How To Get Free Banking For Your Business
There's no need to pay when you can get free business banking from major UK banks when you're starting a new business or switching an account from an existing bank.
Barclays Business Bank Accounts
The Barclays business bank account is perfect for all types of businesses and
offers completely free banking for small business customers. You can open this business account online and is recommended for
new business owners or existing businesses looking to switch and cut costs. You get:
- Free day to day banking for up to 2 years (*)
- Free day-2-day phone support from the Barclays Business Team 24/7
- Free online internet banking and telephone banking
- Free credit management service to help recover bad debts and late payments
- Free consultations from accountants, solicitors and marketing professionals
- Free secure business data backup service
- Free legal and tax advice
- Apply online or over the telephone
- Open a Barclays business bank account
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 (Ts and Cs apply) 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.
Lloyds TSB Free Business Bank Account
Lloyds TSB offer new businesses fee free banking for 18 months and switchers 6 months. The easy online application
enables you to open your account within minutes. You can manage your account easily with their telephone and internet banking services. With the Lloyds account you get:
- Fee free day to day banking for 18 months
- Free online internet banking
- Free telephone banking
- Free 90 day trial of Sage accounts
- Personal account manager
- Apply online or over the telephone
- Click here to apply for this account online
The Award Winning Santander Business Bank Account
The Santander business bank account has won numerous awards for
its simplicity to small business customers and can be opened online in minutes. This account is recommended for
new business owners or existing businesses. With this account you receive:
- Fee free day to day banking for up to 18 months
- Free online internet banking and telephone banking
- Free cash deposits up to £3,000 per month
- Interest paid on credit balances
- Apply online or over the telephone
- Click here to apply for this account online
Existing personal Santander customers receive 18 months fee free banking. If you don't hold a personal current account you receive 12 months fee free banking. The only transactions you will have to pay for on either of the Start-up Business current accounts are non-standard account transactions such as CHAPs, Change Giving and any other non standard transactions.
During the initial period you receive unlimited direct debits, standing orders, bill payments, debit card payments and unlimited automated BACS credits.
This offer is available for new businesses and existing businesses wishing to switch their account. Opening a business bank account is easy as you can do it online or via the telephone.
Major Banks Summary
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.
- Santander - 18 months
- HSBC - 18 months
- Barclays - up to 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.