Finding the best online-only business bank account could be great for your business. These digital, online-only accounts suit business owners who don’t need branch access and are looking to manage their finances on the go with great apps and handy online tools.
NerdWallet has ranked the top online-only UK business bank accounts, based on what business owners say are the most important criteria.
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Best Online-Only Business Bank Accounts
Best Online-Only Business Bank Account Providers
This list is from 23 business bank accounts that NerdWallet evaluated and reviewed. Others are available. Find out how we use ‘best’ and our guide to ratings.
Monzo Lite Business Account
Free
Free
Free
n/a
- Available to sole traders, or the director of a registered limited company by shares (Ltd)
- Must be based in the UK
NerdWallet's Review Summary
Monzo’s free online business bank account has no monthly fees and free basic transactions. Despite being online-only, the account allows you to deposit cash and cheques, though the former comes at a cost of £1 per deposit.
In addition, a small overdraft of £2,000 is available to Monzo customers with no annual fee. However, representative EAR stands, on average, at 39% variable and the overdraft is only available to sole traders. You cannot integrate third party accounting software with Monzo’s free account, but both its £9 per month Pro account and £25 per month Team account are compatible with Xero, FreeAgent and QuickBooks. In addition, the Pro account includes a six-month trial with Xero and the Team account gets you an eight-month trial.
Eligibility criteria: Monzo is for sole traders or directors of limited companies. Applicants should also be based and registered in the UK.
For further details, read NerdWallet’s Monzo Business Account Review.
Monzo key features:
- Account opening: Accounts are generally open on the same day as an application is made.
- FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme.
- Low cost: Monzo has a free business account and two you pay for.
NerdWallet's Pros & Cons
Pros:
- Free online business account available
- Simple transactions are free with Monzo accounts
- You may get access to online banking on the day you apply
- Wise integration for speedy international transactions
Cons:
- Not available to charities or partnerships
- Overdraft has high interest rates and is restricted to sole traders
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Tide Business Account – Free
- For registered business accounts: Must be a director of a UK company registered with Companies House.
- For sole trader accounts: Must be a UK-based sole trader or freelancer with a valid UK home address and be registered with HMRC
- For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold a compatible device registered to a UK App or Google Play store
NerdWallet's Review Summary
Tide is an online-only provider with a choice of four different business bank accounts. Among these are its Free account, which has no monthly fee but charges 20p per basic UK transaction.
Cheque deposits can be made via the Tide app. Cash deposits via the Post Office cost 0.99% or a £2.50 minimum fee or 3% via PayPoint. Tide does not offer a business overdraft, though other lending options are available.
Finally, you can integrate third party accounting software from Sage, QuickBooks, Xero and more.
Eligibility criteria: Tide applications need to come from UK-based businesses with an owner aged 18 or over.
To learn more, read NerdWallet’s full Tide Business Account Review.
Tide key features:
- FSCS Protection: Eligible deposits of up to £85,000 in new Tide accounts are protected by the Financial Services Compensation Scheme (FSCS).
- Lending options: With Tide, customers have access to lending options such as a government-backed loan for start ups.
- POS technology: In addition to business bank accounts, Tide offers card readers that allow your business to take payments.
NerdWallet's Pros & Cons
Pros:
- No monthly fee
- POS technology also available
- Accounts are generally open the day an application is made
Cons:
- Even everyday transactions carry fees
- No business overdraft available
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Zempler Bank Business Go Account
NerdWallet's Review Summary
Zempler’s online-only offering is available with no monthly fee through its Business Go account, though you can upgrade to the £9 per month Business Extra account or £19 per month Business Pro account. With the free account, basic UK transactions cost 35p each after you have exhausted a free monthly allowance of three transactions.
Cheque deposits are not available, but cash can be deposited at the Post Office for a 0.55% charge or £4 minimum fee.
When it comes to lending, Zempler offers a modest business overdraft of £2,000, though you’ll need to pay £50 a year for access to this feature. Interest rates apply to all overdraft use beyond the initial £5, though Zempler is not transparent about interest rates as your rate will only be detailed following an application.
Finally, Zempler customers can integrate Xero, Sage or QuickBooks accounting software with their accounts.
Eligibility criteria: Sole traders, limited companies, partnerships and charities can apply for a business account with Zempler.
To find out more, read NerdWallet’s full Zempler Bank Business Account Review
Zempler Bank key features:
- FSCS Protection: Eligible deposits up to £85,000 are protected by the FSCS.
- Lending Facilities: Account holders can apply for business overdrafts or a credit card from Zempler Bank.
- Additional tools: Zempler offers invoice-building and cash-flow tracking tools designed to help businesses with every day activities.
NerdWallet's Pros & Cons
Pros:
- No monthly fees
- Almost all accounts open on the same day as application
- Overdraft available
Cons:
- You cannot cash cheques
- UK payments and transfers cost 35p each after three free monthly allowances
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Revolut Basic Business Account
Review Summary
A Basic account from Revolut, which is designed for limited companies and incorporated businesses, costs £10 per month. Local transfers cost 20p each outside a monthly allowance of ten free transactions. Unfortunately, Revolut does not allow cash or cheque deposits.
In addition, there are no borrowing options available with Revolut. However, accounting software from providers, including Xero and FreeAgent, can be integrated with an account.
Revolut also offers bank accounts for sole traders, which cost between £0 and £45 depending on your plan.
Eligibility criteria: Applicant companies must be fully incorporated and active, and cannot be charities, cooperatives or operate in the public sector. In addition, sole traders are not eligible for a Revolut business account, but can apply for a Pro account. Finally, an applicant’s legal home address must be in the UK, the European Economic Area (EEA), Switzerland, Australia, Singapore or the United States.
To find out more, read NerdWallet’s Revolut Business Account Review.
Revolut key features:
- International capabilities: An impressive array of international capabilities includes support for more than 25 currencies and £1,000 a month to exchange at the interbank rate (the rate used between banks). Some of Revolut’s paid accounts even include some free international transactions.
- Impressive app: Revolut’s mobile banking app is one of the best-scoring among consumers, with its features including the ability to instantly take contactless card payments.
- No FSCS protection: Revolut accounts are not protected by the FSCS, as it is classed as an e-money institution.
NerdWallet's Pros & Cons
Pros:
- Sole trader account with no monthly fee
- Great international payment features
- Innovative banking app
Cons:
- No free account for limited companies
- You cannot deposit cash or cheques
- Accounts not FSCS protected
- Transaction charges apply outside of monthly allowance
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Countingup Starter Business Account
- Must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
- If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
Review Summary
Countingup’s cheapest account tier costs £3 per month, though the tier you are in will automatically be determined by how much each month’s deposits total. The £3 tier is for businesses with deposits under £750, while businesses with deposits between £750 and £7,500 are charged £9. For monthly deposits north of £7,500, a Countingup account will cost £18 per month.
All transactions also carry a fee, with transfers in or out and direct debits costing 30p each. Cash deposits can be made via the Post Office for a 0.5% (minimum £2) fee or PayPoint for 3%. Cheque deposits are not supported.
Countingup offers no overdrafts or borrowing options. However, the account has built-in accounting software and is designed to allow businesses to easily share their financial information with their accountant.
Eligibility criteria: To apply for an account, you will need to be 18 or older, a UK resident and applying as a sole trader or a director of a limited company.
If you want to learn more, read our Countingup Business Account Review.
CountingUp key features:
- In-built accounting software: Accounting tools are included with a Countingup account, including auto-categorisation of transactions, real-time profit/loss tracking and tax estimates.
- Quick application: Countingup says most accounts are opened within two hours of an application.
- No FSCS protection: Countingup is an e-money institution and so is not covered by FSCS protection.
NerdWallet's Pros & Cons
Pros:
- Built-in accounting software
- Well-received app
- Most accounts are open in under two hours
Cons:
- No free account available
- All transactions carry a fee
- No cheque deposits
- No FSCS protection
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
What is an online business account?
In many ways, the features of an online business bank account are pretty much the same as a ‘traditional’ business bank account. It will allow you to send and receive payments, and manage your business finances.
The big difference is that online, or digital-only, business accounts do not have branch access. That means you can’t pop to your local high street and into physical premises to make transactions or seek face-to-face support.
Since these providers are online-only, their apps are often very easy to use, and most will open your account on the same day as your application. The majority of digital-only providers also offer accounts with no monthly fees – not just as an introductory offer, as with many traditional lenders, but as a permanent feature.
The lack of physical branches does, however, mean that your ability to make both cash and cheque deposits can vary greatly depending on the digital-only provider.
Some, but not all, online business accounts may also be e-money accounts rather than fully-licensed bank accounts. This is important, as it means your deposits are not protected under the Financial Services Compensation Scheme (FSCS). However, e-money providers will ‘safeguard’ your money by either keeping your funds in a separate account from their own funds or protecting them through an insurance policy. This is a requirement of the Financial Conduct Authority (FCA). In our top 10 rankings, we have clearly marked which accounts include FSCS protection and which do not.
Why get an online business bank account?
When NerdWallet asked 500 business owners why they would consider getting an online business account, the top answer given by 43% of respondents was finding digital banking easier and more convenient.
If you find yourself wasting time with poorly designed and fragmented banking tools, and are looking for a way to streamline your business’s money management, an online-only business account could be right for you.
Do online business bank accounts have any fees?
While most online business banking providers offer the option of an account with no monthly fees, that isn’t the case for every digital-only provider. There may also be certain eligibility requirements, such as maximum turnover or trading history, that limit those who can open a free online business account.
Similarly, the banking options available in a free account may or may not provide the range of transactions your business needs.
Transaction fees can vary greatly from provider to provider. Some offer completely free UK bank transfers, while others have free allowances for certain everyday banking transactions. Some accounts operate on a ‘pay as you go’ basis, where every transaction you make comes with a fee.
You may opt for an account with a monthly fee as some of these include a wider range of fee-free transactions and other features.
Before opening an online business account, it is worth making a list of all the transactions you regularly make. This way, you can assess which account is cheapest for your specific business.
How to choose the best online business bank account
While our star ratings can provide guidance over the best online business bank account, the final decision is down to you. It is a good idea to ask yourself some of the following questions before choosing which account to go for:
- Do you want to call your provider on the phone, or is online access via the app enough?
- How important is it to you that your deposits are FSCS protected?
- What kind of monthly fee are you willing to pay?
- Which transactions do you make the most, and how much are you comfortable paying for them?
- Do you need to deposit cash and cheques into your account?
- Does your business make and receive international payments?
- Would you like to access an arranged overdraft, business credit card or loan?
- Would it be helpful if multiple users could access your business account?
How to open an online business bank account
- Select the best online business bank account for your organisation using NerdWallet’s comparison cards above.
- Click See Deal to head to the provider page and begin your application.
- Fill out an application form. Yyou will likely need to provide proof of identity, proof of address and some company details.
- Wait for the provider to approve your application.
How to switch business bank accounts online
Switching business bank accounts online can be simple. Apply online for the account of your choice, and if both your old and new banks are covered by the Current Account Switch Guarantee then your balance and regular inbound and outbound payments can be transferred across simply. Find out more by reading our guide to switching business bank accounts.
Pros and Cons of an online business account
Pros:
- Most online-only providers offer at least one free account
- Applying online is simple and can often be completed in just minutes
- Online-only providers tend to have far better banking apps than their traditional counterparts
- Accounts commonly include innovative features and business tools to help you manage your business while on the move
- Access all your banking needs on your phone or computer
Cons:
- No access to branch or telephone banking
- Online-only providers are more likely to lack traditional features like cash and cheque depositing
- In addition, most online-only providers offer less in the way of business loans and overdrafts
- Complete reliance on apps and websites which could crash or glitch
- Probably not the best option for tech-phobic business owners
NerdWallet’s Other Business Bank Account Roundups
Frequently asked questions about online business bank accounts
Depending on the provider, there may be some restrictions with an online business account.
For example, certain providers may not offer international payments, access to other products such as overdrafts, or multiple user access. It is important to check the details of each account before applying.
Whether or not an online business account is FSCS protected depends on if the provider offers e-money accounts or is a fully-licensed bank.
If the provider is an e-money provider, your deposits will not be FSCS protected. If the provider is a licensed bank, then your eligible deposits will be protected up to a maximum of £85,000. It’s worth noting that if you are a sole trader who has a personal bank account and business bank account with the same provider, £85,000 will be the total limit you may be eligible for across all your accounts.
With e-money providers, your money will be ‘safeguarded’ in a separate account to the provider’s own funds or will be covered by an insurance policy, as per Financial Conduct Authority (FCA) regulations.
According to Trustpilot at the time of writing, Allica Bank and Mettle are the most trustworthy providers we have covered, with both scoring a 4.6-star ‘Excellent’ rating.
None of the providers we have covered has a lower than a 4.0 ‘Great’ score on Trustpilot.
NerdWallet’s 2025 survey of business owners found that nearly half of respondents (45%) trusted online and traditional banks equally, with a quarter (25%) stating they would consider an online provider because they have lost trust in traditional providers.
The equivalent annual rate (EAR) of an overdraft represents the interest a borrower will pay over the course of a full year. It also takes into account compound interest (the interest you will pay on the interest if you don’t pay it). It is worth noting that it does not include any additional fees that a lender might charge.
You may also have come across the term annual equivalent rate (AER). The simplest way of explaining the difference is that while EAR applies to the interest a borrower owes, AER applies to the interest a saver earns.
Another variant you may have seen is APR, or annual percentage rate. This differs from EAR as it includes any additional fees a borrower might be subjected to.
Finally, the term ‘representative’ means that a rate is offered to more than half of customers. So if a bank advertises an overdraft with representative APR of 20%, it must have offered this to at least 51% of customers.
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