You can now sign up for completely free business banking online and take advantage of financial offers available to UK companies. Some institutions also offer lower rates on mortgage and savings as well as extended overdraft facilities and introductory short term loans.
|Name||Account Information||Fee Free Period||More Details:|
|Barclays Start-up Business Account
Barclays offer the longest fee free period of the major high street banks. You'll not be charged for standard transactions in the first two years. Then you receive free automated transactions thereafter. You also get free advice from accountants, solicitors and marketing professionals.
|up to 24 months|
|Lloyds Business Start-up Account|
The Lloyds start-up bank account offers new businesses completely free banking for the first 18 months. You also receive free Sage planning software and in-depth business guides as part of your package.
|Santander Business Start-up Bank Account
Get 18 months fee free banking if you already have a Santander personal account with the Start-up Extra business product. New customers receive 12 months with access to a local business manager.
|up to 18 months|
The above accounts can be opened directly online in minutes. You can also apply over the telephone if required. All accounts offer standard services such as overdrafts, standing orders, direct debits, cash deposits and savings accounts.
Use our online comparison charts to compare all charges and free banking periods from all the major providers.
(*) After the two year period you are placed on the free automated debit and credit tariff. Manual entries such as cash deposits in branch are charged for. All automated transactions such as standing orders are fee free.
Below are other banking institutions that offer accounts for UK businesses.
HSBC offer a completely fee free bank account for all businesses for life with their "Business Direct" tariff. 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. HSBC also offer switching accounts for existing businesses.
The Royal Bank of Scotland offer new business start-ups up to 2 years fee free business banking. This is similar to the Lloyds offer as they are part of the same group. You can apply directly on their website or visit a branch to open an account.
The Cooperative offer a completely fee free bank account for all businesses for 18 months with their "Direct Plus" account. You can also deposit up to 100 cheques each month and £4,000 in cash at their branches. If you are a member of the FSB then this account is free for the life of your business.
If you are a high street shop and need to make regular cash deposits you'll want a bank with a branch network near you. Most of the major banks offer this service and some use the extensive Post Office branch system. You are able to deposit cash if you bank with Bank of Ireland, Barclays, Clydesdale Bank, Halifax, Lloyds TSB, Santander and the Cooperative Bank. You can also withdraw cash for those banks and with HSBC, Ulster Bank, RBS, Natwest, Nationwide and Bank of Scotland.
As all banks offer some form of free banking for 18 months which do you choose ? Some of the questions you may need to answer are :
If you are unsure it may be wise to opt for the longest free period (currently with Barclays). To check all accounts against the competition you can compare all accounts here so you know what charges you can expect to pay and what's on offer.