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

Entrepreneurs who want to simplify their tax administration will find the ANNA Business Account to be a game-changer. With its unique ANNA +Taxes feature, this account efficiently calculates and files taxes, making the process easier and more streamlined. You can also register for VAT, reduce your tax bills, and claim more expenses. ANNA is designed to keep you ahead of tax deadlines, eliminating any last-minute stress.
But the ANNA account offers more than just tax management. It also comes with a debit card and tools to help your business grow. Features like invoicing and chasing unpaid invoices are included, providing you with comprehensive business support. And with 24/7 chat support, you’ll never feel left in the dark. The quick sign-up process and mobile money tracking add convenience, while the FCA registration gives you peace of mind. ANNA isn’t just an account; it’s a valuable business partner.

Best For: Entrepreneurs and small to medium-sized businesses looking for a simplified approach to tax administration, financial tracking, and business growth tools.

Pros:

• Efficient tax management with the ANNA +Taxes feature.
• Access to mobile money tracking for easy financial oversight.
• 24/7 chat support, quick sign-up process, and FCA registration for peace of mind.

Whether you’re a freelancer looking for a cost-effective solution, or a scaling business seeking more support, Tide’s business bank accounts for 2024 offer powerful and simple banking solutions tailored to your needs.

As a director of a limited company or a sole trader, you can easily apply for an FSCS protected bank account provided by ClearBank. You won’t have to worry about monthly costs for your straightforward business current account.

If you’re looking to upgrade, Tide also offers Plus or Premium memberships for additional support. Switching to Tide is hassle-free with their reliable switching service. Plus, you’ll benefit from their robust fraud protection measures and 24/7 support.

For a more efficient business banking experience, Tide’s got you covered.

Best For: Entrepreneurs, freelancers, and small to medium-sized businesses looking for a powerful, simple, and cost-effective business banking solution.

Pros:

• Easy and free account switching service with Tide handling the entire process
• Robust fraud protection measures, including a 24/7 Fraud Rapid Response team
• Offers a range of account plans to cater to different business needs, from freelancers to scaling businesses

Cons:

• FSCS protection doesn’t apply to legacy e-money accounts

Entrepreneurs looking for a fast and convenient online business bank account in 2024 should consider Revolut Business. Known for its seamless integration with accounting software and transparent pricing, Revolut Business is a great choice.

There are no hidden fees or charges, and no minimum deposit required.

Setting up your account is a simple and straightforward process, with an easy-to-follow guide available online. All you need to do is verify your business details and documents, and you’re ready to go.

The best part is that Revolut Business offers a flexible pricing plan, that addresses various requirements, ensuring it’s a cost-effective solution for businesses of all sizes.

Also, opening a business account online with Revolut Business is incredibly easy.

Best For: Entrepreneurs and businesses of all sizes seeking a quick, secure, and affordable online banking solution with seamless integration with accounting software.

Pros:

• Quick and easy sign-up process with prompt account activation.
• Seamless integration with accounting software and access to a range of business tools.
• Transparent pricing with no hidden fees or minimum deposit.

The Wise Business account is an international business account designed for seamless, cost-effective global transactions. It allows businesses to set up local account details in any of 9 currencies, facilitating swift overseas payment in the same speed as local transactions.

The account is designed to save businesses time and money on international transactions, making it an ideal solution for businesses with international customers or operations.

Pros:

• International functionality: The account allows you to receive money from overseas customers as if you were a local business in their region.
• Multi-currency capability: With the option to hold and manage money in over 50 different currencies, Wise Business account offers unique flexibility.
• Cost-efficiency: By offering real exchange rates and low, transparent fees on transactions, the Wise Business account helps your business save money on international transfers.

Cons:

• Limited local accounts: Currently, you can set up local account details in only nine currencies, which might be limiting for businesses dealing in other currencies.
• Transaction Times: While the account facilitates overseas transactions at local speeds, actual transaction times may still depend on various factors such as the sending and receiving bank’s processing capabilities.
• Lack of physical branches: If face-to-face interactions and in-person customer service are important to you, Wise’s completely online operation may be a drawback.

OneMoneyWay Business Account is the ultimate financial platform designed for small and medium-sized enterprises (SMEs) worldwide. With OneMoneyWay, businesses gain access to a comprehensive suite of services tailored to simplify and enhance global financial operations.

Key Features & Services:

• Business Accounts: Open local IBAN accounts in the UK, EU, and other regions (including Denmark, Germany, Luxembourg, and Great Britain). Manage multiple local accounts to streamline international business operations.
• Corporate Cards: Empower your business with the OneMoneyWay Corporate Mastercard™, ideal for managing travel expenses, subscriptions, and daily business transactions.
• Global Payments: Enjoy seamless international transactions with access to SWIFT, SEPA, US ACH, Faster Payments, and DKK Payments. Conduct cross-border payments faster than traditional banks with no transaction limits.
• Currency Exchange: Benefit from excellent exchange rates for 24+ different currencies, with transparent fees that support your global business needs.
• Invoicing Module: Simplify billing processes with integrated invoicing tools that enhance financial management and help keep your business running smoothly.
• Top-Grade Security: Rely on advanced security protocols to protect all financial transactions and sensitive data, ensuring peace of mind.
• Low Monthly Fees: Access affordable plans that scale with your business growth, providing excellent value without compromising on service quality.
• Dedicated Support: Benefit from 24/7 assistance from personal account managers and a dedicated support team to help with all account-related processes and transactions.

OneMoneyWay is the payment and financial management platform that empowers SMEs to operate globally with efficiency, security, and ease.

Monese is a digital bank designed for UK businesses, allowing them to open an account without needing proof of address or undergoing credit checks. In this overview, we’ll break down the features and costs associated with the Monese business account and discuss its pros and cons.

What is Monese? Monese started in 2015 as the UK’s first fully mobile current account. Unlike traditional banks, it operates exclusively through a mobile app, making it easy for users to manage their accounts and cards on the go.

Monese provides both personal and business accounts, available to residents in the EEA and the UK. However, it’s important to note that to open a business account, your business must be registered in the UK.

How does a Monese business account work? A Monese business account has a monthly fee of £9.95, offering you:

1. Account: A Monese business account, including a Monese Classic personal account. Initially, the business account has a maximum balance limit of £50,000, with an option to increase it to £100,000 after three months.
2. Card: You receive a free contactless business debit card by mail. Monese cards, being Mastercards, are widely accepted.
3. App: Manage both your business and personal Monese accounts through a single mobile app, allowing seamless switching between the two. The app provides instant notifications for balance updates and features a graph to help you track your spending.
4. Payments: Local card payments and domestic money transfers are free. However, international card payments and foreign currency transfers involve currency exchange fees (0.5% of the transaction value, with a minimum charge of £2 for foreign currency transfers). Receiving international payments into your account is free.
5. Cash Withdrawals: The first six ATM cash withdrawals each month are free, whether you’re in the UK or abroad. After that, each withdrawal costs £1.
6. Cash Deposits: Depositing cash at Post Offices incurs a £1 fee per transaction. Deposits at PayPoints have a fee of 2.5%, with a minimum charge of £1.

Soldo offers a prepaid company card and an automated system for managing business expenses. It’s a highly efficient platform that saves time, streamlines administrative tasks, and provides real-time visibility of company spending. This solution is suitable for businesses of all sizes and can seamlessly adapt to different budgets.

Soldo simplifies the process of purchasing necessary items for your team, ensuring that they can buy what they need for work promptly and within budget. It also enables finance teams to approve purchases quickly and efficiently, preventing any delays in acquiring essential items. Soldo’s system seamlessly integrates with various accounting software, eliminating the need for manual data copying. The single-click reconciliation feature makes it easy to reconcile expenses, saving time and reducing errors.

With Soldo, you’ll have access to real-time spending data, which can facilitate better business decisions. Soldo prioritizes security and complies with all necessary regulations to ensure data privacy.

Best For: Companies of all sizes looking to streamline their expense management, automate business expenses, and gain real-time visibility of company spending.

Pros:

• Soldo offers a powerful platform for spend management, combining prepaid company cards and automated business expenses.
• The system provides real-time visibility of company spending, enabling better business decisions.
• Soldo seamlessly integrates with various accounting software, eliminating the need for manual data copying and facilitating single-click reconciliation.

Cons:

• Some businesses may require an adjustment period when transitioning to Soldo’s automated business expense system.

Pleo seamlessly integrates with popular accounting systems like Xero, QuickBooks, and Sage, streamlining your accounting processes and freeing up your team from tedious admin tasks. By digitizing receipts and automating expenses, you can save over 138 hours per year.

With every transaction on your Pleo card, you can earn up to 1% cashback, which is a great added bonus. You also get real-time visibility and analytics to help you monitor and control your spending. Pleo simplifies financial management for global operations, increasing efficiency and reducing errors, no matter where you’re located. Don’t wait any longer, take control of your business spending now.

Best For: Businesses seeking a comprehensive solution to streamline spending, automate accounting tasks, and gain real-time visibility into their finances.

Pros:

• Pleo seamlessly integrates with popular accounting systems like Xero, QuickBooks, and Sage.
• Businesses can save over 138 hours per year by digitizing receipts and automating expenses.
• Pleo provides real-time visibility and analytics for spending control, enabling smarter financial decisions.

Cons:

• Very small businesses or sole proprietors may not fully benefit from Pleo’s features.

MultiPass is a UK-based Authorised Electronic Money Institution that provides comprehensive banking solutions tailored to the needs of global businesses. It offers over 20 payment methods, allowing businesses to access instant payment rails in the most popular locations worldwide at significantly lower costs compared to traditional SWIFT transfers. With MultiPass, businesses can manage their finances efficiently through multi-currency IBANs and local accounts in the UK, EU, and US. The platform also provides instant foreign exchange services and a corporate card for international bank transfers. Moreover, MultiPass offers customizable solutions, including API access, batch payments, and multi-user account management, ensuring that each client receives a service that fits their unique requirements. By choosing MultiPass, businesses benefit from a seamless, cost-effective, and secure banking experience that supports their international growth and operations.