays, HSBC, Natwest do not offer payment gateway or payment link capability – Airwallex does, making it easier for businesses to receive money by accepting online payments without the need for a physical card terminal or website. Pros
Cons
Overall4.4 |
How to open a business bank account in the UK?
It’s really simple and takes less than five minutes to open a business bank account these days. Follow these steps to open a new business bank account online in the UK.
How to choose the best UK business bank account?
When comparing UK business bank accounts, you should take into consideration the below:
- Fees and Charges: Even “free” accounts may have charges for specific services like cash deposits or international transfers. Check the fee structure to avoid surprises.
- Transaction Limits: Some accounts have limits on the number of free transactions per month. Ensure these limits align with your business needs.
- Customer Support: Choose a bank with reliable customer support, available through your preferred communication channels.
- Account Features: Look for features such as integration with accounting software, expense management tools, and mobile banking capabilities. These can save time and streamline your financial management.
How do you switch business bank accounts?
The Current Account Switch Guarantee, which simplifies the process of switching bank accounts is designed for personal current accounts and small business accounts with a turnover of less than £6.5 million and fewer than 50 employees
- Seven-Day Switch: Your new bank will switch your account within seven working days.
- Automatic Transfer: All your incoming and outgoing payments (such as direct debits and standing orders) will be automatically transferred to your new account.
- Redirection Service: Any payments sent to your old account will be automatically redirected to your new account for 36 months.
- Guarantee: If anything goes wrong during the switch, the new bank will cover any interest or charges incurred due to the error.
For businesses that do not qualify under these criteria, you will need to manually switch your account by following the standard process of opening a new account and transferring your funds and payment instructions.
Business Bank Account FAQ
Yes, it’s very simple, latest figures released in July 2025 from the Current Account Switching Service show that over 21,500 UK SMEs and charities switched business bank accounts in 2024, highlighting how easy and accessible switching has become, with digital-first banks like Monzo leading gains as firms seek better tools, lower fees, and improved support.
Most popular banks to switch to
Top 5 business bank accounts with the most new switched accounts:
- Monzo Bank Limited +3,957
- Lloyds Bank +1,251
- NatWest +856
- Starling Bank Ltd +680
- Clydesdale Bank +346
Most switchers away from banks
- First Trust -73
- RBS -88
- Bank Of Ireland -92
- Zempler Bank Limited -100
- TSB -407
HSBC will offer the biggest overdraft based on up to 25 per cent of a business’s turnover. Where as Santandar has the most conservative overdraft limits at 10% of turnover.
- HSBC – Up to 25% – Subject to credit assessment and other financial criteria.
- Barclays – Up to 15% – Dependent on credit approval and business financial status.
- NatWest – Up to 10% – Varies with financial assessment and credit check.
- Lloyds Bank – Up to 25% – Requires credit check and tailored to business needs.
- Santander – Up to 10% – Subject to status and credit approval.
- Starling Bank – Varies based on assessment – Limits can go up to £150,000 based on creditworthiness.
Several UK banks offer free business accounts with various features tailored to different business needs:
- Starling Bank offers a free business account with no monthly fees, free UK bank transfers, and free ATM withdrawals abroad. It also integrates with accounting software and provides 24/7 customer support
. - Mettle, backed by NatWest, provides a fee-free account for sole traders and limited companies. It includes free UK transfers, in-app invoicing, and cash deposits at the Post Office or PayPoint
. - Tide offers a basic free account with automated expense management and invoicing tools, though advanced features require additional charges. It’s suitable for startups and freelancers
. - Monzo Business Lite has no monthly fees and offers free UK bank transfers, real-time notifications, and 24/7 customer support via a mobile app.
- HSBC Kinetic provides a free account for the first 12 months, with app-based management, aimed at sole traders and single director businesses
. - Virgin Money M Account for Business includes free everyday online banking, free UK bank transfers up to £30,000, and cashback on card spend
. - Revolut Business supports multiple currencies and offers no-fee card payments and expense management tools for its basic account
.
Yes, there are several UK business bank accounts like Tide, Cashplus, ANNA Money, Monzo and Mettle that typically do not perform credit checks during the application process.
These are often digital banks or fintech companies focused on providing accessible banking services for startups, freelancers, and small businesses.
But, even though these business bank accounts do not do credit checks, they will still perform ID checks on the directors and owners of the company that is applying.
Bank accounts that do not perform credit checks are handy for those business owners with a poor credit rating, where you will not be looking to borrow funds from your bank for your business.
Generally, yes, you do need a business bank account to run a company successfully in the UK; however, there are some instances where you don’t. For example if you are running a cash business or take payments in cryptocurrency. However, even though a business bank account is legally necessary for limited companies and partnerships, sole traders, there are many advantages to having one, like professionalism, financial management, and access to business loans and company credit cards.
Also, if you run a limited company or a partnership, having a business bank account is generally a legal requirement. This is because the business is a separate legal entity, and its finances must be kept separate from your personal finances. But if you are a sole trader, you are not legally required to have a business bank account for a separate legal entity.
Compare Different Business Banking Services
Compare Business Money Transfers
Switching to a business money transfer provider can save you up to 4% on international payments compared to using a commercial bank. Corporate currency specialists are also experts at helping you manage foreign exchange risks and protect your bottom line.
Compare Business Loans
Businesses need funding to be a success, compare start-up loans, business finance, invoice borrowing, asset finance and more to quickly see the best types of finance for your business. With our comparison you can compare lenders and rates side by side in minutes.
Compare Business Savings Accounts
Choosing the right business savings account comes down to balancing access, interest rates and certainty, and many businesses use a mix of different accounts to manage their cash more effectively.
Compare Business Credit Cards
Corporate credit cards can streamline your business buying process. Company credit cards can ensure employees, spending money each day, avoid the hassle of submitting expense claims by offering them a credit card registered to your business. You then repay the balance once each month.
Compare Business Investing Accounts
Business investing account are similar in functionality to personal investing accounts but is specifically designed for businesses to manage and grow their investment assets.
Compare Invoice Financing
Late payment of invoices can impact your business cash flow. Compare lenders that can offer you the value of your outstanding unpaid invoices to protect your business. Compare lenders and invoice finance rates to keep your business moving.