Are you a startup business or a self-employed person looking for a easy to open business account?
Here are some easy to open business bank accounts for Startups and Self-employed:
1. Cashplus Bank
You can open a Cashplus business account in minutes for your business.
charges
Cashplus provides a free business account as well as a paid account.
what do they offer
Carry out all your regular banking activities such as making payments for standing orders and paying bills. You can easily manage your account online or on an App. This means you can do your banking at anytime you need to.
You can make your bookkeeping and accounting easier by integrating your account within accounting software including Xero and QuickBooks.
If you need to get business cards for colleagues for their expenditure, then with Cashplus, you can get up to 20 cards for colleagues.
If you want to deposit cash into your account, then you can do that at any UK Post Office. They also have facilities for you to get a cash advance, so if you are struggling with your cash flow, then you can apply for a ‘cash advance’ and borrow some money.
In addition, Cashplus is FSCS protected, for up to £85, 000 and is regulated by the Financial Conduct Authority (FCA).
Things to consider
When you deposit cash at a Post Office, Cashplus charges you 0.3%. And incoming payments from abroad will be charged at £15 each.
When making electronic payments and transfers, you get the initial 3 months free; but after that, you have to pay £0.99 for each transaction.
Sign up with Cashplus, here: Cashplus business account.
2. ANNA
If you need a business bank account you can open up an ANNA bank account in less than 10 minutes and get trading.
Monthly charges
ANNA has three types of business bank accounts including a free account.
what do they offer
- Get 1% cashback with the ANNA debit card on a range of expenses.
- No monthly charge.
- Get debit cards for colleagues and set limits.
If you need a business bank account, then all you need is an ID and you can set up an ANNA business account in 10 minutes. You can carry out all your business transactions such as making recurring payments for bills and paying suppliers.
You don’t have to wait till your ANNA business debit card arrives as they will give you a virtual card so you can get on with your transactions.
You can also get debit cards for your team and set limits for them to spend. In addition, you can get 1% cashback with the ANNA debit card on a range of expenses.
Now, you can also connect all the different business accounts, if you have any, and your personal accounts to ANNA so you can see all your money. And you can now use Google Pay on your mobile to pay for goods and items.
Things to consider
- There is a charge for foreign transactions. This is something to consider if you are going to be doing a lot of foreign transactions.
- ANNA is not a traditional bank. Your money is not protected by UK’s FSCS scheme. However, they are Financial Conduct Authority (FCA), regulated.
If you are going to make any foreign transactions, then you will be charged for that.
ANNA is not a traditional bank, so your money is not protected by UK’s FSCS scheme. So, your money is not protected by the UK government. However ANNA is regulated by the Financial Conduct Authority (FCA).
Sign up with an ANNA business account, here: ANNA business account.
3. Revolut
If you business trades globally then you might want to consider a business bank account with Revolut , you can do international business and transactions. .
Monthly charges
Revolut offer 3 types of paid account including a free account.
what do they offer
You can use your Revolut business account worldwide, so it will enable you to use it for international transactions. It is a multi-currency account, so you can accept and hold money in 30 currencies. And, you can get quick access to your funds.
You can get physical and virtual debit cards for your team and and set limits and approvals. Oversee, your teams spending with levels of access. With Revolut, you can easily view and control transfer made by your employees and team.
If you are spending when abroad you can get great FX rates. Revolut has an ant-fraud system to keep your money safe.
Things to consider
- Revolut is not protected by UK’s FSCS scheme. However, they are regulated by the Financial Conduct Authority (FCA).
- If you wanted to deposit cash into your account, you are not able to.
Revolut is not protected by the UK’s FSCS scheme. However, Revolut is regulated by the Financial Conduct Authority (FCA).
You are also not able to deposit cash into your account on through bank transactions.
Sign up with a Revolut business account, here: Revolut business account.
4. Card One Money
You can apply and have your account the same day.
Monthly charges
They do not have a free account. There is a minimum monthly charge of £12.50 and you have to pay an additional charge of £55 for administration for the application.
what they offer
They do not do a credit check before giving you an account. They just need to check and verify you residency in the UK.
You can carry out all your regular business transactions like paying invoices and bills. You can also pay staff wages from the account.
You can pay cash in whenever you need to at any Barclay’s Bank. Additionally, you can also pay in cash at a Post Office.
If you need to carry out international transactions, then you can do that as well.
Things to consider
Card One does not offer any loans or overdraft facilities. If you want to withdraw money at an ATM in the UK, there they will charge you a fee of £1.50.
Sign up with a Card One business account, here: Card One business account.
5. Tide
More than 350, 000 business owners who use Tide for their business account.
Monthly charges
Tide offer 3 business accounts, this includes a free account.
what they offer
With Tide business account you can make scheduled payments and get instant notifications. In addition, you can manage your account on the web or via a mobile app.
With a Tide business account you can upload and store receipts for your VAT and TAX and also integrate accounting tools QuickBooks and Xero.
If you have multiple businesses, you can hold up to 5 different accounts, so you will note have to open business accounts anywhere else to manage your businesses. And you can get expense cards for your team.
You can also pay in cash into your account from any UK Post Office or at a PayPoint location.
Things to consider
- When you deposit cash at a Post Office, there is a charge of £2.50 for up £500 deposit or 0.5% for more than £500. If you deposit at a PayPoint location, there is a 3% charge.
- You do not get any phone support on the basic free account.
Sign up with a Tide business account, here: Tide business account.
6. Starling Bank
Open a business account by an app on your phone and do banking online on the web.
Monthly charges
Get an award wining business account with no monthly fees.
what they offer
With Sterling you can also capture your receipts as well as integrate your account with QuickBooks and Xero.
There is also the facility for you to apply for a business overdraft that is available. And, if you need to do business abroad, you can make international money transfers. You can withdraw money from ATM’s for free, this includes no fees charged abraod.
There is a variety of support available via the telephone, email or the app. Starling is also FSCS scheme protected for up to £85, 000.
Things to consider
If you need to deposit cash in to your account, then you can do that at the Post Office.
Sign up with a Starling business account, here: Starling business account.
7. Monzo Bank
If you need a business account get trading, then you can start trading with a Monzo bank account.
Monthly charges
There is two business accounts. Get the Lite business account for free or get pay for the Pro business account.
Benefits and what they offer
If you need a business account, with Monzo you can get a business account to do you regular trading transactions such as paying bills and standing orders.
You can integrate your Monzo business account with Xero and QuickBooks accounting tools to help manage your VAT and TAX.
You can create and send invoices from your account. And, if you need money to borrow, you can apply for a loan.
You can also deposit cash at a PayPoint location. And, if you need to talk to customer service, you can do that via the telephone, email or app.
Your money is also protected by the UK’s FSCS scheme up to £85, 000.
Things to consider
You are charged a pound for cash deposits.
Sign up with a Starling business account, here: Monzo business account.
Do you need a business account?
A limited company is legally required to have a business bank account. If you are a partnership and trading with a business name you need to have a business bank account.
It is also practical to have a different account from your personal account for a business. Separating personal and business money and transactions will be easier for you when paying for TAX and VAT.
A sole trader or a self-employed person, can manage their business using their personal account. However, it is harder to separate the business money and personal money in the account. Therefore, you must be good with your accounting.
Additional information
For more information on Financial Conduct Authority (FCA), go here: Financial Conduct Authority.