How to Get Free Business Banking
There's no need to pay banks any charges
If you are starting your own small business then you'll want to ensure that you keep costs to a minimum whilst providing the best services possible and in the UK there are many free business bank accounts that can be had that don't charge you anything and require no minimum balances. It's easy to apply and you get all the regular services such as telephone and online internet banking and many of these accounts are free for life.
The Best Free Business Bank Account for Online Applications
| Bank | Account type | Free banking | More Info. |
 | Barclays Start-up Business Bank Account
Completely free business banking for up to 2 years then free automated transactions thereafter - you also get free advice with an accountant, solicitor and marketing professional. (*) | up to 24 months | |
 | Lloyds Business Start-up Account The Lloyds startup business bank account lets new businesses have completely free business banking for the first 18 months and also includes free Sage planning and various business guides | 18 months | |
 | Santander Business Start-up Bank Account
Get 18 months free banking if you already have a Santander personal account with the Start-up Extra business account. If not you receive 12 months free banking with access to a local business manager. | up to 18 months |
There are only a handful of accounts that can be opened directly online rather than over the telephone and most banks would rather you visit a local branch to open a business current or savings account. All of the above accounts can be opened directly online. (*) After the two years is up you are placed on the free automated debit and credit tariff. Manual entries such as cash deposits in branch are charged for.
Business Banking Comparison
Almost all banks offer an introductory free period of banking which expires after a certain amount of time but a few banks in the UK offer this for the life of your business so compare all banks before your sign up with one. Use our online business banking comparison charts to see what each bank offers as a free period and what their charges are.
Other Banks Compared
See below for all the UK banks and what they offer business customers.
Lloyds offer a completely fee free bank account for all businesses for at least the first 18 months for new start ups or 6 months if you switch from your existing bank. You can apply online or download their information pack for full details.
Barclays business banking offer new business start-ups up to 2 years free banking then free banking for life for automated transactions once the initial free period has come to an end.
HSBC offer a completely fee free bank account for all businesses for life with their business direct tariff. All charges for debits and credits are completely free and there are no catches. You can apply online or download their information pack for full details.
Royal Bank of Scotland offer new business start-ups up to 2 years fee free business banking. You can apply on their website or visit a brand to open an account.
Cooperative offer a completely fee free bank account for all businesses for 18 months. All charges for automated debits and credits are completely free and there are no catches. You can apply online or download their information pack for full details.
The Santander free business banking offer provides fee free day to day business banking for existing and switching customers forever subject to monthly limits on some transactions such as cash deposits. For this account you can only apply over the telephone so if you want to apply online then choose the account from their sister company Alliance and Leicester.
What type of Bank Account Suits Your Business ?
Obviously if you are a high street shop and need to make cash deposits on a weekly or even daily basis then you'll want a bank with many branches or at least a branch near you. Most of the mahor banks offer this service and you'll know what is near to you but did you also know that the Alliance and Leicester bank accept money via post office branches ? If you can get to post offices at quiet times then this may also be an option for you.
All the major banks offer free banking for at least 18 months if you are a start up business but only three will offer you this for the life of your account and business. You can compare all accounts here so you know what charges you can expect to pay.