As part of 1st Formations’ company formation services, we provide an online introduction to several banks that specialise in small business accounts. You can select a business bank account during the company formation process, or if it’s more convenient, you may choose to do so after your company has been established.
In this article, we examine the various features and benefits of these different business bank accounts.
Key takeaways
- Choose a business bank account during company registration for a streamlined setup process.
- Explore various banking providers to find the account that best suits your business needs.
- Understand that account availability may depend on your company’s SIC codes and other factors.
Banking solutions for your business needs
Our UK-based customers have the option to open an account with the following banking providers (see the section below if you’re based outside of the UK):
- Barclays
- Monzo
- NatWest
- Tide
- ANNA
Now, let’s examine the various accounts in more detail, highlighting what they can offer you and your business.
1. Barclays
Bank account name: Barclays Start-up Business Bank Account
Monthly fees: 1 year free, then £8.50 per month
Card purchases (UK): Free
Bank transfers (UK): Free (fair usage cap of 500 per month, then 35p per transfer)
ATM charges (UK): Free
Overdraft facility: Option available
Suitable for: Ltds
‘Standout’ feature: Free FreshBooks accounting and invoicing software
More information: ‘More than just a business bank account’
2. Monzo
Bank account name: Monzo Business Lite Account
Monthly fees: Free
Card purchases (UK): Free
Bank transfers (UK): Free
ATM charges (UK): Free
Overdraft facility: Not available
Suitable for: Limited companies
‘Standout’ feature: ‘Pots’ to help manage your money
More information: ‘It just works, so you can too’
3. NatWest
Bank account name: NatWest Start-up account
Monthly fees: Free
Card purchases (UK): Free for 2 years
Bank transfers (UK): Free for 2 years
ATM charges (UK): Free for 2 years
Overdraft facility: Option available
Suitable for: Limited companies
‘Standout’ feature: Free FreeAgent accounting software
More information: ‘Designed to help you achieve more’
4. Tide
Bank account name: Tide Business Bank Account
Monthly fees: Free
Card purchases (UK): Free
Bank transfers (UK): 20p
ATM charges (UK): £1
Overdraft facility: Not available
Suitable for: Limited companies
‘Standout’ feature: Free facility that helps you create and send invoices
More information: ‘Everything you need from your business bank account’
5. ANNA
Bank account name: ANNA Money – Business
Monthly fees: 1 month free, then £14.90 per month
Card purchases (UK): Free
Bank transfers (UK): 50 free per month, then 20p per transfer
ATM charges (UK): 3 free per month, then £1 per withdrawal
Overdraft facility: Not available
Suitable for: Limited companies and LLPs
‘Standout’ feature: Dedicated webpage with payment link
More information: ‘Beyond ordinary business banking’
Not based in the UK?
If you’re not based in the UK and setting up a UK limited company, 1st Formations can still assist you. Our Non-Residents Package includes a referral to a Revolut, Wise, or Payoneer UK Business Account.
Selecting your business bank account
You can either select your business bank account at the same time as registering your company, or you can wait until after your company has been registered.
If you want to choose a business bank account while registering your company, you can do so in the ‘Business Essentials: Products & Services’ step of the formation process. After your company has been formed, you will receive an email from your selected bank with additional instructions on how to open your account.
If you prefer to wait until after you have registered your company with 1st Formations to choose a bank account, or if you have already registered and now wish to select a bank account, follow these steps:
- Log in to your Online Company Manager
- Select ‘My Companies’
- Select ‘View’
- Select the ‘Getting Started’
- The available business bank account options will be presented to you. Select ‘Add To Cart’ next to the account you would like to opt in to
- Select ‘View Cart’
- Provide the necessary contact information, agree to the terms and conditions, and select ‘Submit’
Your chosen business bank account provider will then be in touch with you.
Please note: The business accounts available to you may depend on your company’s SIC code(s) and general availability. There is no guarantee that you will be presented with all the banks we have covered in this article.
Choose the right bank account for your business’ success
Selecting the right business bank account is a crucial step in forming your company. With various options available, tailored features, and competitive fees, you can find the perfect banking solution that aligns with your business needs. Whether you opt for a startup account during registration or choose to explore options later, 1st Formations is here to support you every step of the way.
Ready to kickstart your business journey? Explore 1st Formations today and discover how we can assist you in forming your company and setting up your business bank account efficiently.
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