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Compare Business Bank Accounts Today

1 month of a paid plan without subscription fees
Account set up takes about 10 minutes
Send, receive and exchange in 25+ currencies
1 month free

Revolut Business

Revolut Free Business Account

Free banking duration
Monthly fee
No monthly fees
0% AER
Credit facility
Loan facility Subject to terms
  • One platform for all your business finances
  • Send, receive and exchange in 25+ currencies
  • Pay and get paid, around the world
24 hour award-winning support


The ANNA Free Business Current Account

Free banking duration
Monthly fee
No monthly fees
0% AER
Credit Facility
Loan facility Subject to terms
  • Free business current account
  • Account set up takes less than 10 minutes
  • Freedom from invoicing
Open an account in minutes


Business Go Bank Account

Free banking duration
Monthly fee
No monthly fees
0% AER
Credit facility
Overdrafts available upon invitation
  • Open an account in minutes
  • Straightforward pricing - No monthly or annual fee
  • Helpful UK based telephone customer service
Award-winning business account


Tide Business Bank Account

Free banking duration
Monthly fee
No monthly fees
0% AER
Credit facility
Various credit options available
  • Award-winning business account and no monthly fees
  • Free Tide Mastercard - free purchases at home and abroad
  • FSCS protected bank account provided by ClearBank

What is a Business Bank Account?

A business bank account is a bank account that is used only for business transactions rather than personal finances. It can be opened in the name of the business, allowing payments to be made and received using the business's name. 

Business bank accounts operate in a similar way to personal bank accounts, but business account holders can often access services that are unavailable to individual account holders.


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How to Open a Business Bank Account

To open a business bank account in the UK, you must already be a registered trader with Companies House. If you've done this, the next step is to choose the bank with which you want to open your account, and then you'll need to provide the documents required by the bank.

For legal reasons, the bank you choose will need to know the tax status of your business, which means they may ask you to provide your unique tax reference (UTR) number. If yours is a new business and you have yet to apply for a UTR, you should do so before you attempt to set up your business bank account.

In the latter stages of setting up your business bank account, you will need to make an initial deposit to formally open it; the required amount varies depending on the bank you choose to bank with.


Which Bank is Best for a Business Account?

Many banks offer business accounts. The one you choose will depend on your specific needs, and how a given bank can accommodate them. You will also need to consider the benefits a bank offers your business and compare them to those offered by other banks.

With this in mind, it's hard to say definitely which bank offers the best business accounts; we have, however, compiled a list of banks that are popular amongst businesses in the UK. These might be a good place to start your research:

Some key factors to consider when choosing a bank include monthly fees, easy account access, and protection against fraud. Additionally, you may want to consider whether you need a traditional high-street bank or an app-only bank that makes your money more accessible and can be managed on the go.


What do I Need to Open a Business Bank Account?

To open a bank account for your business, you will need to provide certain documents and information. The exact requirements may vary depending on the bank, your business, and the type of account you want to open. Common requirements include but are not limited to:

Proof of ID documents, such as a driving licence or passport
Proof of UK address
Business verification documents, such as a business license or partnership agreements
Full business name and contact details
Your Companies House registration number

It's important that you check the specific requirements of the bank you plan to use and gather all of the necessary documents before approaching them to open your business bank account. Otherwise, you run the risk of facing delays or being turned away by the bank you choose.


Comparing Business Bank Account Providers

There are a few key factors to consider when comparing business bank accounts, such as monthly fees, interest rates, and minimum balance requirements.

If you typically have a positive balance in your business bank account, you may want to consider choosing an account that offers interest, whereas other businesses would benefit more from having a bank account that's more suited to continuous cash flow.

Only once you've considered all of these factors and more can you begin to start comparing the different providers out there. The whole process can be long, confusing and daunting; that's where we come in.

Regardless of the type of bank account you want or the type of industry you're in, we can find you the bank account that suits your business.


Frequently Asked Questions

Setting up a business bank account will require you to provide several documents to prove who you are and that your business is legitimate. The specific things required will depend on the given bank, but the below steps are those typically associated with setting up a business bank account.

  1. Choose a bank
  2. Check your eligibility
  3. Gather required documents
  4. Apply for an account
  5. Provide the required information
  6. Make an initial deposit

By following these steps, you should be able to set up your business bank account and start managing your business finances more effectively.

If you run a limited company, you are legally required to have a business bank account to keep your business transactions separate from your personal account.

If you are a sole trader, you are not legally required to have a business bank account, and you can use your personal bank account for all business transactions. It is, however, often recommended that sole traders have a separate business bank account to make accounting and tax filing easier in the long run.

If you run a limited company or a limited liability partnership, you are legally required to have a separate business bank account.

This requirement does not apply to businesses made up of a sole trader, although many sole traders do opt to have a business bank account for administrative purposes.