Business Bank Accounts for Startups in UK

A business bank account for startups can be used for bill payments and statement checking. Business support, such as integrated accounting and direct invoicing, can save you time. Start-up business bank accounts offer further benefits, admin tools, and time-saving bonuses beyond withdrawals, deposits, transfers, standing orders, and direct debits. 

Monzo Business Account

Fully regulated startup business bank account Monzo offers modern, simple business banking. The mobile business account is designed for small businesses that seek simple, safe, and reliable banking. The award-winning Monzo bank serves more than 90,000 UK entrepreneurs and their businesses.

• Provide a free account to single-director businesses.
• Quick bank transactions to the UK are free.
• Use internet or mobile banking to bank from anywhere.
• Completely FSCS-insured UK bank
• Fast payment alerts & clever receipt capturing

HSBC Business Account

Massive global banking business Financial services are offered by HSBC to businesses all around the world, especially IT startups. Their account comes with global banking, dedicated relationship managers, and complimentary banking.

Major companies with international operations choose HSBC because it provides them with the resources and tools they need to negotiate international trade and expansion.

• Take fledgling companies with a single director into account.
• Bank is free for a year for new businesses.
• Business credit cards and overdrafts
• Open an HSBC Kinetic Savings Account and use their app to manage it around-the-clock.
• Company partners with premium brands to offer fantastic prices.

Starling Business Account

Starling Bank, a digital-only bank, is known for its revolutionary banking. This business bank account claims 7% SME lending and 3% retail lending. This account simplifies banking for entrepreneurs, especially techies, with real-time notifications, accounting software connections, and fee-free international transactions.

The Starling Business Account offers free monthly accounts, 24/7 customer service, no international fees, and post office check and cash deposits.

• Online current account for startups and new companies
• Online payments and withdrawals have no transaction or monthly fees.
• Integration with QuickBooks and Xero accounting tools and 24/7 access to business overdrafts via their mobile banking app.
• 24/7 UK customer service
• Up to £85K in free card purchases

NatWest Business Account

NatWest offers SMEs, especially startups, a variety of banking alternatives. They offer 24/7 internet banking and a mobile banking app for their business account. NatWest also offers financial management tools.

Natwest Business has additional features than Mettle, an APP-only account. Users get overdrafts, credit cards, loans, and savings accounts.

• For a full year, new firms can get free banking.
• Pay just for the services you use; there are no monthly costs.
• Software for digital accounting that is free
• Assistance with business savings, credit cards, loans, and overdrafts
• Business standards and startup tools

Tide Business Account

One of the fastest-growing UK fintechs, Tide is the leading provider of UK SMEs accounts. The UK has approximately 590,000 Tide subscribers and India around 225,000.

Tide changes small business banking. This platform includes business accounts, banking services, and highly linked admin capabilities, including complete accounting system integration (live in the UK, coming soon to India). All solutions are developed for SMEs using modern technologies.

• FSCS-compliant digital bank accounts for start-ups
• Syncs with Sage, Xero, and QuickBooks accounting systems
• Upload receipts quickly and they match transactions instantaneously.
• Use the mobile app or online account 24/7.
• 4.3/5 Trustpilot stars

Barclays Business Account

Barclays, another major UK business bank, provides a wide range of financial services to organizations of all kinds, notably technology companies.

Their business account offers free banking for the first year, 24/7 online and mobile banking, and accounting software integration. Barclays also provides customized help and guidance for growing firms, making it a popular choice.

• Accessible to businesses with annual sales under £400,000.
• For a whole year, new businesses will not pay regular banking fees.
• Choose between mixed-transaction rates or electronic payments.
• Startup advisory teams can offer guidance.
• Tracking and pursuing payments is made simple by invoice tools.

Revolut Business Account

The Revolut Business starter account is fantastic. It has all the normal features and expenses and fees like its big online banking competitors.

Revolut Business is the only bank on the list that serves eCommerce consumers. With an arsenal of awesome products, they've helped 40+ million customers get more from their money.

• Free accounts for new businesses and lone proprietors
• Links with QuickBooks and Xero.
• Transfer funds for free to other Revolut accounts.
• Account that supports more than 28 different currencies
• Simple payment link, QR code, or invoice administration

Metro Bank Business Account

The UK's newest bank, Metro Bank, opened for business in 2010. It provides a selection of business account options, one of which is intended for small businesses with annual sales under £2 million. This will be the perfect first business account for the majority of entrepreneurs.

Metro Bank was the newest high street bank to receive an FCA licence in more than 150 years when it opened for business in 2010. 

• 24/7 banking by phone, internet, and mobile.
• Included are free European debit cards.
• Apply in person or online.
• Applicants that qualify may be granted an overdraft.
• Only branches in the South and Midlands.

Airwallex Business Account

Leading worldwide payments and financial platform Airwallex provides dependable solutions for managing business accounts, payments, treasury, spend management, and embedded finance for contemporary enterprises.

By removing the obstacles from international payments and financial operations, Airwallex's patented infrastructure enables companies of all sizes to seize new opportunities and expand internationally.

Founded in Melbourne with pride, Airwallex is trusted by many well-known brands including Brex, Canva, Rippling, Navan, Qantas, SHEIN, and many more. It supports over 100,000 businesses worldwide.

• Startup-friendly free multi-currency online account
• No opening or monthly fees
• Connects to Xero, Amazon, Shopify, and WooCommerce; integrates free 
• Expenditure control with foreign business and employee cards.
• Includes online payment processing for a single platform.

Santander UK Business Account

Based in the United Kingdom, Santander UK is a retail and commercial bank that is a fully-owned subsidiary of the significant international bank Banco Santander.

NeoCRM, Santander UK's customer relationship management technology, was successfully implemented in 2017 and enables customers to interact with the company via any channel.

• Two plans for startups in their first year.
• Depending on account, new firms pay $0 or £5 per month for 18 months.
• Winner of Moneyfacts Best Business Current Account Provider & Business Bank 2023.
• Friendly, experienced support staff
• Annual interest and £300 cashback

Conclusion

Startups could seek an economical, easy-to-use bank account with digital tools to streamline financial administration. Startup banks in the UK like Tide, Starling, and Anna offer startup-specific accounts with more enticing features than high-street banks.

Businesses need business bank accounts for financial management. Choosing the right account can affect their business's success, whether you run a startup or a major enterprise. Entrepreneurs in the UK have many possibilities to find an account that meets their company's requirements and personal preferences. When choosing a bank, whether it's traditional or digital like Smart, the most important thing is finding one that matches your company's aims and needs.

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