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Top 5 Business Bank Accounts

15th December 2017

One of the first steps after starting a business is working out how it's going to bank and what you and your company need from a current account. Business bank accounts work differently to personal current accounts in that they often charge a fee for transactions, plus monthly account fees.
When taking out a business bank account, think about how you want to use your account and what you want it to do for you and your business. That might include the services you need, whether you want to bank in a branch or online or whether you care about additional services like a committed business banking support team.
Using a personal current account for your business is possible if you're a sole trader or partnership, but it's not possible for a limited company.
Some accounts pay quite good interest rates on in-credit balances, which could be very advantageous if you usually keep your business finances in the black. Opting for a business bank account also gives you the option of taking out a business overdraft, which could be helpful from a cashflow point of view. Accounting software is another feature which could come with a business account, but added extras like this usually mean paying more per month for the account.
While most business accounts come with a charge-free introductory period, after that has ended you'll probably have to pay monthly fees, as well as fees for each transaction. Therefore, if there's a fee for each transaction, the more transactions you make, the more fees you'll have to pay. Monthly fees can vary greatly depending on the type of account you want to take out - the more services attached to the account, the more you're likely to pay.
Top 5 Business Bank Accounts:

Bank Free Banking Account Fee Annual Turnover Accepted Availability Interest Rate
Tide No free banking N/A No Limit LTDs, Partnerships, Sole Traders & Charities 0% AER
HSBC 12 Months £5.50 p/m Up to £2million LTDs, Partnerships, Sole Traders & Charities 0% AER
Cashplus No free banking £69 p/a No Limit LTDs, Partnerships, Sole Traders & Charities 0% AER
Santander 12 months for existing customers and 18 for new customers N/A No Limit LTDs, Partnerships, Sole Traders & Charities 0.1% AER
Clydesdale 25 Months £5 p/m Up to £2million LTDs, Partnerships, Sole Traders & Charities 0% AER

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