| Name | Logo | Monthly Fee | Free Banking Period | Transaction Fee | Customer Reviews | CTA | Feature | Expand |
|---|---|---|---|---|---|---|---|---|
 | Monthly Fee £10 | Free Banking Period n/a | Transaction Fee £0.20 | Customer Reviews | Added value:
| Revolut is an all-in-one banking and investment app loved by millions Provider: Revolut Verdict: Revolut offers banking, saving, spending, investing, foreign exchange and cryptocurrency services to 50 million individual customers and 500k businesses around the world. Is Revolut good for investing? Revolut is a good choice for investors that want to buy and sell major shares and cryptocurrencies. No funds, or smaller cap stocks, but a good entry-level account for most investors. One of the most commonly asked questions about new banks and fintech is if they are a safe place to keep your money. The answer is generally, yes, if they are regulated by the FCA as funds are protected by the FSCS up to £85,000. But, Revolut, is regulated as an e-money institution and not as a bank so you do not get the FSCS protection. Revolut says that if they were to go bust, client funds would be paid out of a “safeguarding” account which is a type of ringfenced account where client funds are held. When funds are in this type of account, Revolut cannot (in theory, at least) lend them out or use them to run the business. This is how banks traditionally made money, they pay you a smaller amount of interest than they receive on the money they lend out and make a profit from the difference (among other things). For small money transfers, Revolut is safe enough, but as with all currency conversions if you are sending over £10,000 abroad you should be using a currency broker. You’ll get much better rates, more control over when you buy and sell, help with all the AML (anti-money laundering) issues that may come up, and the ability to lock in the currency exchange rate for up to a year in advance (if you think it will move against you).
Pros
Cons
Overall4.7 | ||
 | Monthly Fee £0 | Free Banking Period Free | Transaction Fee £0 | Customer Reviews | Added value:
| Starling Bank: A UK digital bank with modern features and competitive savings Provider: Starling Bank Verdict: Starling Bank is a UK digital challenger bank offering personal, joint, euro and business accounts. It has no monthly fees, FSCS protection on deposits up to £85,000, and is regulated by the FCA and PRA. Starling is based in London, with its registered Starling Bank address at 2 Finsbury Avenue, London, EC2M 2PP. Is Starling Bank good? For most users, yes. Starling Bank offers fee-free banking, competitive savings rates, and an excellent app. Is Starling going bust? No — despite regulatory fines, it remains stable, FSCS-protected, and growing. It’s one of the strongest digital options for personal and business accounts, as long as you are comfortable with app-based banking and don’t need branches. Pricing & Interest Rates Starling Bank has built its reputation on transparent pricing and competitive interest rates. Its Easy Saver account currently pays interest on 12-month terms. It has removed interest on standard current accounts from February 2025, reducing returns for customers holding large balances. There are no monthly account fees, and Starling does not charge extra for spending abroad, using Mastercard’s exchange rate for foreign card payments and ATM withdrawals. These features make it attractive for both domestic and overseas use. Products & Features Starling Bank offers a full range of current and savings accounts, plus business and euro accounts. It has budgeting tools like Spaces for ring-fencing money, Bills Manager for setting aside funds, instant transaction notifications, and strong card controls. Business customers can connect accounting software through the Starling Marketplace and access free UK payments and integrated spending insights. There is no Starling Bank credit card yet, but its core products are broad and well integrated, giving users strong day-to-day banking functionality. App & Website The Starling Bank app is one of the strongest in UK banking. It has a clean design, reliable performance, and highly rated features like cheque imaging, instant alerts, spending categories, savings goals, and card freezing. The app and online banking platform are regularly updated, and customer reviews praise their stability and ease of use. Starling Bank login is secure and fast, and you can open or close accounts entirely through the app without needing branches. But website bank account access is limited. Safety & Reliability Starling is a licensed UK bank with full FSCS protection and robust security tools like biometric login, fraud monitoring and instant card controls. It has faced scrutiny, with the FCA fining it £29 million in 2024 for “shockingly lax” anti-money laundering controls, which has raised questions about Starling Bank financial struggles and governance, though it remains solvent and operational. The bank has since pledged to improve compliance systems. While these failings dented its reputation, Starling Bank is safe overall, and is Starling a UK bank? Yes, it is fully regulated and headquartered in London. Customer Experience Customer reviews are generally positive, praising fast account opening, helpful in-app chat support, and the absence of fees. Users say it is intuitive to use day-to-day and Starling Bank abroad works well, with no extra charges for foreign spending or ATM withdrawals. Cash deposits are possible at Post Office branches using a Starling Bank sort code and account number, which answers common questions like how to pay cash into Starling Bank or how to put cash into Starling Bank. There are occasional complaints about delays resolving complex fraud or disputes, but these are relatively rare. Pros
Cons
Overall4.4 | ||
 | Monthly Fee £9.99 | Free Banking Period n/a | Transaction Fee £0.20 | Customer Reviews | Added value:
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 | Monthly Fee £5 | Free Banking Period | Transaction Fee £0 | Customer Reviews | Added value:
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 | Monthly Fee £8 | Free Banking Period 12 Months | Transaction Fee £0.35 | Customer Reviews | Added value:
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 | Monthly Fee £7 | Free Banking Period 12 Months | Transaction Fee £0.30 | Customer Reviews | Added value:
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How To Compare UK Business Bank Accounts
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.
Is it easy to switch business bank accounts?
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
Which bank account is free for business accounts?
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
.
How to open a business bank account in the UK
- Compare UK Business Bank Accounts: Research different banks and their business account offerings. Consider factors such as fees, features, customer support, and integration with accounting software. Popular options include Starling Bank, Mettle, and HSBC Kinetic, which offer free business accounts with varying benefits
. - Prepare the Required Documents: Gather the necessary documents to verify your business and personal identity. Typically, you will need, Proof of Identity, Proof of Address, Business Details and financial information like business plans.
- Apply Online: Opening a business bank account is harder than personal accounts, but the process can still be done online. It can take from a few days to a few weeks, depending on the bank and your business type
. For instance, businesses that are owned by companies instead of individuals will take longer to open.
Do you need to open a business bank account to run a company in the UK?
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.
How do you switch 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.
Are there any UK business bank accounts that don’t perform a credit check during the application?
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.
Which business bank account is best for overdrafts?
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.