Online Business Bank Accounts
Compare our Best Online Business Accounts
Online business bank accounts tend to be quick and simple to open and manage, making it easier to keep on top of your business’s finances. It’s just a matter of finding the right online business account for you.
- Compare online business bank accounts with NerdWallet
- Can often be opened and ready to use the same day
- Great option for fast set-up and ease-of-use if you’re happy banking online
Open an online business account and you’ll be able to manage your business’s finance from the palm of your hand. With simple websites and slick mobile apps, online business bank accounts offer sole traders, startups and small businesses a fast and convenient way to make and track payments, monitor business performance and much more.
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Virgin M Account for Business
For businesses with a turnover of less than £1 million, the M Account for Business gives you free day-to-day online business banking for all your everyday needs.
Our Top Online Business Bank Accounts
Our Best Online Business Bank Account Providers
Each of these products may be one of a range offered by the provider. Always check terms & conditions for suitability before applying. Only affiliated products are shown. Other products are available. Read 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 offers three online business accounts, including its Lite account – it has no monthly fee and is one of the best online accounts available today. With free basic transactions, a great mobile app, and 24/7 customer support, it’s easy to see the Lite account’s appeal. Plus, applying for a Monzo account only takes minutes, with most accounts up and running the same day. If you want to organise your business’s finances online, and keep costs low, there are few better options.
Who can apply? You must be at least 16 years old, based in the UK, and either a sole trader or the director of a registered limited company to apply for a Monzo business account.
For further details, read NerdWallet’s Monzo Business Account Review.
Monzo key features:
- Payment options: Take payments via smartphone or payment links
- Deposits: Cash and cheque deposits are welcome
- Online tools: Including digital receipts and transaction insights
- International: Send and receive money in over 40 currencies and 70-plus countries
- FSCS protection: Deposits up to £120,000 are covered by the Financial Services Compensation Scheme.
NerdWallet's Pros & Cons
Pros:
- No monthly fees
- Free basic UK transactions
- Fast opening
- Interest-paying savings pot
Cons:
- Not open to partnerships
- No integrated accounting on free account
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 offers a range of online business accounts, including its Free account, which has no monthly fee and free UK card transactions. There’s also £100 cashback and free bank transfers for 12 months if you apply via NerdWallet. Various payment options and virtual debit cards are included, cheque deposits are possible via the Tide app and accounting software can be integrated. In short, Tide’s online accounts are definitely worth a look.
Who can apply? You must be at least 18 years old and run a UK-based business to apply for a Tide business account.
To learn more, read NerdWallet’s full Tide Business Account Review.
Tide key features:
- Almost instant opening: Most Tide accounts are up and running in minutes
- Payment options: Receive payments via card reader, smartphone, payment link, tap to pay and more
- Accounting integration: Connect with accounting software from FreeAgent, Sage, QuickBooks, Xero and others
- Limited company: Register your limited company with Companies House for £14.99 instead of £50
- FSCS protection: Eligible deposits of up to £120,000 are protected by the Financial Services Compensation Scheme.
NerdWallet's Pros & Cons
Pros:
- No monthly fee
- Free bank transfers for 12 months if you apply via NerdWallet
- Super-fast opening
- Multiple ways to take payments
Cons:
- Some transactions have fees
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 Bank offers three online business accounts, including the Business Go account, which has no monthly fee. The account includes an array of tools to help with invoicing and tracking cashflow, as well as digital receipts and accounting software integration. Zempler accounts are also some of the easiest to open, with almost all opened the same day you apply and no credit checks necessary. There’s UK-based phone support if you need it too.
Who can apply? Zempler business accounts are open to sole traders, limited companies, partnerships and charities.
To find out more, read NerdWallet’s full Zempler Bank Business Account Review.
Zempler Bank key features:
- Same-day opening: 99% of accounts are open and can be paid into the same day you apply.
- Online tools: Manage invoices and receipts, get payment notifications, and ring-fenced money pots
- Cash deposits: Pay cash into your account at any Post Office (charges apply)
- Software integration: Connect with accounting software including Xero, Sage and QuickBooks
- FSCS protection: Eligible deposits up to £120,000 are covered by the Financial Services Compensation Scheme.
NerdWallet's Pros & Cons
Pros:
- No monthly fees
- Fast opening
- Overdraft available (if eligible)
- No credit checks
Cons:
- No cheque deposits
- Only three free outgoing payments each month
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
WorldFirst Business Account
NerdWallet's Review Summary
WorldFirst’s business account stands out among multi-currency accounts that can be opened and managed entirely online. With no monthly fees, cashback on card payments and a sign-up offer, costs can be kept low. In addition, you’ll find a host of international payment and currency features, designed to make life easier if your business has customers or suppliers abroad.
Who can apply? The main criteria is that you need to be at least 18 years old to apply.
WorldFirst key features:
- Almost instant opening: Accounts are typically open within one hour of applying.
- Global payments: Take payments in over 20 currencies fee-free; spend in over 100.
- Marketplaces: Collect payments from 130+ online marketplaces.
- Cashback: Up to 1.2% cashback on card payments.
NerdWallet's Pros & Cons
Pros:
- Super-fast set up
- No monthly fees
- Many overseas payment options
- No FX fees on 15 major currencies
Cons:
- Fees on some outgoing payments
- No FSCS protection
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Airwallex Business Account
- Must be a registered business (Ltd, LLP, or partnership) with operations in a supported country
- All directors and beneficial owners must be 18 years or older
- Certain business types are restricted (e.g. gambling, arms dealing, charities) and may not be eligible
NerdWallet's Review Summary
The major appeal of the Airwallex Business Account lies in the global payment options it offers. If you have a truly international business, free transfers can be made locally to more than 120 countries, and payments can be received from over 180 countries. Other helpful features include automated invoice generation, multi-currency company cards and expense management tools. Keep a minimum balance of £10,000 in the account, or pay in at least £10,000 a month, and the monthly fee is waived too.
Who can apply? You can apply for an Airwallex account if you’re a UK-based sole trader, limited company, LLP or partnership.
Airwallex key features:
- Global banking: Over 70 countries where payments taken as if you were local.
- FX rates: Access to interbank exchange rates with no hidden transaction fees.
- Virtual cards: Issue virtual and physical multi-currency cards to others.
- Accounting: Software integration with Xero, QuickBooks, Amazon and more.
NerdWallet's Pros & Cons
Pros:
- No monthly fee if deposit/balance conditions met
- Multiple global transaction options
- Invoicing and payment tools
Cons:
- No FSCS protection
- No cheque or cash deposits
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Wallester Business Free Account
- Must be a legally registered business entity (Ltd, LLP, PLC, Sole Trader or Freelancer) in the UK, European Economic Area (EEA), Switzerland, USA, Canada, or other supported regions
- All account holders and authorised users must be 18 years or older
- Suitable for businesses of any size and industry, including individual entrepreneurs
NerdWallet's Review Summary
Wallester offers a straightforward online business account designed to keep your business spending on track. The free plan option, which has no monthly fees, allows you to issue virtual or physical debit cards to others in your business and set spending limits, so you’re always in control. Other tools and features include multi-currency payments, the option to sync with accounting software, and invoice tracking.
Who can apply? You can apply if you have a UK, Swiss, or EEA-registered business.
Wallester key features:
- Expense management: Track employee spending in real-time and set budgeting rules.
- Debit cards: 300 virtual cards and unlimited physical Visa cards, accepted globally.
- Payments: POS compatible and e-Wallet support for Apply Pay, Google Pay, and more.
- Accounting software: Integrate with providers such as Oracle, QuickBooks and Xero.
NerdWallet's Pros & Cons
Pros:
- No monthly fee
- Hundreds of expense cards
- Budget management tools
- 24/7 customer support
Cons:
- Mixed mobile app reviews
- 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 bank account?
An online business bank account is a current account for businesses that you open and manage on a provider’s website or mobile app. Generally this makes online business accounts quick and easy to open, often on the same day you apply, sometimes in minutes.
Being online-only, their apps tend to be very easy to use, making accounts easy to operate and manage going forward. Many online providers also offer accounts with no monthly fees – not just as an introductory offer, as with many traditional providers, but permanently.
How do online business accounts work?
Online business accounts are broadly similar to other types of business accounts, in that they provide a way to accept payments from customers and pay suppliers, employees and bills. It’s also usually possible to set up standing orders and direct debits, and you’re likely to find several other tools and features designed to make running a small business simpler.
The main difference is that online-only business account providers do not have branches you can visit to make transactions or get face-to-face support. However, many still provide a way to deposit cash and cheques into their online accounts. And customer support is actually often more readily available, sometimes 24 hours a day, seven days a week.
Business owner insight
“I was a bit sceptical of an online-only bank account, but with the demise of most of the physical, bricks and mortar banks in my area, it made sense. It was so easy to set up. I had to provide my Companies House details, and evidence of the business, which gave me total peace of mind. It integrates with Xero, which my accountant can access and process my accounts quickly and easily, and the chat function is incredibly efficient and helpful, and always available. All in all, it works brilliantly for my business – it manages my spending, tracks payments and I can easily use it when abroad.”
Jet Lendon, founder of Jet Black Squares
What are the benefits of an online business bank account?
There are several potential advantages to opening an online business bank account, including:
- Easy to apply: Applying online is simple and can often be completed in just minutes
- Fee-free options: Most online-only providers offer an account with no monthly fees
- Easy to manage: Well-designed websites and apps make online accounts easier to manage
- Tools/features: There’s often access to invoicing and payment tools, and the option to integrate accounting software
- Better support: Online support is often available for longer hours, and sometimes 24/7
- Saves time: A business account makes it easier to track payments, performance and file taxes
- Professional: Your business name on invoices and payments enhances credibility
- Bank on the go: Access all your business banking needs on your phone, tablet or computer
» MORE: What are the benefits of a business bank account?
Is an online business account right for you?
Whether an online business account will suit you depends largely on your business and how you like to manage your finances. The main overarching factor has to be that you’re comfortable banking online. If you are, you’ll probably appreciate the convenience and simplicity that an online account can bring to organising business finances.
That said, there are still some aspects of online business accounts that are important to consider before you apply, including:
- No branches: You won’t get in-person face-to-face support, and telephone banking isn’t always an option either
- Features: Some online accounts may lack certain features like cash and cheque depositing (though there are plenty that do offer them)
- Fees: Check fees carefully – there could be charges for certain transactions, for instance for overseas payments, even on ‘free’ accounts
- Credit facilities: If you think you’ll need to borrow, online providers can be less likely to offer overdrafts and business loans
- Tech-reliant: There’s a complete reliance on the internet, apps and websites, which could crash or glitch
Online business banking insights
Our own NerdWallet UK survey of 500 small business owners found that:
- 70% would consider opening an online business account.
- 45% have equal trust in online and high street account providers.
- 43% find an online business account easier and more convenient.
Are online business accounts covered by the FSCS?
Some online business bank accounts will be covered under the Financial Services Compensation Scheme (FSCS), while others may offer different protection.
Full FSCS cover, where eligible deposits of up to £120,000 are protected if a provider fails, only applies to fully licensed banks. However, some online business accounts are provided by e-money firms, which offer alternative safeguarding measures. It’s always best to check the protection rules on an account before opening.
How to open an online business account with NerdWallet UK
It’s easy to apply for an online business bank account through ourselves.
- Compare the online accounts above and decide on one that best suits your needs
- Click the ‘See Deal’ button to go straight to the website of your chosen provider
- Apply for your online account straight away – there’s nothing you need to fill in for us.
» TAKE ME TO: NerdWallet’s best online business bank accounts
What you’ll need
To apply for a business account online, you’ll usually need:
- Proof of your ID and address: your passport or driving licence, plus a bank statement or utility bill
- Proof of business address: typically a utility bill or similar which shows your business’s trading address (if it’s different to your home address)
- Contact details: phone numbers and email for you and your business
- Business details: including expected turnover, tax status and the date your business started trading
- Registration details: your business tax return or self-assessment registration if you’re a sole trader, or Companies House registration number and certificate of incorporation if you have a limited business
» MORE: How to open a business account
Still not sure which online business account suits you?
Check out reviews of our best online business account providers:
Want to see our other business account picks?
Online business bank account FAQs
The best online business bank account for you depends on your particular wants and needs, though an independent survey by BVA-BDRC rated Monzo the best for its online and banking services. Monzo, Tide, Zempler Bank and Revolut are all among the providers we consider to represent good options.
Most online business accounts tend to be easy to open. For instance, the vast majority of customers with providers such as Monzo and Tide can expect to have their new account opened the same day they apply.
Monzo and Revolut both receive a Trustpilot rating of 4.6, equating to an ‘Excellent’ score, making them the most trustworthy online business account providers we cover.
Yes, you can switch business bank accounts online. Simply apply for your new account and tell your new provider you want to switch using the Current Account Switch Service. As long as they and your current provider are signed up to the service, everything should move over automatically within seven working days, including your balance, direct debits, standing orders and payments.
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