Digital-only banking or high street banking: You can open a business account with your personal high street bank account provider, a different high street bank provider, or, if you’re a sole trader or the owner of a limited company, a digital-only bank. One of the main highlights is that you can create and send invoices directly from your smartphone, complete with company logo. Capital One Spark made waves in the online business banking world with its low-cost, high-value banking. If you want to deposit up to £20,000 cash, you can do so at Post Office branches across the country. Sole traders can an extra help up with tax reports to help them with their self-assessment. In some cases you’ll have to make a minimum deposit to open an account―but not always. Not too much has changed, but we did want to point out a tweak to BlueVine’s checking account: BlueVine accounts now earn interest on any balance under $100,000, rather than any balance over $1,000. Even if you’d like to keep the bulk of your cash with one of the traditional banks, having a digital account could see you well in one of these other key business areas. Despite those shake-ups, Small Business Bank remains our favorite online bank for business. Current account providers and banks may offer business support teams as part of their current account package, as well as online business banking to give you 24-hour access to your account. The Side-Hustle plan is £3 a month (excluding VAT). Other banks have higher minimum deposits, ranging from $25 to $1,500. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. That makes BlueVine an even better option for many small businesses. The app is supported in 14 languages and you can have accounts in both GBP and Euro for international banking. Use text messages to check your balance too. When they do, BBVA will give you $50 (in your business checking account). Seed.co is another purely online bank that’s looking to fill the same no-fee banking niche as Azlo. Do you just need to separate your personal and business expenses? It’ll politely chase outstanding payments that you’re owed and you’ll be notified about VAT, corporation tax and self-assessment tax return deadlines. And like any good personal bank, NBKC has financing galore for all your loan needs, from car loans to home loans. Its affordable, high-value accounts make it a versatile online bank for business―and our top pick for most businesses. Premium is also free for the first six months (£9.95 a month thereafter) for businesses with incoming funds of over £4,000 a month. For example, NorthOne lets you set aside money in tax accounts (great for freelance and contract workers), and it offers basic reporting and analysis for your bank account. (Thanks, technology!). Related: Challenger and digital banks secure new funds to help small businesses. The best banks offer free business checking accounts or easy ways to avoid monthly service charges. If you have a bad ChexSystems report, banks may turn you down. Compare business banking at Clydesdale Bank with NerdWallet Get started That’s a great question that we’ll answer with a table. Plus, NBKC has competitive rates on its savings accounts. Hampshire Trust Bank. *Applies to small businesses, including individuals setting up their first business bank account. But if like NorthOne’s niche features, the monthly fee might be worth it. Compare Tide business banking with NerdWallet. Wells Fargo: Best Overall Banking for … The best bank for your small business is going to depend on your specific needs. When evaluating these accounts, we prioritized monthly, transaction, and ATM fees, along with opportunities to earn an introductory offer. As for features, Monzo integrates with Xero, FreeAgent and QuickBooks. All that adds up to one seriously impressive checking account that most businesses will love. Stay updated on the latest products and services anytime anywhere. There is hope for these challengers – two-thirds of respondents said they plan to convert fully to a digital bank in the future. So why bother going to a brick-and-mortar bank for your business checking and savings accounts? For checking, you can choose either a basic checking account or a high-yield savings account (with a lower rate than BlueVine’s, though). This means that you can’t ring NatWest and expect them to assist with your Mettle account. Just be aware that this one isn’t covered by the Financial Services Compensation Scheme either. The purpose of safeguarding is to protect and return customer money if the company fails. Of course, it has Making Tax Digital-compliant software. You can contact ChexSystems to get a copy of your ChexSystems report. Business bank accounts Business insurance Business credit cards ... How to choose the best online bank account. Countingup is a relatively new player in the mobile banking market. Accounts aren’t available to the some types of businesses but this may be reviewed in future. On the app you’ve got smart invoicing, creating sales and purchase invoices for you in under ten minutes. Many of the top business checking accounts offer unlimited transactions and have no minimum balance requirements, and some provide free checks, access to a mobile banking app, and cash bonus offers you can earn right away. Business banking – but not as you know it. T. 0207 250 7010, 12 of the best digital banking platforms for small business, Fleet House, 59-61 Clerkenwell Road, EC1M 5LA, Revolut is a good shout for businesses who travel and trade overseas, Accounts aren’t available to the some types of businesses, Challenger and digital banks secure new funds to help small businesses, Pros and cons of employee ownership trusts (EOTs), Elite Business Live goes virtual – e-meet some of the biggest names in British business, How peer support is helping me and my business. Is business online banking right for you? How to optimise cash flow with cashless payments, Smart invoicing, automatically chase outstanding payments, Free if your monthly income is under £500, Hold, exchange and transfer currencies with real exchange rate, issue free corporate cards to employees, perks from commercial partners, Companies pay between £0 - £100 a month, depending on the account (or they can speak to Revolut and get a bespoke deal), No monthly fees, categorised transactions, integration with Xero, FreeAgent and Quickbooks, overdraft facility, No fees on card payments in UK or abroad, Tide Mastercard, instant invoicing, integration with FreeAgent, Sage and Xero, Integrations with Xero, FreeAgent and QuickBooks; set aside a percentage of your earnings to put towards tax every time you’re paid, Can connect current accounts and credit cards from 20 different banks including Barclays, Lloyds and Starling, Create and send invoices directly from your smartphone, complete with company logo, Add up to 20 additional business expense cards for your employees to use, Automated bookkeeping, professional invoices and automated receipt scanning as key features along with tax calculated and filed for you, Starter is free for businesses with incoming funds of £0-£500 a month, Access to three currency wallets: GBP, USD, EUR, Minimum monthly charge of £12.50 with a £55 application fee, Text alerts confirming when money is in and to confirm that bills have been paid, £12.50 a month plus a £55 application fee. 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