Best Business Bank Accounts for 2024 – A Comprehensive Review and Guide

Finding the perfect business bank account can be overwhelming, with so many options to choose from. That’s why we’re here to help.

We’ve done the research and compiled a comprehensive list of the top business bank accounts for 2024. Our goal is to provide you with all the information you need to make an informed decision for your business.

It’s important to note that many small businesses struggle with managing their finances, with a significant 65% facing difficulties. However, you can avoid becoming part of this statistic by finding the right business bank account that suits your specific needs.

It’s not just about banking; it’s about taking control of your finances and making your money work for you. The future success of your business depends on it, so make a wise decision today.

Tide Business Bank Account

Tide Business Bank Account
Tide Business Card
Monthly Fee
From £0 to £49.99
Bank Transfers
20p
Account Management
Online, App, Phone
ATM withdrawals
£1
Accounting integrations 
  • Free Account
  • Create and send invoices for free
  • Expense Cards for your team
  • Deposit cash at PayPoint or Post Office branches
Small digital business accounts offering free company formation

More Info +

Accounting integrations +

Eligibility +

Revolut Business Account

Revolut Business Account
Monthly Fee
From £0 to £79
Bank Transfers
20p (5 FREE transfer )
Account Management
Online, App
ATM withdrawals
2% fee
Accounting integrations 
  • Free Account
  • Save time with automated expenses
  • Manage and control team’s spending
  • Multi-currency accounts
Scale – and save – with global payments, multi-currency accounts and smarter spending

More Info +

Integrations +

Eligibility +

Monese Business Account

Monese Business Account
Monthly Fee
£0 or £9.95
Free Bank Transfers
Account Management
Online, App
ATM withdrawals
£1 fee (6 FREE)
Accounting integrations 
  • Free Account
  • Send Money Internationally
  • Create Business invoices
  • Top up your business account with cash
Keep your personal and company finances separate with Monese Classic plan with advanced features of your GBP business account.
Read our in-depth review

More Info +

Integrations +

Eligibility +

ANNA Business Account

ANNA business account 
Monthly Fee
From £14.99 to £49.90 +VAT
Bank Transfers
20p
Account Management
Online, App
ATM withdrawals
£1 fee
Accounting integrations 
  • Free Account
  • Create, send and chase professional-looking invoices
  • Payment link to get paid
  • Direct Debits at no extra charge
Empower your business with a debit card and a suite of tools designed to fuel growth, managing everything from expenses to VAT seamlessly.
Read our in-depth review

More Info +

Integrations +

Eligibility +

Wise Business Account

Wise Business Account
Wise Money Transfer
No Monthly FEE.
Sending money
From 0.43%
Account Management
Online, App
2 ATM withdrawals to £200/monthly FREE
Accounting integrations 
  • No subscriptions, no monthly fees
  • Keep track of your team’s expenses
  • Handle your accounting in any currency
  • Pay vendors and bills internationally 
 International business account that saves you money wherever you want to use it
Read our in-depth review

More Info +

Integrations +

Eligibility +

Pleo: the leading spend management solution

Pleo Card: Business Expense Management
Pleo Business Card
Monthly Fee
From £0 to £79
Bank Transfers
20p
Account Management
Online, App
ATM withdrawals
£5 fee or FREE
Accounting integrations 
  • Free Account
  • Pleo employee cards (plastic/virtual)
  • Real-time expense tracking
  • Manage & pay invoices
Take control of your business spending in real-time

More Info +

Integrations +

Eligibility +

Soldo Prepaid Company Cards & Automated Business Expenses

Soldo Prepaid Company Cards
Monthly Fee
From £18 to £30
No charge for deposits
Account Management
Online, App & Phone
Withdrawal via Faster Payment £2
Accounting integrations 
  • Physical or a virtual card with advanced card rules to control spend
  • Allocate dedicated funds to users and set spending limits
  • Virtual cards for ad hoc purchases and recurring payments 
Soldo the intuitive expense management system for your company
Read our in-depth review

More Info +

Integrations +

Eligibility +

If you’re a UK-based Limited Company or LLP looking for an easy way to manage your business finances, our award-winning digital business account is the perfect choice. It offers benefits such as 24/7 support, simple transfers, and seamless integration with popular accounting tools. With this account, you can efficiently manage your business finances without any monthly fees or UK payment charges. The best part is that it’s a fully regulated UK bank account that provides coverage of up to £85,000. You can conveniently deposit cash at the Post Office and process cheques digitally for free. Adding directors to your account is also a breeze, as long as they’re registered at Companies House. Please note that third-party access and access for other team members are currently not available. So why wait? Make the switch today.

Best For: UK-based Limited Companies and LLPs looking for a hassle-free and cost-effective way to manage their business finances.

Pros:

  • Free digital business account with 24/7 UK support and no monthly fees or UK payment charges.
  • Integration with major accounting tools and easy transfer of banking through Current Account Switch Service.
  • Fully regulated by the UK banking authority with coverage of up to £85,000.

Cons:

  • Cash deposit at the Post Office incurs a 0.7% fee with a minimum of £3.

Open a Cashplus Business Bank account in minutes

For freelancers and small businesses looking to get started quickly in 2024, the Cashplus Business Bank account is a great choice. It offers FSCS protection, a contactless Mastercard, and can be set up in just minutes. The account is designed to be simple and user-friendly, with three free monthly transfers and free receipt of payments. Additional transactions come with a small fee. Cash deposits can be made at any UK Post Office. The account is available to a wide range of businesses, from sole traders to charities. Customer testimonials confirm that banking with Cashplus is hassle-free. And the best part is, there are no credit checks required when opening an account. It’s quick, it’s easy, it’s Cashplus.

Best For: Freelancers, small businesses, and growing entities looking for hassle-free, efficient banking solutions.

Pros:

  • Quick and easy setup with no credit checks required.
  • Three free monthly transfers and free receipt of payments.
  • FSCS protection and a contactless Mastercard for secure transactions.

Cons:

  • A card issuing fee of £9.95 for the Contactless Mastercard.

Factors to Consider When Choosing a Business Bank Account for 2024

Before selecting your business bank account for the upcoming year, there are several important factors you should take into account.

These include:

  • The requirements for opening an account
  • How well the account integrates with your existing systems
  • The level of customer support available
  • The features for managing expenses
  • The security measures in place for business accounts

Let’s delve deeper into these aspects to ensure that you make the most suitable choice for your business needs.

Account Opening Requirements

When selecting a business bank account for 2024, it’s important to consider the requirements for opening the account.

This includes eligibility criteria and providing evidence of trading activities. Typically, limited companies or LLPs that are registered at Companies House are eligible to apply.

The application process usually involves submitting proof of trading activities and relevant documentation for review. If you’re a director seeking account access, you’ll likely need to be a resident of the UK.

However, please note that certain businesses may be ineligible, such as holding companies, dissolved companies, those in liquidation, or those engaged in restricted activities.

It’s crucial to understand these requirements to avoid any obstacles in your business banking journey in 2024.

Integration and Compatibility

In addition to understanding the requirements for opening an account, it’s important to consider the level of integration and compatibility offered by the chosen business bank account for 2024.

A high-quality business bank account should seamlessly integrate with popular accounting tools such as Xero, FreeAgent, or Quickbooks. This will make your accounting processes more efficient by providing real-time access to transactions and statements.

It’s also worth considering if the account offers secure integration with Companies House for easy company registration and account management. This level of compatibility allows for efficient reconciliation and financial management, saving you time and effort.

Therefore, when selecting a business bank account for 2024, don’t overlook the significance of integration and compatibility.

Customer Support Accessibility

As you consider your options for a business bank account in 2024, it’s important to prioritize accessible customer support. Having support available 24/7 through the app, phone, or email is crucial. Imagine being in a situation where you need immediate assistance with an urgent issue but are unable to get it. That’s a scenario you definitely want to avoid.

When choosing a business bank account, take into account how easy it’s to reach out to the support team for any account management needs. You don’t want to be left hanging when you have questions or issues related to your account. The availability and accessibility of customer service should be factors you consider.

Expense Management Features

Expense management in 2024 requires a business bank account that integrates with accounting tools for seamless financial tracking. This feature ensures accurate oversight, preventing costly errors. Real-time visibility and analytics are also essential for immediate insights into spending, enabling effective control of business finances.

Additionally, look for automated expense tracking and reporting to improve efficiency and accuracy. This feature eliminates the need for manual data entry, saving valuable time. The ability to link other bank accounts for a consolidated financial overview is a bonus.

Lastly, it’s important to have mobile access to manage finances on the go, keeping you in control wherever you are.

Business Account Security

When selecting a business bank account for 2024, it’s essential to prioritize robust security measures. These measures include multi-factor authentication, encryption, and comprehensive fraud protection. Such features are crucial in ensuring the safety of your funds and sensitive information.

Real-time monitoring and controls are also important in preventing unauthorized transactions and potential fraud.

Additionally, it’s important to choose a bank that offers detailed reporting and audit trails. This allows you to track and verify all financial activities, enhancing the security of your business.

Don’t underestimate the value of 24/7 customer support, as it provides a quick response to security concerns.

Lastly, prioritize banks that comply with data protection regulations and industry security standards. The main goal is to safeguard your business finances.

Conclusion

It’s important to note that many small businesses struggle with managing their finances, with a staggering 65% facing difficulties. However, you can avoid becoming part of this statistic by finding the right business bank account that suits your specific needs.

It’s not just about banking; it’s about taking control of your finances and making your money work for you. The future success of your business depends on it, so make a smart move today.