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Compare start up business bank accounts

Finding the right business current bank account can become a little time consuming.

• We can help you find the best bank account for your new business

• We'll find you the longest free business banking period

• We have helped thousands of startup's across the UK

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What does a start up business account offer?

If you're just starting out, it's important to choose the right bank account from the beginning.

• We compare the best business accounts for start-ups

• We work hard to negotiate the best deals

• We help people compare with ease

For a start-up, many banks will offer an introductory free banking period which means that you won't face a monthly account fee or charges for using the account! However, other fees may apply. What can you expect as standard from your new account for your day-to-day banking needs?

• No or a low monthly fee

• Debit card, allowing you to make card payments

• The ability to transfer & make payments

• Set up standing orders

• Set up payments by Direct Debits

• In some instances an agreed overdraft facility

• Online banking facility

• Banking mobile application

• Text alerts

What's important to consider?

It important that you take the following into consideration when comparing;

• Are there additional fees for paying with cash?

• Is your nearest branch local enough for you to get to?

• Double check the annual fee and ways to bank to make sure they work for you

• Check the fees charged, some charge per month for having the account

• Others charge fees for processing payments, Direct Debits and cash withdrawals

• Many banks will offer support to start-ups whether that is a mentor or someone to help with new software tools

It's not always the best option to go with your existing bank unless you have done the above and it fits into your businesses criteria!

If you are stuck when it comes to choosing the right business account, then speak to other business owners and learn about their experiences with branches in the area. Remember once you have the account, make sure you are reviewing it on an annual basis. Businesses are covered by the 7-day current account switch service guarantee.

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Business Banking for Startups

When you’re starting a new business, choosing the right bank account is one of the first and most important decisions you will make. Banks understand the needs of new ventures and many offer special incentives to attract new customers. Finding the best startup business bank account often involves finding a balance between low costs and practical business support.

A key feature to look for in a start up business bank account is a fee-free introductory period. These offers can give you 12 months, 18 months, or even two years of free banking. This means you can get your business off the ground without the added cost of monthly account fees. However, be sure to read the terms and conditions. While the monthly fee may be waived, other charges for services such as cash deposits, international transfers, or exceeding an agreed-upon overdraft limit may still apply.

Beyond the introductory offers, many providers offer specialised business support services tailored to new companies. These can include:

• Integrated accounting: Many accounts offer free access to tools which can automate your bookkeeping, invoicing, and tax calculations. This can be a huge time-saver for any new business.

• Business support hubs: Some banks provide access to online resources, workshops, and networking events that connect you with other entrepreneurs.

• Simplified digital tools: A good start up business bank account will come with a user-friendly mobile app that allows you to manage your finances on the go, track spending, and capture receipts digitally.

When you are comparing your options to find the best startup business bank account, consider your specific needs. Do you plan to handle a lot of cash, or will your business be fully digital? Do you need access to business credit in the near future? Answering these questions will help you find an account that not only offers a good deal to start with, but also provides the right features to support your business as it grows.

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How to Find the Best Start Up Business Bank Account

Perhaps your personal bank provides a great service, but they may not be ideal for a startup venture. Taking the time to complete a start-up business bank account comparison, will help to make sure you open the best account available.

Here at BusinessComparison, we can help you find exclusive deals for your startup account. Whether you are opening your first business account or switching to a new start-up account. To help you compare start-up business accounts, we have developed a free, no-obligation comparison service. This innovative tool is designed to help you compare bank accounts for business.

Simply use the refine search and our useful tool will compile a list of matching accounts. It is possible to filter by features such as:

• A quick application process

• Banks with a long fee free period or no annual

• The ability to open an overdraft

• Banks for those with poor credit or declared bankrupt

• A mobile banking app

• Low fees to pay cash into the account

• Accounts which will pay interest on your balance

• Banks which provide low cost foreign transfers

Our comparison tool will provide you with a list of potential start up business accounts, which you will be able to easily compare. You will quickly be able to compare free banking periods, monthly costs and whether they provide accounts for start ups.

We have listed the product features and key facts, so you can see what each provider offers. Once you have found the right option for you, click the link which will take you to their website. From here you will be able to apply for a business account online and complete your application. Before you open your new current account, it is advisable to compare reviews from other businesses. There are reviews online, which will provide you with an insight into other customer experiences.

How to Open the Best Bank Account for Small Business Start Ups

The process to open a current account is designed to be quick and simple. If you are opening an online account, it is likely the whole application will be completed online. For traditional startup banking accounts, you will be able to start the application online, however you will need to visit a branch to sign and open your banking facility.

You will need to provide your ID and address, alongside providing some key information. For example, your trading address, personal details, business details, including; annual turnover, Companies House registration number and information on the products and services you offer.

If you already have a current account for business, you may be interested in switching banks if you're unhappy with your current bank. Many of the startup bank accounts are members of a switcher guarantee service. If your current bank is a member, you will be covered by the 7-day switch guarantee.

To find out more about the range of products we compare, please contact our team today.

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Start Up Business Bank Accounts FAQs

Do you need a business current account?

If you are starting a business, one of the first things you will need to do is to open a bank account. A business account will save you time, simplify your accounts and help you organise your businesses finances. In some situations, opening a bank account is a legal requirement. If you are running a limited company or partnership, by law you will need to open a business account. As you and your business are considered to be separate legal entities, your finances must be separate. If you are a sole trader you can use a personal account, although in many cases this is not practical. As a sole trader, using your personal account could mean you are in breach of your bank's terms and conditions. By separating your business finances from your personal accounts, your bookkeeping will be streamlined and simple. You will be able to easily monitor your business expenses, which will ensure you pay the correct amount of tax. If you ever need a loan, being able to show accounts will help you gain approval for the credit you require.

What are the benefits for a start up bank account?

As a new business, there are benefits to opening a specific account designed for businesses starting out. These benefits can be invaluable to young businesses, in terms of low-cost banking and the range of additional features. When you're searching for the best current account for your business, consider which features are most important. For example, your bank could provide benefits such as:

• No charges when you process a transaction or make a cash deposit into the account

• A branch in a convenient location to you

• Additional support, such as a business mentor or software advisor

• No monthly or annual charges

• A fee free period of up to 25 months

• Online banking through a well-designed website or mobile app

• Flexible borrowing through a business overdraft, loan or business credit card to help you find your feet