The Best Business Bank Accounts UK You Can Get in 2024: Top 10+ Options Compared

The best business bank accounts give you all the financial tools you need for your day-to-day business operations. From managing your cash flow to streamlining accounting transactions and ensuring your funds are secure, these business account tools are essential.

However, with so many business banking solutions around, choosing the right one can be challenging. That’s why we’ve researched dozens of providers to prepare this guide on the best business bank accounts based on criteria like monthly fees, number of cards available, deposit and withdrawal limits and fees, and customer support. Read on to learn why providers like Revolut Business, Wallester Business, and Moss are among the best in the business.

Table of Contents Table of Contents

1. The Best Bank for Business Accounts: Top 16 Ranked
2. How Does a Business Account Work?
3. What Types of Business Accounts Are There?
4. Why Get a Business Bank Account?
5. The Best Online Business Bank Account Solutions Compared
6. Reviews of the Best Banks for Business Accounts
7. Whеrе to Gеt thе Bеst Frее Businеss Bank Accounts
8. Key Factors to Consider When Choosing the Best Business Account
9. How Many Business Bank Accounts Should I Have?
10. How to Open a Business Account Online – A Quick Guide
11. More Business, Accounting, and Financial Tools
12. Conclusion – What's the Best Business Bank Account to Get in 2024?
13. Online Business Account FAQs
14. References

Show Full Guide

Table of Contents

1. The Best Bank for Business Accounts: Top 16 Ranked
2. How Does a Business Account Work?
3. What Types of Business Accounts Are There?
Show Full Guide
4. Why Get a Business Bank Account?
5. The Best Online Business Bank Account Solutions Compared
6. Reviews of the Best Banks for Business Accounts
7. Whеrе to Gеt thе Bеst Frее Businеss Bank Accounts
8. Key Factors to Consider When Choosing the Best Business Account
9. How Many Business Bank Accounts Should I Have?
10. How to Open a Business Account Online – A Quick Guide
11. More Business, Accounting, and Financial Tools
12. Conclusion – What's the Best Business Bank Account to Get in 2024?
13. Online Business Account FAQs
14. References

The Best Bank for Business Accounts: Top 16 Ranked

All of our selected top business account providers offer something unique, and that’s what the following round-up aims to highlight:

1. Wallester Business — The best business account for LLCs with an unlimited number of physical cards for your team. Plus, you get onboarding assistance and a dedicated account manager.
2. Airwallex — Popular platform offers multi-currency accounts, fast international transfers and low currency conversion fees.
3. Moss — A customizable expense management solution for small- to medium-sized businesses, with fully-customizable card plans and tooling to expedite expenses, invoices, and month-end processes.
4. Revolut Business — Excellent business account with multi-currency accounts with support for 25+ currencies. You can also book forward contracts to enjoy the best market rates.
5. Ampere — A versatile virtual account ideal for startups as well as small and mid-sized businesses in the UK.
6. Anna — Recommended for those on a budget with its flexible pay-as-you-go pricing model. You’ll also be able to earn 1% cashback on all purchases.
7. Multi Pass — Recommended for those looking for a multi-currency option as it allows transactions in more than 30 currencies.
8. OneMoneyWay — Provides UK-registered virtual IBANS and supports transactions in over 24 currencies. It offers 100% online registration that does not require UK residency.
9. Tide — One-stop shop for business solutions, including scheduled payments, document organization, and more. It also allows you to hold up to five business accounts for free.
10. Monese Business — Recommended for those looking for an all-in-one app to manage their business transactions.
11. Wise — A global business banking solution with great conversion rates. This FCA-regulated provider allows you and your employees to spend in multiple currencies.
12. Citi — Popular business banking account with a minimum deposit of as little as £1. The option to deposit cheques via the app further enhances convenience.
13. Mettle — Ideal for businesses looking for accounting solutions in addition to a reliable business bank account provider. Comes pre-integrated with FreeAgent, which boosts its usability.
14. CashPlus — The best business bank provider for startups, which can help you with business registrations. As a business, you’ll also be able to build credit with their interest-free 12-month loans.
15. Monzo — Allows you to set aside money in different pots, which is ideal for tax management. It’s also one of the few business bank account providers that helps you earn interest on your savings.
16. Starling Bank — Great pick for a dual-currency, USD, and EUR bank account. It also makes migrating easy with its Switch Guarantee.

How Does a Business Account Work?

You can receive customer payments, pay bills, and make business-related purchases using cheques, a debit card, or online banking.

A business account keeps your business finances separate from personal funds, making it easier to track income and expenses, which is crucial for taxes and financial planning.

You can also set custom rules for streamlining employee expenses and reimbursements. This makes managing money a whole lot easier.

What Types of Business Accounts Are There?

Whether you’re a small startup or an established corporation, understanding the different types of business accounts available is essential for managing your finances efficiently. Let’s look into the different types to help choose the right one for you.

• Business Account: This is the most common business account for day-to-day transactions. It allows you to deposit money, write cheques, and make electronic payments for business expenses.
• Business Savings Account: Similar to a personal savings account, it lets you earn interest on funds while keeping them easily accessible for emergencies or future investments.
• Money Market Account: These accounts combine features of both regular and savings accounts. They often provide higher interest rates than savings accounts while allowing limited cheque-writing capabilities.
• Merchant Services Account: Designed for businesses that accept credit and debit card payments, these accounts enable you to process card transactions, with funds typically deposited into your business account.
• Certificates of Deposit (CDs): CDs offer higher interest rates than regular savings accounts, but your money is locked in for a fixed period, typically ranging from a few months to several years.

Why Get a Business Bank Account?

It adds a layer of professionalism when dealing with clients and suppliers, as payments and transactions are conducted under your business’s name.

Another key benefit is that business bank accounts often come with features tailored to business needs, such as the ability to process payments, manage payroll, and accept credit card transactions.

Additionally, they offer more comprehensive reporting options, which can be valuable for tracking cash flow, monitoring expenses, and simplifying tax preparation.

Business accounts typically offer features like merchant services, making it easier to accept payments, and may come with higher monthly fees but lower transaction costs. In contrast, personal accounts are designed for individual use and may not support business-specific features.

Mixing personal and business finances can lead to accounting challenges and even legal issues, so having a dedicated business bank account is a practical choice for any business.

The Best Online Business Bank Account Solutions Compared

The following table puts the key details of all our top picks side by side so you can get all the information you need to make a quick decision.

Reviews of the Best Banks for Business Accounts

Eager to zero in on the best bank business accounts for your needs? Read on as we’ll now discuss in detail each of our top recommendations, including their best features and pros and cons. Ready?

1. Wallester Business — Best Business Account for LLCs with Unlimited Virtual Cards

Wallester Business is the best business acount for large companies with thousands of people in their workforce, as every plan comes with unlimited physical cards – including the free plan. You’ll have more than enough to give your entire team the level of access you need to company funds.

Depending on the plan you choose, you can order 300 to 15,000 virtual credit cards at once – arguably making this the best business account for online business.

You can also order unlimited additional virtual cards for a small charge of £0.09/month to £0.18/month per card. This is a huge plus over other options, which limit their service to no more than 60 new virtual cards per month.

Business accounting really is made simple with Wallester Business’s integrated expense tracking feature. You can track every expense item made with the connected cards in real time and also impose spending limits.

You can also use the platform to receive and approve purchase requests from your employees. This ensures they don’t take advantage of your company’s expenses for their own personal needs.

The same goes for invoices. Your employees can upload purchase invoices through Wallester Business’s mobile app, so every penny will be accounted for when you’re tallying your expenses at the end of the month.

If you switch to its Enterprise plan, you’ll also enjoy some exclusive perks, such as onboarding assistance, a custom success manager, and a dedicated account manager. Having fast, seamless transactions ensures smooth business operations, and with Wallester Business, you’ll have an entire team to make sure that’s the case.

2. Airwallex — Top Business Solution, with Multi-Currency Accounts

Airwallex ticks all the boxes, especially if you run a global business. You get multi-currency accounts where you can open local currency accounts in more than 60 countries.

This allows you to operate a global company, pay your domestic and international bills, and make currency conversions with some of the lowest fees.

Moreover, you can issue virtual and physical cards for your employees. Use these cards for company expenses and team purchases for subscriptions, ads or whatever else your company may need.

Virtual cards can be extremely helpful for your employees as they can be used for travel purchases and employee benefits as well. The cards can be both virtual and physical. Use the dashboard to restrict purchases, set limits and manage your employee spending.

Each card is easy to track and changes happen in real-time, giving you a better visibility of employee purchases.

Airwallex supports payments from costumers globally via e-commerce platforms like Shopify, Magento, WooCommerce and more. One of the best features around this is that you can collect and settle in the same currency to avoid costly currency conversion fees.

3. Moss – Digital Platform for Streamlining Business Spend Management (Up to 4.5x ROI)

Moss is a digital spend management and corporate card platform that targets small- to medium-size businesses. Moss users can choose between using it as an all-in-one solution for their expense management, or for building a modular solution to suit their specific expense needs.

The all-in-one Moss solution offers all the tools necessary for expense management, including:

• Corporate Cards:Unlimited virtual cards, with card permissions customizable for each employee
• Invoice Management:Automated invoice management preconfigured by you, with automatic data extraction and payment alerts
• Reimbursements:Approve per diem expenses, like mileage, accommodation, food, and out-of-pocket items, while on the move
• Budget Control:Digital mapping between cards, users, and merchants, to intelligently categorize and organize expenses
• Accounting and Integration:Integration with leading account softwares and HR information systems to increase productivity and reduce errors

Users of Moss can achieve as much as 4.5% ROI, as the platform helps to reduce errors, increase productivity, reduce month-end accounting to a 1-day-a-month process, facilitate faster employee reimbursement, and decrease the time for submitting expenses by over 50%.

With integrations available for some of the top accounting and HR information systems software Moss can give businesses better control of their budgets, offering real-time budget tracking, and better invoice and expense management with customizable process automation.

4. Revolut Business — Multi-Currency Accounts and Exchange Rate Lock

Revolut Business is a perfect pick if your business deals in multiple currencies. With its multi-currency account, you can hold, send, and receive money in 25+ currencies, including EUR, USD, and CHF, among others. Revolut Business also gives you the option to lock in exchange rates for as long as 12 months through its Forward contracts.

If you need to make a USD payment in two months, for example, you can book the current rate to make the payment with Revolut Business , saving you money if the GBP-USD exchange rate dips. This will come in handy for large organizations that often make bulk payments.

Revolut Business offers 1.5% cashback on qualifying expenses on all plans, even with the free plan. Plus, you get boosted cashback of 1.9%, up to a cap, on all paid plans. And no matter how large your team is, you can issue up to three cards for each member.

You can also issue 200 virtual cards per account owner. This way, your employees won’t have to share cards, making it much easier to track expenses.

Indeed, Revolut Business gives you complete control over your team’s spending. You can set card limits, permissions, and levels of access, and each transaction will be brought to your attention via real-time notifications.

More importantly, you don’t need to make manual accounting entries for all expenses passed through your Revolut Business account.

Once you’ve linked your accounting software, the expenses will automatically be logged with the system without manual intervention, saving time and effort on reconciliation.

Revolut Business doesn’t let you manage your account on a phone call, and there is no overdraft facility, but this is hardly a great loss given all the features on offer, from easy money management to virtual cards to expense tracking and currency exchange.

5. Ampere — All-in-One Bank Account for UK Businesses

Those looking for an all-in-one financial service for their businesses will find Ampere to be a great place to get started. Whether it’s a startup, a small business, or a mid-sized business, using this virtual account, you can send, receive, and hold funds in multiple currencies. However, since it’s not a bank account, your funds won’t generate any interest.

Here, you can open your account in a few minutes and manage it from your PC, tablet, or phone, allowing you to handle your business from anywhere and at any time. 

Ampere further enables smooth operations by offering a business debit card linked to your business account. So, anytime you make a purchase with it, the amount is subtracted directly from the business balance. The cost of issuing and delivering the debit card is included in the account setup fee.

Talking about fees, local transfers at Ampere will cost almost nothing, and exchange rates are also pretty low at 0.35%. 

Opening a business account at Ampere comes with additional benefits such as fast money transfers, cashback, smart invoicing, real-time accounting, quick, personalized business loans with flexible limits, and commercial mortgages.

To ensure clients’ fund safety, Ampere utilizes a certified financial institution under the Financial Conduct Authority (FCA).

Pros

• A comprehensive multi-currency business account solution 
• Instant international payments via SWIFT/SEPA
• Corporate debit card for your company
• Instant flexible & low-interest loans
• Smart invoicing & easy management of taxes
• Excellent customer support

Cons

• Slow fund movement

6. Anna — Offers 1% Cashback on All Purchases Along with a Pay-As-You-Go Pricing Model

Anna’s flexible pricing is its biggest USP. You can choose to only pay for services you use, rather than paying a monthly fee. This includes a 1% fee for currency conversions, a 1% commission on payments received through payment links, 20p per bank transfer, and so on.

Once you move to the business plan, you get a hybrid model where these activities are free up to a certain limit, and then you have to pay a fee. For instance, you get 50 free transfers a month, after which you have to pay a 20p per transfer fee.

If you move to the Big Business plan, you get unlimited bank transfers, ATM withdrawals, payment link usage, and pots, as well as free debit cards, among other benefits, while the currency exchange fee goes down to 0.5%.

Regardless of the plan you choose, you’ll get 1% cashback on every payment you make through Anna. It might not seem like a lot at a glance, but if Anna is your primary payment mode and you’re spending £500 a day, your business can earn £150 just through cashback in a month.

Anna’s plans are divided into two groups – Business Accounts and Business Tools. Business tools, separate to the accounts details described above, are available for a fee and include automatic VAT calculation, invoice creation, and receipt management.

They also allow you to invite your accountant on board and give them access to all the data from your account. If you don’t have an accountant, you can chat with Anna’s in-house tax experts whenever you need.

7. Multi Pass — Transact in More than 30 Difference Currencies

Multi Pass has established itself as a way to provide individuals with business accounts without borders. It supports multi-currency virtual IBANs and local EU, UK, and US accounts.

With MultiPass, users will get a single business account that they can operate overseas thanks to it supporting more than 30 different currencies and being available across 180 countries.

The most attractive factor about Multi Pass is its onboarding process. It is only done online, which simplifies the process by removing the standard roadblocks related to standard onboarding.

Furthermore, Multi Pass offers wholesale exchange rates, which stops individuals from overpaying traditional banks.

With access to good exchange rates and 24/7 availability of making the exchange, investors will find it easy to move their funds between their own accounts.

Beyond business accounts, Multi Pass also offers a wide array of business cards. There are 15 business cards that people can get. Available in both virtual and plastic, the business card will allow investors to spend globally in EUR or GBP. Other currencies will have a 1.5% FX markup.

Additionally, the platform has been authorized by FCA. The funds in it are protected by a safeguarding process and live-chat customer support is available on the platform.

8. OneMoneyWay — Business Account Accessible Without UK Residency

OneMoneyWay is a digital business platform that offers complete online onboarding and provides your company with a UK-registered IBAN or sort code. Unlike other business bank software, OneMoneyWay lets you open an account without UK residency.

Intended for small-to-medium-sized businesses, OneMoneyWay employs a single business account that streamlines accounting workflows such as taxes, salaries, and expenses. The platform supports every business requirement an enterprise needs to operate in the UK and beyond.

OneMoneyWay allows businesses to transact in over 24 currencies at favorable exchange rates. The platform’s forex has no hidden fees and has fixed daily currency exchange rates so that companies know what to expect. 

The digital platform supports local and international payments in all major currencies. Various payment methods, such as SWIFT, SEPA, UC ACH, and Faster Payments, provide efficient and transparent transactions through OneMoneyWay.

OneMoneyWay’s Starter plan costs £49/month and offers 1 business account for enterprises with up to £100,000 in revenue. The Business plan, at £99/month, supports up to 3 accounts and includes a dedicated account manager.

Local business accounts are available for Denmark, Germany, Luxembourg, and Sweden, enabling companies to conduct business outside the UK. These accounts provide local IBANs and account numbers, allowing businesses to operate without residency in those countries.

9. Tide — Hold Up To Five Business Accounts For Free

Tide lets you get started for free, which is great for those who are just starting out. In fact, you can hold up to five business bank accounts on the free plan, which is pretty impressive when compared to other service providers.

There’s lots of flexibility, and you can also invite your team onboard and give them read access. Scheduled payments is another great feature, enabling you to line up payments in advance.

Tide’s biggest USP is its exclusive member perks. For instance, you get a lot of tools for free. Auderli – a product that helps you organize your documents, can be accessed for free by Tide users.

Noissue, a company that helps you create sustainable and custom packaging for your brand, can be accessed with a 10% discount from Tide.

Depending on the plan you choose, you can get 20 to unlimited free transfers a month, with a 20p per transfer fee on the free plan. ATM withdrawals are charged at £1 per transaction, but other uncapped, which is quite reasonable.

Tide’s assistance goes way beyond money, though. It’s one of the few business bank account providers that provide legal advice. That’s right, it has a dedicated legal helpline that runs 24/7.

With this, you can seek advice on business law, employee law, and commercial law, among other areas of expertise. Please note, though, that this service is provided by Irwin Mitchell LLP, a partner of Tide, and not Tide itself.

10. Monese Business — Simple Tools to Manage Business Transactions

Monese Business offers a simplified way to start a business account for a UK-registered account. Based on mobile, this business account platform comes with multiple ways to manage and track spending using a single application.

Opening the account is simple as the onboarding process is online. It also allows users to set up Direct Debits in the UK, allowing users to make payments faster via the UK Faster Payments network free of charge.

One of the biggest USPs of the platform, however, is the ability to manage finances through a simplified system of pots. Beginner-friendly and self-explanatory, this feature allows users to set aside certain amount for future expenses.

Funding the business account has also been simplified using this tool. Individuals can use cash to do so from over 40,000 PayPoint or Post Office Locations across the UK. The platform also supports a contactless Mastercard Debit Card.

When it comes to plans, Monese Business account only costs £9.95 a month. It offers a Contactless debit card for free, has a 0.5% foreign currency card spending fee and up to 6 free ATM withdrawal per month.

Monese Business has also established a good security system in place, which requires a KYC. Since everything is done using the mobile app, Touch ID, Face ID, and multi-factor authentication are also implemented.

The platform has also opted for 3D-Secure, which is an extra one-time password sent to users when they shop using Monese Business’s account online.

11. Wise — Global Business Banking Provider with Great Exchange Rates

Wise is a leading global banking solution that makes international payments a whole lot easier. You can benefit from mid-market conversion rates, which are lower than rates available to customers at large and are the rates at which banks trade currencies with each other.

Wise offers a volume-based discount in the case of international transfers. For example, if you’re transferring £1,00,000 a month to USD, your average cost would be 0.31%, and if you’re transferring £3,00,000, the cost goes down to 0.1%. The same applies to all currency conversions.

All in all, it’s an ideal solution for large organizations with considerable monthly transfer needs, as they can end up spending a large chunk of their transaction costs.