Business Bank Accounts In Today’s Mad World
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!
| Starling | Monzo | Revolut | Tide | |
|---|---|---|---|---|
| Monthly Fee | £0 | £0 (pro £5) | £0-£100 Package Dependent | £0 |
| Application Fee | £0 | £0 | £0 | £0 |
| Cash Deposit | Yes – Post Office | Yes – Paypoint | No | Yes – Paypoint or Post Office |
| Cash Deposit Fee | £3 under £1000 / 0.3% over £1000 | £1 per deposit | N/A | £1 – Post Office / 3% – Paypoint |
| Cash Withdrawal Fee | £0.50 per withdrawal | 3% fee if more than £200 over 30 days | 2% of withdrawal amount | £1 per withdrawal |
| Business Application Integration | Xero, FreeAgent & Quickbooks | Xero, FreeAgent & Quickbooks * Only with Pro (£5/m) | Xero, FreeAgent, Slack | Xero, Quickbooks, Sage |
| Multi-User Access | Yes – 2 users (PSC) | Yes – 3 users * Only with Pro (£5/m) | Yes – 2 for free, 10+ on paid plans | No – Can have 35 team cards for spending |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 | No | No |
| Multiple Currencies (Hold & Exchange) | £5/m for USD £2/m for EUR | No | Yes – 28 currencies | Yes – 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 VAT – Contact us here
