Compare Business Bank Accounts

Compare Business Bank Accounts With Proper Finance

Which business bank account providers do we work with?

We compare a wide range of business bank account providers in the UK, including:

Get a Quote







Choosing the Right Business Bank Account

Whether you run a small or large business, it doesn’t matter: a business bank account can help any company, regardless of its size.

Nevertheless, not all companies will have the exact same needs for their business bank account, and this is why it is important to think about what you will require before com[paring accounts. This includes thinking about the type of features you would like from your account.

Typical features of a business bank account include:

Why Apply for a Business Bank Account With Proper Finance?

Approachable

We aim to be as approachable as possible for our customers, and will always do our very best to assist you with any and all queries you may have concerning any part of our application process and more.

Fast decisions

Our online application only takes minutes to complete, with decisions being made very quickly after this. A member of staff will contact you to help you proceed with the final steps.

Reputable and trustworthy

Each and every one of the providers we work with are fully checked to ensure their reputability, their trustworthiness, and furthermore their competency in helping to provide you with the financial services you require.

Free online application

The Proper Finance comparison site is free to use and there are no upfront fees for filling in our online application.

What documents will I need to open a business bank account online?

Documents you may need include:

  • Registration forms
  • Companies House registration documents
  • A document that confirms your address in the UK
  • A document confirming your identity
  • Documentation proving your firm’s address 

How long does it take to open a business bank account?

It may take less than 10 minutes if done online, but potentially may take longer if the bank requires more documents or needs to run further checks.

Is a credit record check carried out?

Yes. the bank account provider will usually carry out one to determine eligibility.

Nevertheless, Proper Finance can offer a soft check, providing you with a pre-quote based on other financial information. This does not impact your credit score.

Does it cost to have a business bank account?

Yes, the majority of business bank accounts available will charge either a monthly or annual fee.

Are there other charges for using a business bank account?

Depending on the bank you choose, you could also have to pay a set fee for each time you:

  • Receive a payment by card
  • Use the overdraft facility
  • Send money through a bank transfer
  • Withdraw cash
  • Writing a check

Can I get a free business bank account?

Yes, it is possible, but it is usually only free for a certain period of time after opening the account. Typically, this may be the first two years.

 

Could my company qualify for a free business account?

Yes possibly. A number of banks now provide free business bank accounts to small businesses, providing you meet the eligibility criteria. You will need to meet at least two of the following:

  • 50 or fewer employees
  • Annual balance sheet total that is not more than £2.8 million
  • Annual turnover not over £5.6 million

Is it possible to switch business accounts?

Yes, but how you do this depends on the size of the company. If the firm has less than 50 employees, you can use the Current Account Switch Service. Otherwise, larger firms can ask their new bank to arrange this on their behalf.

Do banks offer different types of business bank accounts?

Yes, most banks will offer a variety of business bank accounts, depending on the type of company you run, such as:

  • Startups
  • Partnerships
  • Large companies
  • Corporations
  • Small and medium-sized enterprises
  • Sole traders