Business Bank Accounts - Business Banking | moneyfacts.co.uk

Business Bank Accounts

  - Looking for a bank account to help grow your business? Compare the 12 best business bank accounts (also known as cheque accounts) based on the longest introductory free banking periods and most free transaction charges.
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Compare the Best Business Bank Accounts

CompanyStart Up IncentiveSwitching IncentiveOpening IncentiveAdditional InformationApply Today

Business Current (NI) - Small Business Growth
NoNoYes
  • No transaction fees first two years, 50% in year three
  • Customers who have been trading for 24 months or more
  • Northern Ireland only
Account Fee: £25.00 pq

Business Current Account - Business Tariff
YesYesNo
  • 25 months free banking for start ups/switchers with a turnover below £2m
  • No credit interest
  • Dedicated business banking contact
Account Fee: £5.00 pm

Business Current Account - Standard Tariff
YesNoNo
  • 2 years fee-free banking - trading less than 1 year with turnover under £1m
  • No credit interest
  • Monthly account fee waived if transaction charges over £5
Account Fee: £5.00 pm

Business Directplus - Credit balance £1K or more
NoNoYes
  • 18 months free business banking including no service charge
  • No credit interest
  • No online applications
Account Fee: £5.00 pm

Business Account - Electronic Business Tariff
YesYesNo
  • 18 months fee-free banking for start-ups and switchers
  • Turnover max £2m
  • Account sweeping available at an additional charge
Account Fee: £5.00 pm

Business Current Account - Small Business Tariff
YesYesNo
  • 18 months fee-free banking for start-ups and 12 months for switchers
  • Turnover max £2m
  • Text alerts available
Account Fee: £5.50 pm

Business Current Account
YesYesNo
  • 18 months fee-free banking for starts-up and 6 months for switchers
  • No credit interest
  • Free text alerts available
Account Fee: £6.50 pm

Business Current Account - Standard Tariff
YesNoNo
  • 18 months fee-free banking for businesses under 1 year with turnover under £1m
  • No credit interest
  • Monthly account fee waived if transaction charges over £5
Proceed
Account Fee: £5.00 pm

Business Current Account
YesNoNo
  • 18 months fee-free banking for businesses under 1 year with turnover under £1m
  • No text alerts available
  • Nothern Ireland only
Account Fee: £8.00 pq

Business Current Account - Mixed Payments Plan
YesNoNo
  • 12 months fee-free banking for start ups and loyalty bonus
  • Open via branch only
  • Account sweeping available
Account Fee: £6.00 pm

Business Current Account
YesNoNo
  • 12 months fee-free banking for businesses up to 12 months old
  • No branch operation available
  • For business with up 2 directors/owners/partners
Proceed
Account Fee: £7.50 pm

Danske Small Business Digital
NoYesNo
  • £500 cashback available to start-ups and switchers
  • Max turnover £1m
  • Northern Ireland only
Account Fee: £7.50 pm
Last Updated: Saturday 23 September 2017 00:41

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply online today. Products shown with a yellow background are sponsored products.

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What are business current accounts?

Choosing a business current account is an important decision – particularly if you are a new start-up. You’ll need to take into consideration factors such as the bank or building society’s reputation for dealing with business customers (this can be quite different to that experienced by private customers), as well as fees, overdraft facility and whether online and/or telephone banking is offered. For a more detailed guide on the things to look out for when choosing a business current account, click here.

The provider you choose will have different opening requirements; but generally, when you open a business current account, you may need to provide the following documentation:

  • You’ll need to provide personal ID, usually one form of address ID such as a utility bill, and one piece of identification that proves you are who you say you are such as a passport or driving licence.
  • Depending on your business structure you may need to provide a partnership agreement, certificate of incorporation, trust deed or constitution (for clubs, charities, etc.).
  • If you’re a new start-up you’ll have to show your business plans and cashflow forecasts. Businesses already running will have to provide two or three years’ audited accounts.
  • For a new start-up you may have to show your personal bank statements for a set period or, if you’re an existing business switching over, bank statements from your existing business current account.

Our business current account best buys

Our business current account best buys are a selection of the most competitive accounts on offer to sole traders, partnerships and limited companies; however, we don’t show accounts available to charities or clubs.

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