The Best Business Current Accounts August 2021 | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 13/08/2021

A business current account will be the main account that business owners use for the everyday financial management of their business and, as such, for many having the right account is a vital aspect of managing their company’s finances.

To help business owners to select the best business current account for their financial needs, we’ve highlighted some of the best accounts current available in our business current account chart.

The best business accounts

One of the most competitive business current accounts available at the moment is The Co-operative Bank’s Business Directplus – Credit balance £1k or more. This account offers an introductory offer of 30 months of free business banking including no service charge for new customers to The Co-operative Bank only. A maximum of 100 cheques and £2,000 in cash can be paid into the account and 30 cheques issued per monthly charging period. When the introductory offer ends, this account charges £7 per month and it is available to Limited Companies, Limited Liability Partnerships, Partnerships, Public Limited Companies and Sole Traders.

Another highly competitive business account is Business Plus from TSB. This account charges £5 per month, but this is waived if the account has an average balance of £10,000 or over and maintained in credit over the month. It also offers 25 months’ fee-free monthly and transactional business banking for start-ups and switchers. In addition to this the account offers a Free Square Reader for taking card payments with no fees payable on the first £1,000 of transactions. The account is available to Limited Companies, Limited Liability Partnerships, Partnerships and Sole Traders.

Virgin Money’s Business Current Account – Business Tariff is also a competitive account available to Limited Companies, Limited Liability Partnerships, Partnerships, Public Limited Companies, Sole Traders and any not for profit organisation. The account offers 25 months of fee-free monthly and transactional banking for start-ups opening their first account within 12 months of beginning trading and for established small businesses with a turnover below £6.5 million switching to Virgin Money from another provider. It also offers 0.35% cashback on debit card transactions with eligible retailers which is capped at £500 per calendar year per debit card. This account charges a monthly fee of £6.50.

Also offering a fee-free period is Royal Bank of Scotland’s Business Current Account – Standard Tariff. This account offers two years fee-free monthly and transactional banking for businesses trading for less than one year and with an annual turnover of less than £1 million. After two years customers are transferred to the standard tariff. This account also offers free business credit card for the first 12 months, normally £30 per card, but customers must apply for this within the first six months of opening the account (terms and conditions may apply). The account is available to Limited Companies, Limited Liability Partnerships, Partnerships, Public Limited Companies, Sole Traders and any not for profit organisation.

Business owners should also consider Starling Bank’s Business Account, which is available to Limited Companies, LLPs and any not for profit organisation This account features customised add-ons, an overdraft facility, connection with accounting software that can categorise business expenses and mobile wallets.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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