Best Business Bank Account

Find the best business bank account often known as "best buy" accounts from the information we have collated below.

Free Business Banking Account
Get free and unlimited business banking for 2 years for start-ups and existing businesses.

Some banks offer free accounts for life or just 18 months but almost all offer online banking certainly the big four do at HSBC, Barclays, Natwest and Lloyds TSB and there are internet banks also. It may be better to stick to one of the banks based in the UK to ensure you are covered by any government guarantees.

Most banks offer interest on credit balances but this is a paltry 0.1% in many cases so check the small print for this and what the amount may be in their savings accounts first.

Barclays Business Banking

For companies with turnovers up to £1 million Barclays offers 3 types of bank accounts that vary from free to £23 + VAT per month. For almost all startup businesses you do not need to pay the extra so if you are thinking of choosing Barclays Bank we recommend you just opt for the basic package which includes:

The paid products includes access to business planning software, courses, Sage accounting, stock management and other items a new business does not really require.

More information at Barclays Business Home Page

HSBC Business Bank Account

HSBC offers 18 months free banking for businesses with turnover up to £500,000 (above that there may be charges) and now has a dedicated call centre. You can also use their internet banking system or automated telephone banking. Key benefits are as follows:

More information at HSBC Business Home Page

Natwest Business Banking

Like the other banks, Natwest offers similar products and like Barclays has some premium products. For start up businesses with a turnover of less that £1 million the benefits are as follows:

More information at Natwest Business Home Page

Lloyds TSB Business Bank Accounts

Lloyds TSB also owns the Halifax Bank and is partly owned by the UK government and they offer standard business bank accounts and similar benefits for start up small businesses . Lloyds also offer discounts off Sage Accounting products which you may or may not need at the start-up stage of your business but do offer additional help through a relationship manager if you require it.

If you are moving to Lloyd TSB you get 6 months fee free banking and an interest free £5,000 overdraft facility whilst you are moving banks.

More information at Lloyds TSB Business Home Page

Alliance & Leicester Business Banking

Alliance and Leicester part of the Santander Group which also owns Abbey is a newcomer to the business banking world and offers the most competitive rates for new startups in that their bank account is fee free for life so long as the turnover of the business is less than £1 million which should be suitable for almost all new businesses.

More information at Santander Home Page

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