Compare Business Bank Accounts for Startups
- Finding the right bank account for your start up is an important step.
- Make the most of the latest free banking deals by shopping around.
- Compare accounts from leading high street banks and innovative alternatives.
Choose your business current account options
Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. Use the drop down menu at the top of the page to order by other criteria.
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Start-up Business Bank Accounts
Where do I begin when looking for a start-up business bank account?
Financial providers typically agree on the standards required to open new business accounts, with slight variances regarding products they provide or individual requirements. However, they can differ greatly from one another by offering a wide variety of deals through their start-up business bank accounts.
These can come in the form of offers for free business banking periods, for example. Providers can offer you anything from a year to 18 months in some cases. Providers are also increasingly able to offer digital banking services, which can help make managing your new business bank account easier.
What personal information do I need to provide to open a start-up business bank account?
Virtually all providers will ask you to produce a valid proof of identity (e.g. passport, driving licence), a valid document to prove you reside in the UK, as well as a registered company address. Other personal details required include some form of tax identification, such as a national insurance number.
Some providers require you to include valid ID for anyone in your business who owns a 25 per cent share in your business and anyone who is an account operator, director or partner.
What details must I disclose about my business?
You will usually be required to provide an official name for your business, a valid company registration number, the registered address for the business, as given by Company House, as well as the date which the business began trading.
To ensure easy correspondence, your provider would also require contact details for your business, so make sure to include appropriate phone numbers, email addresses and the business address itself.
Do I have to provide financial information?
Yes, providers would typically need to know the financial state of your business. This can include expected turnover, and the likely size of transfers in or out of the account. This gives your provider an idea about what size your business bank account may prove to be. You should also be clear about where your income is derived from, as financial institutions must ensure that they do not facilitate criminal activity.
It is also vital to include information about how many employees you expect to have on your payroll. Concerning investment in your start-up, you would need to provide details about the sources of any new investments. Tax status is also essential for your provider. If you are a limited company, for example, you will have a Unique Tax Reference number that you would be expected to provide.
My start-up plans to trade outside the UK, can I still open a start-up business bank account?
All you have to do is be clear about the people you work with or provide services for, as well as the places you plan to do business in. For example, if you require things from international suppliers or have customers abroad, you would be required to provide a list of their names and where they are based. You may also be asked to give a breakdown of how much of your turnover is derived from these international suppliers or customers.
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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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