As part of our company formation services, we offer our customers an online introduction to several banks specialising in small businesses. You can choose a business bank account as part of the company formation process, or if it’s more convenient, you can wait until after your company has been formed.
In this article, we look at what these different business bank accounts can offer you. Let’s get started.
The business bank accounts
Our UK-based customers have the option to open an account with the below banking providers (see the section below if you’re based outside of the UK):
- Barclays
- Monzo
- NatWest
- Tide
- ANNA
Now, let’s look at the different accounts in more detail, highlighting what they can provide you and your business.
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’
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’
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’
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’
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’
In some instances, banking providers offer several business bank accounts. In all instances above, we have highlighted the ‘starter’ versions. The bank will notify you if other business bank accounts are available to you.
Not based in the UK?
Don’t worry if you’re not located in the UK, we can still help. Our Non-Residents Package includes a WorldFirst UK Business Account Referral.
Selecting your business bank account
As mentioned, 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 wish to choose your business bank account when registering your company, you will find this option in the ‘Business Essentials: Products & Services’ step of the formation process. Then, once your company has been formed, you will receive an email from your chosen bank with further advice on opening your account.
Browse our company formation packages
If you would prefer to wait until you open your business bank account (or you have already registered your company with 1st Formations and now wish to select a bank account), you simply need to:
- 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.
Thanks for reading
That’s what our business banking partners can offer you. We hope you have found this article useful. Please leave a comment if you have any questions and we’ll get back to you as soon as possible.
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