Find and compare the best business bank accounts for your business. From startup bank accounts to switching bank accounts, we'll find you the perfect match.
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Whether you are a small start-up looking to open a new business bank account, or a large established SME looking to switch, we have a range of online bank accounts that cater for all types of businesses.
We work with an extensive range of business bank account providers in the UK. Our comparison can help you choose the best offer that's right for your business so you can keep on top of your companies finances.
If you’re setting up as a limited company, the law requires you to set up a business account, but they are also available for other types of businesses, including charities, partnerships, and sole traders.
A business bank account works in the same way as a personal bank account works - but instead of using it for personal reasons, a business account is set up in the businesses name and helps you keep track of your business incomings and outgoings. If you’ve got a business bank account, it can be easier to secure business finance, and you can also apply for a business credit card.
There are many types of business bank accounts out there, so, understandably, you might get overwhelmed when researching your options. But that’s why we’re here to help compare all business bank account products in one place.Compare now
It’s important when researching business bank accounts that you’re aware of the different types out there. We offer many business bank account products; you can read more about the various types of business bank accounts below.
A startup business bank account is pretty self-explanatory — it’s specifically designed for new companies or sole traders. A startup bank account would be your very first account linked to your business.
A switching business bank account is for companies wanting to switch from their current bank account provider. Perhaps you’ve grown, or you’re on the prowl for better rates — or maybe you’ve just had a bad experience with your current provider. Whatever the reasons, we can help you find the best deals for your business - all free of charge.
It’s not just startup and switching accounts you can compare; you can also compare:
A free business bank account is, as you’d expect, free. Perfect for new businesses, sole traders, and businesses who want to save money. While some banks offer a ‘free forever’ bank account, with some banks, the ‘free’ period usually lasts between six months and 30 months. After this, you’ll be moved onto a paid version of your account, which will still be a relatively small cost.
A bad credit business bank account is specifically designed for businesses with bad credit. If you’ve filed for bankruptcy in the last five years, or you have a county court judgement (CCJ) against your business, you’ll struggle to secure a standard business bank account. That’s precisely why bad credit business accounts exist.
If you’re a contractor working under a limited company, you’ll need a business bank account, so you can receive payment. As a limited company, it is a legal requirement to have a business account. With a contractor business bank account, you can receive money from clients, pay yourself a salary and dividends, pay corporation tax, and set up business direct debits.
Although not a legal requirement, having a sole trader business bank account can be useful if you’re self-employed or a sole trader. Why? Because keeping business separate from personal can be helpful, particularly when it comes to determining what tax you owe when you complete your annual self-assessment. Having a separate business bank account can help you determine a clear line between personal and business life.
Any cash lying around that isn’t in a savings account could be collecting interest. With a business savings bank account, you can keep all your savings safe ready for emergencies or investing in new markets. A business savings account can usually offer you higher interest rates than your business current account; it’s definitely a product worth looking into.
Comparing business bank accounts has never been easier. Our free and straightforward comparison tool is built for businesses just like yours looking for better business banking deals. Simply fill in your details and view and compare the current business bank accounts available in the marketplace.
Understanding what’s out there can help you determine which business bank account is best for your business needs. Different business bank accounts come with different benefits; it’s up to you to decide which benefits are more important for your business. For example, perhaps obtaining a free account is the best benefit for your business, while some small businesses might look for low cash deposit fees or local branch access.
The best way to figure this out is by comparing multiple providers.
Opening a business bank account is quick and easy. First, compare the best deals on our site using our free comparison tool. Once you’ve compared, click through and complete the provider’s application form. You will need to provide company and personal information to complete your application, but these requirements will differ based on your company type.
For example, if you’re a limited company or LLP, you’ll need to provide your registered company name and address, the date you incorporated, and your company registration number. Read more about the documents required below.
What kind of business you have determines the kind of documentation providers will require. But regardless of business type, to open a business bank account, you will need:
Proof of ID - Whether that’s a valid passport, a UK driving licence, or a national identity card (EEA or equivalent)
Proof of address (customer’s address) - This can be in the form of a driving licence, bank statement less than 3 months old, council tax bill or utility bill.
If you’re a limited company, you’ll need additional documentation to apply for a business bank account. Your bank will usually require to separate, original and valid documents to prove both your identity and your address.
Additional documentation could include:
These are required so the provider can correctly identify you, check your address, and carry out credit checks and further checks if necessary. Gathering all the correct documentation means your account can be opened correctly.
It depends. You are only legally required to have a business bank account if you have a limited company. But if you’re a sole trader or self-employed, it’s good to separate your business finances from your personal. The main benefit of separating your accounts is so you can efficiently complete your tax return at the end of the financial year.
This is a question we’ve been asked many times, and remember, you don’t have to if you’re a sole trader or self-employed. But, there are many reasons you should consider separating your personal and business finances; here are a few of those reasons:
Yes, you can get a business bank account if you have bad credit. At Capalona, we work with a range of providers catering to every business need - so we’re confident that one of our providers can open an account for you even if you have poor credit.
Yes, there are many business bank accounts available that can be opened on the same day that you apply. Providing you have all the information required to hand, most same day business bank accounts can be approved in as little as 10 minutes.
Absolutely! The majority of business bank accounts can be opened online within minutes.
All you need to do is complete the online application form on the provider’s website. You may be required to upload ID and other relevant documents to your application, especially if you aren’t already an existing customer.
Most business bank account providers are part of the Financial Services Compensation Scheme (FSCS), up to a limit of £85,000 per person, per financial institution. This will be stated during the application process on the provider’s website.
As a broker, our comparison tool is completely free for UK SMEs to use. We created this tool to help you find the best business deals, so you’re in the best position to grow your business. No longer do you have to sift through and manually compare business bank accounts, instead, you can view all deals in one place - it’s really straightforward.Compare now
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