How To Get Free Banking For Your Business

Save money for your business with these great deals

There's no need to pay when you can get free business banking from the major UK banks when you are starting a new business or switching an account from an existing bank.

Opening a business bank account is easy as you can do it online or via the telephone. The small business owner gets most benefits from these deals as there are no fees on the business current account and you'll get paid some interest on any credit balances.

Recommended Business Accounts for all Businesses

Provider	Account Name	Free Banking Period	Apply Online
	Barclays Business Account for Start-ups Completely free business banking for up to 2 years then free automated transactions thereafter (*)	up to 24 months	Apply
	Barclays Business Current Account Free automated transactions with Barclays Business Essentials Package (*)	for life	Apply

The Barclays business bank account is perfect for all types of businesses and offers completely free banking for small business customers. It's also one of the few banks where you can open your account online. This account is recommended for new business owners or existing businesses looking to switch and cut costs. You get:

Fee free day to day banking for up to 2 years
Free online internet banking and telephone banking
Free &CreditFocus& to help recover bad debts and late payments
Free advice from accountants, solicitors and marketing professionals
Free secure business data backup service
Apply online or over the telephone
More information on Barclays business banking

Barclays have been running their fee free banking offer for many years now and this offer is available for new businesses and existing businesses wishing to switch their account.

Notes for this account offer :
Available for individual(s) setting up the first business bank account for a business within its first 12 months of trading. There is no charge for standard transactions for 12 months with our standard Business Start-Up Package. There is no charge for standard transactions for 18 months if Business Essentials , Business Essentials Plus or Barclays Business Manager software are purchased at the time of opening the account. There is no charge for standard transactions for two years if Business Essentials and CREDITFOCUS or Business Essentials Plus and CREDITFOCUS Pro are purchased at the time of opening the account. This applies to everyday Sterling debit and credit transactions and the maintenance fee. Please note accounts must be active. At the end of your free business banking period, we will automatically set your account to the Free Automated Transactions Tariff.

Santander Free Banking Account

The Santander Group took over the Abbey and Alliance and Leicester banks and they also offer a free business banking account. It operates in a similar manner but also pays a massive 5% AER on credit balances. The main elements of their offer are:

Unlimited direct debits, standing orders and bill payments
Unlimited debit card payments
Unlimited automated BACS credit
Unlimited transfers between linked Abbey accounts
100 cheque deposits per month
100 cash and cheque withdrawals per month
£3,000 in cash deposited per month
5% AER interest on balances up to £2,500 per month
Charges for non standard services such as overdrafts and stopped cheques
Apply online or call 0800 328 6400
Santander home page

Other Major Banks

The other main banks also offer free banking but for a limited period and then after that will make various charges. See our business bank accounts comparison charts for more details on the charges after the free period comes to an end. The free period offered varies and is shown below for the four main high street banks.

HSBC - 18 months
Barclays - 24 months
Natwest - 24 months
Lloyds TSB - 18 months
Co-operative Bank - 18 months
RBS - free if you don't need to use a branch (ie: operate your account via telephone or the internet)

Other Ways to get Free Banking

If you approach the banks direct you will get the offers as mentioned above but if you are a member of various business clubs and associations they will be able to offer a better deal. These are shown below:

Federation of Small Businesses (FSB) - offers free business banking for life via the Cooperative bank - no fees at all so long as you are a FSB member and apply via their site. FSB membership costs from £170 per year for 1-4 employees and offers other great benefits as well so well worth a look.
Operate online and via the telephone - if you never need to use the facilities of a branch network then HSBC and RBS offers free business banking if you interact with them via the phone or internet. There are no monthly charges either.

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