Setting up a bank account for your business is a small but important task to get right. There are so many providers both high street and non-traditional disruptor banks that it can be overwhelming. In addition to this with big-name high-street providers like Barclays limiting the number of business accounts they are providing, landing a provider has added complications.
So what are your options? What do you need to consider? What are the best deals? Do you even need a business account?
At Modus Accountants if you work with us with, we work with business banking expert Kate Elgar from Your Banking Matters to find the account that is right for you. Kate said;
“Choosing the right bank account for your business is an important decision. The right bank account will ensure you are able to transact and conduct your business in a professional and safe manner and also fulfil your requirements and ambitions. Choose wisely and choose with confidence for your business success.”
As a snapshot, of your banking options please find below a table of popular business bank accounts for 2021 below:
|Provider||Monthly Fees||Other Charges||Overdraft||Andriod & IOS App||Find out more|
|HSBC Kinetic||No monthly account fees during early access (first 18 months) £6.50 per month thereafter.||LINK||up to £30k||IOS only – Android coming soon||LINK|
|Mettle by NatWest||Free||No charges for usage at home or abroad||None||Yes||LINK|
|Metro||£0 – £5 per month dependent on balance||UK Transaction fee cost of £0.30 if balance is under £5,000.
Outside Europe only:
2.99% for card purchases and 2.99% + £1.50 for cash withdrawals
|Starling||Free||No monthly fees or UK payment charges||Up to £150k||Yes||LINK|
Pro: £5 per month
|We charge £1 to pay in cash at PayPoint. And for countries outside the European Economic Area, you can take out £200 cash for free every 30 days. After that, we charge 3%.||On Application||Yes||LINK|
Plus: £9.99 per month
|20p per transfer
£1 for ATM withdrawals
|Cashplus Business||£69 annual fee||Electronic payments & Transfers – First 3 each month: Free
Then: £0.99 each
ATM withdrawals (UK) £2 (Non UK) £3
Need help with setting up a business bank account? Not sure what one is right for you? Get in touch with us today for a FREE business review. Book yours here or call us on 01993 225030.