Opening a business bank account is essential after setting up a new limited company. Limited companies must have their own dedicated business current account that is separate from personal finances.
The best business bank accounts for limited companies
There are several business bank accounts available for UK Limited Companies. You can compare those bank accounts and select the best option for you.
- Starting bank is a digital bank that is specially designed for small businesses and companies using a limited company for contracting.
- There are no monthly fees or charges for international spending.
- It provides 24/7 support and accounting.
- It provides automated accounting.
- It provides an excellent app that you can access from your computer browser.
- Revolut is a digital bank used by businesses.
- It provides current accounts that you can primarily manage via the Revolut mobile app.
- Its business account provides smart company prepaid debit cards and integration with accounting software.
- It provides 24/7 customer support.
- It provides the option to streamline expenses by capturing receipts in-app.
- Cashplus does not perform credit checks, thus this bank is best for people and businesses with a poor credit score.
- It provides a faster payment option.
- It provides integration with accounting software and cash deposit and withdrawal from the Post Office.
- It offers business expense cards and 24/7 access to the Cashplus mobile app.
- Tide is a digital banking service that offers business accounts for UK companies.
- It helps to transfer money easily.
- It helps to integrate with accounting software and provides the option to have sub-accounts for a few things like bills, wages and expenses.
- It protects money under FSCS.
- It also pays the incorporation fee for a new limited company.
- The Royal Bank of Scotland provides business accounts for different types of business, including a Startup Account for brand new businesses.
- This bank offers a 24-month free business banking period to its clients, it includes free accounting software and 24/7 mobile.
- It offers online and telephone banking.
- It provides a debit card.
- It provides the option to apply for a credit card for business purposes.
The Cooperative Bank
- You can open a business bank account with the Cooperative Bank if you want to choose a bank with ethical values.
- It helps to get access to merchant services, a business savings account and online banking.