Business Bank Accounts In Today’s Mad World

best business bank accounts

Due to the surge in demand for government backed loans, frustratingly almost all high street banks have paused new business bank account applications – This is a particular headache if you’ve formed a new limited company and urgently require a business bank account. 

However, there’s a solution!  A multitude of online banks welcoming new applications – During today’s challenging climate, online banking also has the appeal of allowing you to manage everything digitally, without visiting a branch – Online banking is becoming the ‘new normal’

With easy to use mobile / web based applications, greater flexibility,  virtual card options / money pots and lower fees & no application costs, there are multiple options out there! 

Check out our comparison table to find the best online business bank account for you!

Monthly Fee£0£0 (pro £5)£0-£100 Package Dependent£0
Application Fee£0£0£0£0
Cash DepositYes – Post OfficeYes – PaypointNoYes – Paypoint or Post Office
Cash Deposit Fee£3 under £1000 / 0.3% over £1000£1 per depositN/A£1 – Post Office / 3% – Paypoint
Cash Withdrawal Fee£0.50 per withdrawal3% fee if more than £200 over 30 days2% of withdrawal amount£1 per withdrawal
Business Application IntegrationXero, FreeAgent & QuickbooksXero, FreeAgent & Quickbooks * Only with Pro (£5/m)Xero, FreeAgent, SlackXero, Quickbooks, Sage
Multi-User AccessYes – 2 users (PSC)Yes – 3 users * Only with Pro (£5/m)Yes – 2 for free, 10+ on paid plansNo – Can have 35 team cards for spending
FSCS ProtectionYes, up to £85,000Yes, up to £85,000NoNo
Multiple Currencies (Hold & Exchange)£5/m for USD
£2/m for EUR
NoYes – 28 currenciesYes – 30+ currencies

Need Help Forming a Limited Company – Fairmile Can Help!
Become a Fairmile client and benefit from our Company Formation service below:

  • You choose the company name – We do the rest!
  • Quick formation process – 24 hour turnaround
  • All company incorporation documents provided
  • Free HMRC registrations (VAT / PAYE)
  • Free accountant banking letter (if required)
  • Free Xero account (retail price £24 plus VAT / month)

Take advantage of our introductory Company Formation offer – 50% discount – £47.50 plus VATContact us here