Compare Free Business Bank Accounts
- Many business banking providers offer free banking deals to new customers
- Free banking durations and details vary between products and providers
- Compare free banking deals from various types of business banking specialists
Choose your business current account options
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Free Business Bank Accounts
What is a business bank account?
A business bank account is similar to a personal current account but is specifically designed for business use. You can open a business bank account to help keep your business transactions separate from your personal finances. This will enable you to keep track of your business income and outgoings, as well as helping you when it comes to doing your accounts and working out the tax you owe at the end of the year.
What is a free business bank account?
Most business bank accounts will charge you in some shape or form. However, some do not carry an annual or monthly fee. Business bank accounts that don’t charge monthly or annual fees regardless of how you use the account, are often marketed as free, but you will usually still be required to pay some fees for transactions, such as making deposits or using your card.
Some ‘free’ business bank accounts will waive annual or monthly fees for an initial period, while others may not charge these fees on a permanent basis.
Do I have to open a business bank account?
If you are a sole trader, you can continue to use your personal account for your business transactions. This is because your business finances and your personal finances are one and the same, in the eyes of HMRC. However, if you have registered your business at Companies House and it is, therefore, a separate legal entity, you must set up a business bank account by law.
What features do free business bank accounts offer?
Most free business bank accounts will allow you to carry out your daily banking needs and will also offer additional tools to help you track your business’s finances, such as a mobile app. The precise features offered by business bank accounts will vary, however, and you’ll need to do some research to find the right bank account for your business needs.
Here are some of the features often offered by business bank accounts:
- Accepting deposits
- Bill payments
- Cash withdrawals
- Debit card transactions
- Direct debits
- Standing orders
- Writing cheques
- Bank transfers
- Online purchases
- Financial tracking app
- Overdrafts
Often, these services and transactions will carry fees.
How do I choose the right free business bank account?
Consider the ways in which you are most likely to use your business bank account. If you are not likely to perform many transactions, you may find a free business bank account is the best option for you. However, if you are likely to use your business bank account regularly, performing numerous transactions that carry fees, opting for a business bank account that charges an annual or monthly fee, but carries smaller transaction charges, might be more sensible.
Do free business bank accounts pay interest on balances?
Yes, most do pay interest on balances, but at different levels, so it pays to do your homework if this is something that is of interest to you. If you have large balances held in your business bank account, however, it might be sensible to open a business savings account. Business savings accounts are likely to pay more in terms of interest on balances than free business bank accounts, which operate like current accounts for your business.
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Acorn Business Bank Accounts
The Acorn Business Account provides straightforward online business banking that is suitable for people with poor credit ratings.
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ANNA Business Bank Accounts
App-based business current account with a debit Mastercard from Absolutely No Nonsense Admin Ltd.
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CardOneMoney Business Bank Accounts
App-based business current account designed for small businesses with a prepaid Mastercard and no credit checks required.
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Cashplus Business Bank Accounts
Alternative to traditional business bank account that can be opened with instant online decision and no credit check.
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Countingup Business Current Accounts
Business current account mobile app with automated bookkeeping features and corporate contactless MasterCard.
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Mettle Business Bank Accounts
A digital business account by NatWest and provided by Prepay Solutions.
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Revolut Business Bank Accounts
Global, multi-currency business current account with a range of price plans for businesses of different sizes.
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Starling Bank Business Current Accounts
Straightforward, app-based business banking service for UK firms and sole traders.
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Tide Business Bank Accounts
Business current account app with contactless business Mastercard, quick setup and straightforward fees.
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