Best Business Account for Small UK Businesses

Best business bank account for small businesses

You have set up your business, you are ready to go but you don’t know which business bank account to get? While retail banking is free of charge, many business accounts a monthly fee but also fees on top of that- luckily for you we have found the best bank accounts available in the UK.  So which accounts are the best for you?

All of the banks below provide direct feeds to Quickbooks and Xero except Monzo and personal accounts (Monzo will be launching a business account soon),


Link to Website


The app is poorly reviewed on apple but android has 4 stars. This is still a basic app but it does the job to an acceptable level. I personally have this, and I would like something a bit easier to use.

santander small busineess

Who is it good for?

This is the best for business who plan on making are a fair few amount of transactions and would. Santander can also set up a direct feed to the accounting software like Quickbooks and Xero, this means that you will never have to send bank statements to the accountant again and your cash balance will be always available on your accounting software.

This is great for the business which wants to grow, by the time the 18 months are up may be in a position where revenue is a t a good level and the monthly bank fee is low.

What to watch out for?

After your time’s up on the fee-free period, you’ll be moved onto their monthly £7.50 tariff.

HSBC Business

Link to website


The app has poor reviews on both android and apple, it’s a very basic app and not the best. Users are saying it is full of bugs which hangs and freezes a lot.  Much like Santander, it does the job just not as good as what we are used to now.

HSBC small business account

Who is this for?

HSBC offer an 18 month fee-free period (this is better than the Santander if you are not a current customer of Santander), and will give you 12 months at a fixed price after your free banking period ends (currently, this is £5.50 a month). They also have a ‘Best Tariff Promise’, which ensures you’ll be moved onto a standard tariff that suits your business, when the time comes.

What to watch out for

You’ll still pay charges on certain services and transactions.


Link to website


This was voted the best Banking award in 2018.  This has been rated 4+ on both android and apple with users saying it is simple to use and makes banking easy.

Who is this good for?

natwest small business account

This package has 18 months of free unlimited transaction banking. After that, you revert to their standard tariff, at which point you pay per transaction. You can open the account if you started trading within the last 12 months, and the company’s turnover is less than £1 million.

What to watch out for?

NatWest stipulates that unarranged borrowing, other additional services and “Bankline Charges” aren’t part of the offer.

At the end of the no-fee period, you’ll automatically go onto their standard tariff. For the credit card, you’ll need to apply within six months of opening your business current account. The overdraft carries specific charges, too.


Link to website


This wins awards for the worst app and that is saying something for business accounts  with reviews of less than 2 on apple and android. It is very basic and if you want to use the app a lot look elsewhere, users are saying the app crashes, unresponsive, restarts.

Who is this good for?

tsb small business account

This also offers 18 months free banking if you’re a start up. The free banking includes paying in & taking out cash, paying in or issuing cheques, plus paying standing orders & direct debits.

What to look out for?

Services like CHAPS transfers will be charged for and that terrible app.


Link to website


This is a Monzo like app which is really intuitive and reviewed well on both apple and android.

tide small business account

Who is tide for?

This is a great application experience, with no monthly or annual fees. They make their money by charging for cash withdrawals and deposits. Other than that there are absolutely no charges, so if you are not dealing with a great deal of cash then these are great. Especially considering how easy it is to set up.

What to watch out for?

If you deposit or withdraw a lot of cash the fees can sting.

Do I even needs a Business Account?

The answer is actually, no. If your not dealing with loads of transactions or requiring direct bank transfers, then your personal account should be good enough and cheaper overall. Alternatively you can use an account like Monzo to keep a cheap personal account but have all the benefits of a great app. However, if you want to use direct bank feeds and easily reconcile your accounts there is no alternative to a business account. Avoid it as long as you can but you will soon realise why business accounts are useful and you will be glad you got one.

Who would we choose?

While I think you should keep looking into all the bank accounts we discussed above, I would personally go with Natwest or Santander. Natwest have the best app around while Santander has 18 months free with no hidden charges.

If you want any help with choosing a business bank account or making the most of your business account, contact us by phone or email.

Ben Sztejka ACA

Ben Sztejka ACA

I am an ICAEW Chartered Accountant with one core belief, make accounting as pain free as possible and focus on adding value to businesses.

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