Having a dedicated business bank account is essential for business owners. It helps separate personal and business finances, simplifies accounting and tax processes, and enhances professionalism.
However, with numerous options available, selecting the right business bank account can be overwhelming. In this guide, we will explore some of the best business bank accounts in the UK for small business owners, enabling you to make an informed decision that suits your specific needs.
Here are a few of the options available to you, there are new business accounts available all the time so keep your eyes open for the best deals and don’t be afraid to switch!
Barclays Business Banking: Barclays is a renowned name in the banking industry, offering a range of business banking solutions for all businesses. They provide tailored accounts with features such as online banking, mobile banking, invoicing tools, and integration with popular accounting software. Barclays also offers competitive pricing structures, including fee-free banking for an initial period, making it an attractive option for startups and small businesses.
NatWest Business Banking: NatWest is a prominent high-street bank and offers comprehensive business banking services. They provide a variety of business accounts designed to meet different needs, whether you’re a sole trader, partnership, or limited company. NatWest business accounts come with features like online banking, mobile banking, free electronic payments, and cashback rewards. They also offer specialised support for startups and access to business advisors.
Lloyds Business Banking: Lloyds Bank is another established player in the high street business banking sector and offers a range of business accounts tailored to small businesses. Their business accounts come with features such as online banking, mobile banking, contactless business debit cards, and integration with accounting software. Lloyds Bank also provides free day-to-day banking for startups, making it an attractive option for new businesses.
HSBC Business Banking: HSBC offers a variety of business bank accounts with features and benefits designed to support businesses. Their accounts include online and mobile banking, free electronic payments, and access to a dedicated relationship manager. HSBC also provides support for international trade, making it a suitable choice for businesses involved in import-export activities.
Tide Business Banking: Tide is a digital-first banking provider specifically designed for small businesses. They offer a fast and straightforward account opening process without the need for lengthy paperwork. Tide business accounts come with features such as invoicing tools, expense categorisation, integration with accounting software, and access to business loans. Tide is known for its user-friendly mobile app and competitive pricing structure.
Starling Business Banking: Starling Bank is a digital bank that has gained popularity among small business owners. They provide business accounts with features like mobile banking, real-time notifications, expense categorisation, and integration with accounting software. Starling Bank also offers additional features such as in-app marketplace integrations and business savings accounts. Starling regularly wins best business bank awards not least for their new way of thinking.
Metro Bank Business Banking: Metro Bank is known for its customer-centric approach and offers business accounts with a range of features tailored to small businesses. Their accounts include online banking, mobile banking, free electronic payments, and access to a dedicated relationship manager. Metro Bank also offers extended opening hours, including weekends, making it convenient for business owners.
Choosing the best business bank account is crucial for any business owner. Each of the options mentioned in this guide offers unique features and benefits but they are only a few of the many, many business banking options available.
Consider factors such as account fees, online and mobile banking capabilities, integrations with accounting and bookkeeping software, and customer support when making your decision. It’s advisable to compare the account offerings and fee structures of different banks and select the one that aligns with your business’s needs and preferences.
Juggle is here to support and advise you every step of the way from start-up to trading internationally. For more information about business banking or any other aspect of running a small business.
Or check out our guide to choosing the right bookkeeping software for your business.
