Best Joint Business Bank Accounts July 2024

Limited companies looking for a joint account have a strong option in Starling’s free business bank account, which allows multiple directors to manage an account.

There is a lot to like about Starling, with free basic transactions and a mobile app that has received rave reviews from customers.

Starling key features:

• Free transactions: There is no cost for many common transactions, such as direct debits and standing orders.
• FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme. 

Pros:

• Faster Payments, direct debits and standing orders can be made for free.
• Eligible deposits are covered by the Financial Services Compensation Scheme (FSCS).
• Starling’s business banking app is among the best reviewed in the banking market.
• Starling offers 24/7 customer support through its app, over the phone and via email.

Cons:

• To access all of Starling’s features, customers need to sign up for the Business Toolkit, which costs £7 a month.
• There is no way to manage your account over the phone or at a branch.
• Any cash deposits made at the Post Office come with a £3 minimum fee.

TSB is an established high street bank offering banking to businesses registered in the UK.

The bank’s everyday bank account for new business customers is called the Business Plus Account. It costs £5 per month and features some transaction fees following an introductory 30-month, fee-free period. This account can be used as a joint account by ensuring multiple parties have full signatory access. 

For further details, see NerdWallet’s TSB Business Account Review.

TSB key features:

• Physical branches: TSB operates a network of branches across Scotland, England and Wales.
• 30 months’ fee-free: TSB’s 30-month offering is competitive since other banks tend to offer between 12 and 24 months only.
• Deposit cash and cheques: You can deposit cash and cheques into your Business Plus account via a branch or at any Post Office.
• Payment services app: Business Plus customers can access the Revenu app free for 12 months.
• FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
  

Pros:

• The 30-month introductory period is longer than comparable deals at many other competitors and includes free everyday banking.
• Customers can manage their account online, via the app, over the phone or at a branch.
• Eligible deposits of up to £85,000 are protected by the FSCS.
• Perks for Business Plus customers include free access to payment services app Revenu for 12 months.

Cons:

• Customers in Northern Ireland can open a TSB account, but there are no TSB branches there.
• You will need to pay a £5 monthly fee (for accounts with monthly balances under £10,000), as well as some transaction charges, once the 30-month fee-free period expires.
• The only 24/7 customer support comes from an automated chat service, with manned customer service limited to 9am to 4.30pm on weekdays via chat or by phone from 8am to 6pm, Monday to Friday, 9am to 2pm Saturday.
• Setting up an account takes an average of 12 days, which is among the slowest for business bank account providers we reviewed.

The Co-operative Bank has a customer-led ethical policy, which might make it an appealing option for socially conscious business owners. In addition, the bank offers a great variety of bank accounts, including tailored options for small businesses, charities and larger companies. New signatories can be authorised for these accounts, allowing them to be used as joint accounts.

For more details, see NerdWallet’s Co-operative Bank review.

The Co-operative Bank key features:

• Customer choice: Customers can choose from six business accounts, which even include an option for charities.
• FSCS protection: Your eligible deposits, up to £85,000 across all of your accounts, are protected by the Financial Services Compensation Scheme (FSCS).
• Lending facilities: Lending facilities include an arranged overdraft, a charge card for expenses, a credit card, and a variable rate business loan.
• Account management: Customers can manage their account online, over the phone, via the app and at a branch.
  

Pros:

• Several Co-operative Bank accounts do not charge monthly fees. 
• Eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
• You have the choice of managing your account online, over the phone, via the mobile app and in a branch.
• Customers have a variety of options for lending, including a business overdraft, credit card, charge card and loan.

Cons:

• The average time it takes to open a business account is 14 days, which is far longer than a lot of the competition.
• There is no 24/7 customer service available.
• Any customers in Northern Ireland should consider that The Co-Operative Bank only has branches in England, Scotland and Wales.

Allica Bank has just one business banking product. This Business Rewards Account is designed for small and medium-sized enterprises (SMEs) and does not charge monthly fees. It also includes free bank payments. With options to earn interest on savings and further rewards, Allica could be an attractive choice for small businesses. It can also function as a joint account by designating extra parties as “super users”, who have full access to the account.

For more details, read NerdWallet’s Allica Bank Business Account review.

Allica Bank key features:

• Savings: Customers can earn 4.33% AER on business savings using Allica’s instant access pot.
• Cashback: Account holders can also earn 1% cashback on eligible monthly debit card aggregate purchases up to £10,000, and 1.5% on monthly aggregate purchases above £10,000.
• FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

Pros:

• Outgoing bank payments, card payments and direct debits do not carry transaction fees.
• Customers in England and Scotland have access to local relationship managers who can provide tailored expertise.
• The instant access savings pot lets customers earn interest at 4.33% AER.
• Eligible purchases with the Business Rewards Account debit card can earn customers cashback of 1% (and 1.5% once you spend £10,000 a month).

Cons:

• There is no way to deposit cash or cheques into an Allica account.
• There is no access to 24/7 customer support.
• Customers can only manage the account online or via the app, not over the phone.

HSBC’s various account offerings include one specifically made for small businesses. These options are separate from HSBC Kinetic, which has its own dedicated app.

Basic banking transactions, including direct debits, standing orders and other payments, are free with HSBC accounts. However, there is a monthly fee following the 12-month introductory period. HSBC accounts can be used as joint accounts by appointing primary and secondary users.

HSBC key features:

• Fee-free period: There is a 12-month period of free banking for new customers.
• Transaction costs: An HSBC business account does not charge for everyday banking transactions.
• Account access: Accounts can be managed in a branch in Great Britain, as well as the Belfast branch in Northern Ireland, or on the app, online or over the phone.
• FSCS protection: Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme.

Pros:

• An introductory offer gives customers 12 months of free banking for new customers, as well as free daily transactions.
• Accounts can be managed online, via a mobile app, over the phone or at a branch.
• Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS).
• Customers might be eligible to apply for HSBC’s business overdraft, credit card or loans.

Cons:

• Following the introductory period, all of HSBC’s business accounts have a monthly maintenance fee after any introductory period has ended.
• There is no access to 24/7 customer service.
• At 4.5 days, the average amount of time it takes to open an HSBC business account is longer than some of the competition.

British high-street bank Barclays offers accounts for start ups and established businesses. Barclays also offers accounts specifically designed for charities and community groups.

For more details, read NerdWallet’s Barclays Business Account review.

Barclays key features:

• Account access: Barclays accounts can be accessed online, via the app, over the phone, or at a branch.
• Credit facilities: Banking with Barclays can offer access to credit facilities, including loans, mortgages and overdrafts.
• FSCS Protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

Pros:

• Barclays offers accounts built for start ups and more established businesses, as well as charities and community groups.
• Signing up for a business account with Barclays gets customers free access to Freshbooks accounting software.
• Eligible deposits of up to £85,000 are protected by FSCS.
• With a branch network that spans the whole of the UK, many business owners will be near to a Barclays Bank.

Cons:

• With an £8.50 per month maintenance fee following the introductory period, Barclays accounts are a higher cost option compared to the competition.
• On average it takes eight days to open a Barclays business account, with some customers even having to wait for up to 50 days.

With the three accounts that RBS offers, customers are only charged for what they use, with no minimum monthly fee. With a Start-Up Account that charges no transaction fees for 24 months, this could be a good option for new businesses. To use an RBS account as a joint bank account, customers can fill in a form or use the mobile app to add new signatories. 

For more details, see NerdWallet’s RBS business account review.

RBS key features:

• Introductory period: With a new Start-Up Account, RBS customers can avoid transaction fees for 24 months.
• Lending options: RBS offers a business overdraft, credit card or loan to eligible customers.
• Extras: Accounts come with free access to FreeAgent accounting software and the chance to benefit from a dedicated relationship manager.
• FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

Pros:

• Opening a Start-Up Account means no transaction fees for 24 months.
• Account opening can be quick, with RBS stating that 85% of customers have their business account up and running within a day of their application.
• Eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
• Accounts can be managed in a branch, over the phone, online and via the app, with 24/7 messaging.

Cons:

• When applying, customers in England or Wales may be directed to open a NatWest account instead, while those in Northern Ireland are directed to open an account with Ulster Bank. 
• The RBS Start-Up Account can only be opened by businesses that have been trading for less than a year, and have a turnover of less than £1 million.
• Following promotional periods, all transactions from RBS business accounts carry a cost.

NatWest offers accounts for start ups and more established businesses, as well as its community account for charities and societies. For businesses that trade internationally, there is even a foreign currency account. 

For more details, see NerdWallet’s NatWest business account review.

NatWest key features:

• In-person banking: Customers can enjoy face-to-face support in England and Wales.
• Fee-free period: Everyday transactions and monthly maintenance fees do not apply for the first two years.
• FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

Pros:

• Customers can manage their accounts online, via a mobile app, in a branch or Post Office or over the phone.
• NatWest’s digital assistant is available to help customers round the clock.
• Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
• Customers who sign up to bank with NatWest get free access to FreeAgent accounting software.

Cons:

• There is no branch access in Scotland or Northern Ireland, which are catered for by NatWest Group members RBS and Ulster Bank instead.
• Only businesses that have been trading for less than a year and have a turnover of less than £1 million can apply for the Start-Up Account.
• While there is a two-year introductory period, all transactions carry a cost after it ends.