Top 5 Business Bank Current Accounts

If you are a business owner, you know you have specific needs when it comes to bank accounts – but you might not have the time in your busy schedule to research all the available options.

That’s why we have broken down our top five business bank current accounts, so you can get an overview and make an informed decision about what will suit you best.

Our Top Five Business Bank Current Accounts Are…

1. Tide 

Launched in 2014 this is a challenger account designed to give business owners their time back. With strong business administration support in-app, there are many important features boasted by this account which can help a business owner, including:

  • Easy transactions available in-app
  • You can open an account in as little as five minutes
  • Ability to create and pay invoices in-app
  • Setting to facilitate “read-only” for other users
  • Online support in-app if any problems are encountered
  • Headings and categories for funds including: taxes, expenses, salaries, stocks, travel, transfers, utilities
  • Monthly PDF statements
  • Ability to schedule payments
  • Direct Debits available
  • Ability to share information with your accountant via CSV exports and links to software like Xerox and QuickBooks
  • They have teamed up with Post Office and PayPoint locations, so cash deposits if you have your Tide card is possible
  • If you have lost your card, or have any security concerns with your card, you are able to freeze and un-freeze your account in the app. You can also check your PIN in case you forget, and re-order lost cards
  • They’re very upfront about their costs

More Info on Tide »

2. Anna Money

Anna Money is a business account specifically designed for start-ups, small businesses and sole traders. The main features of these accounts are:

  • You can set up your account in 10 minutes
  • They’ll deliver your Mastercard Debit Card within 5 working days
  • All account options are free for the first six months
  • No bricks and mortar branch – the card and app are all you need
  • It will create and send invoices for you – and chase payments so you don’t have to
  • Will schedule your invoices, so you don’t miss payments
  • Ability to have multiple bank accounts in one app account
  • Will calculate your tax and remind you about deadlines, so you never have any nasty surprised from HMRC
  • CSV Reports
  • Account options with different functions, income balances and maximum account balances – to suit all scales of business.

More Info on Anna Money »

3. Monese

Monese is a highly popular challenger bank which is being used widely for personal current accounts – but they also offer a specialised business account, which features including:

  • Free personal account sign-up, which is necessary to get a business account
  • Mobile account
  • Quick to set up an account – get an account within minutes, and full access to all features within hours
  • A contactless Monese Mastercard
  • £9.95 per month fee
  • Ability to transfer locally for free, with a small charge on international transfers
  • App available in ten languages
  • In-app account switching, to make sure you can manage your personal and professional expenses
  • State of the art app security, to keep your finances safe

More Info on Monese »

4. Revolut

As an business account, Revolut is designed to be optimised for international transactions, including features such as:

  • Designed specifically for domestic and international payments
  • No unnecessary, unclear charges on international banking
  • In-app accounting tracking, to help you keep track of the incomings and outgoings
  • Ability to hold, send and receive money in 28 currencies
  • Unlimited corporate cards for multiple currencies
  • Optimised for tools like Xero, FreeAgent etc.
  • Ability to automate payments (e.g. salaries)
  • Customise payment schedules to your business needs
  • No charge for set-up

More Info on Revolut »

5. Soldo

Soldo is an account which utilises a pre-paid Mastercard which is designed to support business expenses, which includes features such as:

  • Simple in-app reporting
  • Optimised to upload receipts
  • Real-time, in-app tracking of expenses
  • Pre-paid company Mastercards, which have set budgets and regulation
  • Budgets and rules for company cards can be set in-app by the boss
  • Integrates with Xero, Quickbooks, Sage, Netsuite, SAP, Microsoft Dynamics and Financial Force software
  • Different account types to suit your needs including Soldo Pro (£5 per month), Soldo Premium (£9 per month) and Soldo Enterprise (contact Soldo for costings)
Written by Isla Geddes ,
21st February 2020