13 UK banks that offer free initial business bank accounts

Are you starting a new business and looking for free business bank account providers in UK? Alternatively, do you have an existing business bank account but want to switch to another bank that offers free business bank account? Well, whatever may be the situations you currently find yourself, I can rest assured that this list will be very helpful in the end.

These are the list of 13 UK banks that offer free initial business bank accounts to business customers

13 UK banks that offer free initial business bank accounts

  1. Llyod’s bank
  2. Santander bank
  3. Natwest bank
  4. TSB
  5. HSBC
  6. Barclay’s bank
  7. The Co-operative bank
  8. Yorkshire bank
  9. Clydesdale Bank
  10. Starling Bank
  11. Tide
  12. Metro Bank
  13. Cashplus

Now let’s have a quick look at the banks offers one by one. To make it easier, I have presented the information in a tabular format.

 

Bank Name

Account category

Initial monthly fees

Subsequent monthly fees

E-Payment charges

 

1

Llyod’s

Business Current Account

18 Months of free banking for new businesses

£6.50 p/m

Free of charge

More info

2

Santander

Start-up Business Current Account

Up to 18 months of free daily transactions

Charges between £7.50 – £40 p/m

Free but within a limit

More info

3

Natwest

Start-up Business Account

First 18 months free

Charges from £5 p/m

35p fees apply

More info

4

TSB

Start-up Business Account

Free daily transaction for the first 18 months

Choose from £5 p/m

Starts from 20p

More info

5

HSBC

Start-up Business Account

Free 18 months banking

£5.50 p/m

Free

More info

6

Barclays

Start-up Business Account

Free for the first 12 months

Choose between £6 p/m (mixed regular banking and E-Payments) or £6.50 p/m (E-Payments only)

35p (mixed banking) or free (for E-Payments)

More info

7

The Co-operative

Business Banking

18 months free

£10

From 10-20p

More info

8

Yorkshire Bank

Start-up Business Banking

25 months of free transactions

£6.50

30p

More info

9

Clydesdale Bank

Start-up Business Banking

25 months of free banking

£6.50

30p

More info

10

Starling Bank

Business Current Account

N/A

Free

Free

More info

11

Tide

Business Account

N/A

Free

20p

More info

12

Metro Bank

Business Account

N/A

Free with £5,000+ balance or £5 p/m when balance is less than £5,0000

Free 50 transactions. Otherwise, 30p apply when balance is less than £5,000

More info

13

Cashplus

Business Account

N/A

Free

99p

More info

       

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The above table gives an overview of the main bank charges by the banks as at the time of this writing. Check each bank for full details and requirements for eligibility and application. It’s also worth noting that you may be able to switch from your existing bank to other within days, depending on each bank requirements.

Rounding up…

Getting free introductory banking services or low subsequent bank charges may be a very attractive offer. However, there are certainly more other factors that worth considering before selecting the right bank that meets your business needs. Depending on the nature, size, finance and other factors, you may also need to look out for the level of support that the bank provides for businesses like yours. Such as availability of overdraft, good mobile app, easy accessibility to a nearby branch, loan facility, card terminal etc.

 



By Jo Smith – Contributor   |   03/10/2019



Jo Smith

Jo Smith

I am a freelance digital marketer with over 6 years of creating and managing digital contents to help business growth.

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